Credit Report Question???
Ran into severe money probs almost 7 years ago and then had some horrific things happen to me and family as I was trying to work things out. Almost filed BK, but no one got paid. have been paying CASH for everything since then. If I pull a credit report after the 7 year period feb 2004, ( last paid any cretior fed 1997)will it send up a red flag to everyone. I original made some deals to pay off the debt, but the creditors kept selling or wholesaling the bad debt they new collection agency said they had no terms on the books and I had to start all over w/them every time I just got discusted and stopped paying. I was onl;y paying a token amts anyway. But now it seems that things are going to start getting a little better. Should I try for a credit card or just use cash as I have been????
PS everyone takes cash and they cannot wait to do work or a perform service for me as they get paid on the spot![ Edited by jenkie01 on Date 12/19/2003 ]
I got confusseled with what you were saying, which not hard for me.
Perhaps you want to look here.
They have some GREAT info.
Whatever you do NOTHING with your credit reports and old accounts until you read through the old posts there and post a question.
http://www.creditboards.com/phpBB2/portal.php
I'd OPT OUT first. There's an 800 number that keeps your info from going to companies that buy promotional lists (which includes CAs). Then I'd buy a copy of each report. You want to take note of any creditors who have a "can't locate debtor" on their listings, because you just woke them up! But chances are, everything is outside the SOL (unless there are judgments--and if those cases never got served on you, the judgments are void and you can go to court and get them vacated).
Anyway, it's time to start rebuilding ... and that means going for, say, a Chevron card ... if you don't get it, they'll offer you "the rebuilder" card.
Also, you might consider a secured card with an Orchard or a Cap One or the like.
Thanks, we constantly get credit card offers in the mail along w/debt concolidation and refi stuff--the only bill we have is our mortgage from 10 years ago. WIfe in now RN and I am going to nursing school myself )9 mos left) and work PT. Also have 5 kids. Once in a while we still get a collection call, but still get collection mail at least 2-3 time a week. SHolud I just do thing the way I have been--paying cash or try for a credit card or 2--it has been 6 years and 10 months since we last paid any creditor except the bank mortage.
I was thinking kust let sleeping dogs lie as far as the cra goes.
One last question is 7 years the sol?? what if bank one sold to credit coll ageny after 3 years, then does the clock start again?? and the same in the soll agency sells the debt to another agency??? a debt could be carried for ever?????
No judgements or leins as far as I know.[ Edited by jenkie01 on Date 12/20/2003 ]
Jenkie,
If you are in a good position to pay cash for everything, do it! The next thing to do would be to get a copy of your report and see what is still out there waiting for you. Once you know that, and you have some cash set aside, call the shark you owe the LEAST amount to and see what they will settle for. Tell them you are ready to send a check today, but not before you negotiate your balance down by 50% or so. If they are still hounding you, it is still on your credit, so the charge off isn't going to hurt you any extra.
Also, when you pull your credit report, see if there is anything questionable on there, then go online to the credit bureau site and file against those as fraud. The Sharks only have so many days to respond before the Bureau will drop it off your record.
I had my identity stolen Mar of 2001 and I never knew it until we went to buy our new house. It was amazing what you can have dropped.
Best,
Ryan
Start re-building credit ASAP and review your credit every year if not twice. It will take you that long to clean it up.
Quote:On 2003-12-20 09:46, jenkie01 wrote:
Thanks, we constantly get credit card offers in the mail along w/debt concolidation and refi stuff--the only bill we have is our mortgage from 10 years ago. If you've been paying steadily on your mortgage, that's one aspect of good credit. The bad TLs that are 6+ years old are probably not hurting you as badly as you might think anymore, nonetheless you want to dispute them off if possible rather than have them drop off due to being 7 years old. The reason for that is that on mortgages over $150k, the creditor has the option of pulling an extended credit report, or "full factual" which would show debts older than 7 years. You have a better chance of them not showing up if they've been disputed off rather than aged off.
Quote: SHolud I just do thing the way I have been--paying cash or try for a credit card or 2Unless you think you can't be trusted with them, I'd definitely say go for the cards. You never know what you'll need credit for ... having some can help smooth out those nasty surprises life can hand you.Quote:--it has been 6 years and 10 months since we last paid any creditor except the bank mortage.
I was thinking kust let sleeping dogs lie as far as the cra goes. If all those debts are beyond your state's statute of limitations, there's no need to let sleeping dogs lie. Dispute, Dispute, Dispute! If you get any static from any CAs, send 'em Debt Validation (DV) letters!Quote:
One last question is 7 years the sol?? The 7 years is not the legal SOL that allows the creditor to take you into court. Chances are that was shorter (maybe much shorter, although if you hid or left the state, there might be an argument that it was tolled for some period of time).Quote:what if bank one sold to credit coll ageny after 3 years, then does the clock start again??The legal SOL would not be affected, and the DOLA for 7 year reporting purposes should not be affected either, although unscrupulous OCs and CAs "reage" things when they can get away with it to keep negative TLs on the reports.Quote: and the same in the soll agency sells the debt to another agency??? a debt could be carried for ever?????No. The debt becomes legally uncollectable, and you're entitled to send the last CA holding it a legal Cease & Desist letter telling them to stop collecting on it and not to sell it to some other CA.
