simonduz

Advice needed for 3 collections I want to resolve now.

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I am in a position now where I can comfortably work on my credit repair and have been for almost a year.   The last items on my list are the 3 collections on my CR.
I can manage full payment of 2 accounts now, but would like to approach this in the most efficient manner if I can reduce the payment and MOST importantly remove them from my credit reports but I am unsure if I should be contacting all 3 agencies now or focus my efforts on 1 at a time. 

  • DIVERSIFIED CONSULTNTS (not original collector) -  For Sprint cell contract  $687  9-10 years since contract.  Report date Dec 17, 2018
  • MEADE & ASSOC (original collector) - For medical treatment $660  5-6 years since treatment.  Report date Jun 10, 2014
  • RECOVERY ONE LLC (not sure if original collector) - For Music Store  $654  approx. 8-9 years since contract.  Report date Dec 09, 2014

I used to receive voice mails up until about 2-3 years ago about these debts but was paranoid and never called or verified any information with the collectors.  Now I never hear from a collector.

With what information I have provided can anyone offer advice on what order I should do this, and what steps make sense for each of these accounts?   I assume that some are easier to work with than others.

Thanks in advance for your helpful comments.

 

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1 minute ago, WhoCares1000 said:

What are the dates of first default on the 3 items (note that is not the same as the reporting date).

That's a great question and I honestly don't know.   At that time in my life I was ignorantly ignoring my debts to focus on other priorities.   I haven't requested a copy of my credit reports yet to verify this information.   What I have is the info from my Credit Karma account.
Thanks.

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22 minutes ago, simonduz said:

That's a great question and I honestly don't know.   At that time in my life I was ignorantly ignoring my debts to focus on other priorities.   I haven't requested a copy of my credit reports yet to verify this information.   What I have is the info from my Credit Karma account.
Thanks.

You need to get your written reports.  Go to https://www.annualcreditreport.com/index.action.  You are entitled to a free credit report every year from each of the 3 major CRAs.  

Derogatory items fall off your CR 7 to 7.5 years after the DOFD (date of first delinquency). 

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2 minutes ago, BV80 said:

Derogatory items fall off your CR 7 to 7.5 years after the DOFD (date of first delinquency).

So DOFD would be the first late payment on the account held by the original creditor?   
What about dates the collection agencies may have recorded for correspondence, are they on these reports?   It's been awhile so I am not 100% confident I have not spoke to one or more of them 1 time before adding them to my ignore list so I thought this would possibly reset the dates required for collection.

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19 minutes ago, simonduz said:

So DOFD would be the first late payment on the account held by the original creditor?   
What about dates the collection agencies may have recorded for correspondence, are they on these reports?   It's been awhile so I am not 100% confident I have not spoke to one or more of them 1 time before adding them to my ignore list so I thought this would possibly reset the dates required for collection.

Yes, the  DOFD is the date you were first late (in default) with the OC.

Are you referring to resetting the SOL for collection or for credit reporting?

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5 minutes ago, simonduz said:

The SOL for collection.  Thanks.

You can speak to a debt collector, but do not admit responsibility for the debt or agree to make payments.  There may be some states where a oral acknowledgement of a debt or oral agreements to pay could reset the SOL. 

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I would be more concerned about the risk of being sued than cleaning up the credit report.  In Ohio, the SOL for contracts not in writing is 6 years, and for contracts in writing, 8 years.  

And the 8 year SOL is a fairly recent change, in 2012, if I recall correctly.  It used to be 15 years, so if these debts predate 2012, it's possible a longer SOL would apply.

 

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You can get your credit report without talking to the collection agencies, and without resetting the SOL.  Your credit report can tell you when you last paid.  Add a month to get you actual date of default.  Add 6 or 8 years to get your SOL. 

If they haven’t bothered you in a few years, it might be best to let sleeping dogs lie.  

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I was able to get my Equifax report online, but have to call to request my Transunion report.

My Equifax report has only 1 of the 3 collections:
MEADE & ASSOC (collector since 06/10/2014) - For medical treatment $660 
The date of first delinquency is 10/25/2013 which I think means in Ohio I have 2 months until the SOL is up. (6 years +1 month)

My question is what will happen to this when the statue of limitations is reached and what can I do to maximize my score?   
Will the CA report it as a charge off on my CR?
Can I legally have it removed from my CR ASAP when it reaches SOL?

I know others have commented to not worry about my CR but in 6 months I have improved my score over 100pts and have a goal to 700 by resolving these collections.
Thanks in advance for the comments.

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6 hours ago, simonduz said:

Can I legally have it removed from my CR ASAP when it reaches SOL?

The SOL for reporting?  Yes.  The SOL for lawsuit?  No.  There are 2 SOLs one for filing suit which varies from state to state and a completely separate one for reporting the debt to the bureaus.  That is 7 years 6 months.  For medical debt it can report for 7 years 6 months from the date of service.  Based on the date of 10/25/2013 that means it can legally be reported until April 2021.

6 hours ago, simonduz said:

My question is what will happen to this when the statue of limitations is reached and what can I do to maximize my score?

When the SOL for suit is reached?  Nothing. If you want to maximize your score control your debt.  When you don't pay bills and make late payments you tank your score.  If you don't pay late or have collections then you don't have to worry about your score.

On 9/19/2019 at 3:02 AM, simonduz said:

DIVERSIFIED CONSULTNTS (not original collector) -  For Sprint cell contract  $687  9-10 years since contract.  Report date Dec 17, 2018

When did you default on Sprint?  That is the date that matters.

On 9/19/2019 at 3:02 AM, simonduz said:

RECOVERY ONE LLC (not sure if original collector) - For Music Store  $654  approx. 8-9 years since contract.  Report date Dec 09, 2014

Same question:  when did you default.

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Get hard copies of your credit reports by mail.  This will give you much better information.

For me, personally, the first thing I would do is to send in a dispute to each CRA that has one or all of these accounts and dispute them (by mail, CMRRR and retaining a copy of the dispute letter before sending) as being "too old to report".  Wait 30 days to see what the response is and go from there.

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