Help! Credit Repair Question
I have heard plenty of times that when you want to clear up your credit, get a letter of deletion. Well I callled four places today to pay them off, I was told that you pay first THEN they'll send you the letter. That doesn't seem to reassure me that they will indeed send me this letter. One company I called, American Agency, the guy slipped and told me there is no such letter that his company has. and that all they'll give me is a paid in full!. We were hoping to move our score up aroud 30-40 points by paying off four items now and two more next week! Any tips? Alida
[addsig]
Send 'em your own "pay for deletion" agreement and tell them when you get it back signed by someone in authority, they'll get their check FedExed. Then wait them out. It's about all you can do.
A paid collection is no better than an unpaid collection on a credit report.
Quote:
On 2003-12-04 23:02, flacorps wrote:
Send 'em your own "pay for deletion" agreement and tell them when you get it back signed by someone in authority, they'll get their check FedExed. Then wait them out. It's about all you can do.
A paid collection is no better than an unpaid collection on a credit report.
except a paid of collection will eventually come off. An unpaid collection can be 'renewed' for virtually ever.
Quote:except a paid of collection will eventually come off. An unpaid collection can be 'renewed' for virtually ever.Wherever did you get that idea? An unpaid collection comes off 7 years from the "date of last activity" which is 180 days from the first date the account becomes delinquent and is never again caught up.
What can happen is the account can be transferred from one collection agency to another, even beyond the SOL, but once the SOL is up new CA's reporting can be trumped by the fact that there's no legally enforceable obligation anymore. They can put things on the report, but the things come right back off if you wave a garlic-covered cross at them.
And of course, if someone should file a case before the SOL and get a judgment, that puppy will gain new life and hang around 7 years if unpaid, and an additional 7 years after the date it's paid. So yes, there are various ways debts can be renewed on one's report, but they're certainly not guaranteed to occur in all cases.
Quote:
On 2003-12-04 23:27, flacorps wrote:
Quote:except a paid of collection will eventually come off. An unpaid collection can be 'renewed' for virtually ever.Wherever did you get that idea? An unpaid collection comes off 7 years from the "date of last activity" which is 180 days from the first date the account becomes delinquent and is never again caught up.
Ahhhhhhhhh you just said EXACTLY what I said. A Paid off collections EVENTUALLY comes off bro
mrmike and flacorps: (hope i don't get two of the SAME answers, hahaha j/k)
is it tru that unpaid and paid collections don't get scored any differently? that's really wild. so is the best bet to let them go all 7 years and when/if renewed, then just wave the "garlic covered cross" and watch it fall off.
i've had stink credit since college, b/c in my dumber days i'd pay $10 here and there, just to appease them, until i found out that my 7 years starts on the last activity - like fla said. my buddy on the other hand, never paid diddly and now he's sittin with 100 or so points higher than mine because all his stuff literally fell off. he has nothin on his report anymore. i hate him. y did my efforts end up nailing me in the backside?
Quote:
On 2003-12-05 01:09, jackman wrote:
mrmike and flacorps: (hope i don't get two of the SAME answers, hahaha j/k)
is it tru that unpaid and paid collections don't get scored any differently? that's really wild. so is the best bet to let them go all 7 years and when/if renewed, then just wave the "garlic covered cross" and watch it fall off.
i've had stink credit since college, b/c in my dumber days i'd pay $10 here and there, just to appease them, until i found out that my 7 years starts on the last activity - like fla said. my buddy on the other hand, never paid diddly and now he's sittin with 100 or so points higher than mine because all his stuff literally fell off. he has nothin on his report anymore. i hate him. y did my efforts end up nailing me in the backside?
If you never got current again, what you have is creditors finding an excuse to "re-age" the account. That's an FCRA violation, but all too often it goes unnoticed. You should have the same situation your friend has: the stuff should have fallen off the report at the 7 year mark. If you have proof of the re-aging (or can develop it through making the CA's validate, you may be able to force those items off your reports).
Quote:Ahhhhhhhhh you just said EXACTLY what I said. A Paid off collections EVENTUALLY comes off broHuh? Let's leave it as "a paid collection is less likely to improperly reappear in some new guise at an inopportune moment". But if there's no judgment, seven years means seven years, and you have a right to stop seeing it on your reports when those seven years go by. If you're not going to pay, and you're not going to go bankrupt, watch those reports like a hawk.
And once it's beyond SOL, take an occasional "not mine" dispute swipe at the TL to see if the CA will have filed those burned-out accounts in the warehouse and you'll luck out and the TL will come off earlier. This is especially important because in theory any loan you apply for that is over $150k can be based on a report that goes back more than 7 years, so an item that has aged off the reports could come back to bite you. Whereas if they took it off because it was unverifiable, you're less likely to ever see it again.