Also you can, if your CAs are pesky enough, document violations of the FDCPA and sue them in small claims court. There are people out there who claim to make an easy $15k annually in tax-free income doing this.
Be very careful about your credit card offers. Many are by CAs in disguise ... they'll send you the card, but it comes with the $2,343.00 balance of some old, long-past SOL debt already on it! Yikes! (these same CAs are famous for sending you the card if you even talk to them on the phone. Then they try to make out like you agreed to the whole arrangement. Double Yikes!)
Quote:No judgements or leins as far as I know.That's good. Spend a little online time checking court records in any county where you've lived to try to make sure. Judgments may or may not show up on your CRA reports.
[ Edited by flacorps on Date 12/20/2003 ]
Thanks for the info AND flacorps- the info you gave me was invaluable., I think I will ask my bank for a copy of my credit rpt as the guy I deal with said I can get a loan for a duplex at 6.5 for 15 IF I put up 20% down with the 20% being equity I have in another duplex owned F & C (bought for CASH) He said the CR would not be a big deal as both properties appraised out good. THANKS AGAIN GUYS AND GIRLS!!!!
Maybe my CR is not a bad as I thought??
There's been a lot of information given here and most of it I can agree with in theory. However, my own personal experience has taught me different.
In the early 90's, during a divorce and severe financial hardship, (blah, blah, blah), I paid many debts late and let several accounts get "charged-off". Mid 90's, got financially responsible and waited out the 7 years for these bad marks to come off my credit report. And all did come off in the appropriate time frame....except one.
This one debt was eliminated from the credit report by the original creditor after the 7 years was up and then immediately showed up as a new 7 year debt by a collection agency. I disputed this debt through all the legal channels, including through the credit reporting agencies, the collection agency itself, and after nearly 2 years even wrote a letter to the Federal Trade Commission - and nothing changed. Credit Reporting Agency would verify this information with the collection agency and they would say it was valid, i.e..stayed on my report. I sent supporting documentation to all involved parties. Nothing -still on my report.
Finally, hired an attorney and filed a lawsuit against the collection agency and the credit reporting agency, (as someone mentioned above, some people make 15K per year doing this - well, that's a load of poop in my humble opinion). Firstly, the attorney requires a retainer, (money), and then often will take the case on contingency, (meaning that they will take a portion of any proceeds gained). Secondly, the amount of money that can be won in one of these lawsuits is limited by law, (we're talking about $1000 - $1500, which is eaten away by legal fees).
My case is very strong, has been ongoing for over a year, and I will probably lose about $300 in the end - plus my time and aggravation.
My adivce:
1) Pull your credit reports and see where you stand.
2) Dispute all negative information through the Credit Reporting Agencies and with the organization reporting incorrectly to the CRA.
3) Any remaining derrogotory information that is beyond the 7 years, (or 10yrs for BK), and still on your report after disputing - hire an attorney to write letters for you, threatening a lawsuit, if the invalid reporting is not removed from the credit report. This might cost you an hour or two of legal fees but will most likely result in the items being removed from your report - which really is the goal, here.
The type of attorney you want is a consumer attorney.
Good luck!
Noel
The type of people who pull down the $15k suing CAs are not necessarily you and me. They have made themselves into "jailhouse lawyers" and they file "pro se" (meaning without a lawyer), and they probably know this area of the law better than the CA's attorneys they go up against (and that's saying something).
If you count their hours put into the cases at $200/hr like lawyer time, it's definitely not worth the time and aggravation. But their day jobs may pay a lot less, and this may be their only hobby.
Check out posts by, say "Xanathos" over on the www.creditinfocenter.com discussion forums...
I agree that you can make money with suing CA's if you know the law. I started a restaurant a few years ago and lost my a** and my credit. After that my credit score was something like 400 and I couldn't buy anything on credit. I started reading the FDCA and started attacking the CA's with law quotes and within 6mo my credit score was around 720 excellent. Goto ****Must Reach Freshman Investor status before posting URL's*** and read over the site. This site is EXCELLENT. I wish it was around when I was challenging CA's. YOU DO NOT NEED AN ATTORNEY if you can understand the FDCA and the FDRA. If the debt is older than 7yrs you can get it dropped from your credit report even if the original creditor sold it and it was sold again. The FDRA act changed a few years ago starting the seven year clock from the date when the debt first went into default. You need to obtain a copy of your credit report from all three CRA's and start disputing things. Make sure all your correspondences are in writing and mailed certified with return receipt. Quote statues from the FDC and RA with threat of suit and they will listen knowing that you have proof that you contacted them. Don't worry about any hararssing phone calls because you are passed the SOL and if you do receive calls send Cease & Desist letter telling them to stop collecting on it.
However, from what you have stated about the other bank offer your credit may not be as bad as you think so, just get copies of your credit report and check it out. You should be able to get it free since you were denied credit.
GOOD LUCK!!
JeffJ