What about a double credit found that is reported as a charge off

Good Afternoon, What about the double credit file that has been reported as a charge off, item sent to collection and add back to my credit report for different dollar amount?For example :Ford Motor Credit high balance account $30.921 charged off on 11/2002 bal $22,015 as a bad debt purchase by collection agency on 7/2006 @ $13.196 placed back on my credit report by collection agency. what is the best solution HELP HELP trying to repair my credit only have one line open credit and one charge off on my credit score 570....

Bo Majors
to REAL PERSON
show details
Dec 19 (2 days ago)
Well it would have been nice to have opened a couple of credit cards before the collection entry for 2006. I think it is criminal to re list with collections. What a company like ford has done is. Rather than take you to court for the balance and waste time and money on something that may prove fruitless anyway, they sell it to a collection agency for like 30% of balance and sign out. I would attack the ford motor balance and the way that is reported. I would also contact the BBB in your area and see if re dating your balance four years later is legal. You might even contact the Federal Trade Commission.
My guess is you had a car re possesed. Then they sold the car and said you had 22 left over. What did they seel your car for. You should only be liable for the difference between the sale price and the balance left. Not the enitre balance. There might be a loophole there that may or may not be legal. I would contact ford and find out abou that.

I assume the collection agency has contacted you and you do not think is is reasonable to pay.
- Show quoted text -
On 12/19/06, REAL PERSON wrote:
Good Afternoon, What about the double credit file that has been reported as a charge off, item sent to collection and add back to my credit report for different dollar amount?For example :Ford Motor Credit high balance account $30.921 charged off on 11/2002 bal $22,015 as a bad debt purchase by collection agency on 7/2006 @ $13.196 placed back on my credit report by collection agency. what is the best solution HELP HELP trying to repair my credit only have one line open credit and one charge off on my credit score 570....

REAL PERSON
to me
show details
Dec 19 (2 days ago)
Thanks for quick responses and this was repossession .I notice this when I pulled my credit report attempted to dispute item was informed debt from fors

If you have credit cards and have been late on them for 2 or 3 months, how do you go about repairing this damage ona credit report. Will these late payments stay on your report for 2-3 years even if you start making payments on time. How long must you make payments on time to start repairing some of the negative credit history?


Bo Majors
to Real Person
show details
Dec 19 (2 days ago)
After 2 years of perfect payments the damage will be almost completely undone.
- Show quoted text -
On 12/19/06, REAL PERSON wrote:
If you have credit cards and have been late on them for 2 or 3 months, how do you go about repairing this damage ona credit report. Will these late payments stay on your report for 2-3 years even if you start making payments on time. How long must you make payments on time to start repairing some of the negative credit history? --

What if I check my credit score on the internet and I see that my score is 556 on Experian, 545 on Equifax, and 550 on Trans Union. I know each credit score is going to be different from the 3 bereau's. But I had consulted with a credit counselor and they pull my credit score with my permission, and my score they pulled from Equifax was a 490, Experian 496, and Trans Union 493. And all of the credit scores are from the same month. Is the credit score on the internet acurate. Who is right and who is wrong? Thank you for reading my e-mail
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Bo Majors
to REAL PERSON
show details
Dec 19 (3 days ago)
The score will almost always be different between different bureaus. So the 556, 545, 550 look normal as do the credit counselors numbers.
The question would be the difference between the counselor and the internet.
First there is little chance the numbers are different be cuase one was pulled by you and one by the counselor. Report score can change dailt even.
One would have to look closely at the reports themselves. I would guess that some very small change happened. You might have charged past 80% on a credit line. You might be one day late with a creditor. You might have had your credit checked several times and the inquiries did not show up for a few days. One of the account could have gone from late to collections, charge off or another level of late like 90 days rather than 60 or 30.

With a 545 or a 490 a person is is dire straights. The difference in thos scores will not help you miuch. You need to work hard, pay off debts, dispute files and create new good credit.
http://www.oskie.com/raise_credit_score_fast_quickly_free.htm

Hope this helps

None of my credit credit shows up on my credit report

I do not show up on any of the credit reporting agencies. I have had an AmX card for over 1.5yrs, I have a checking and savings acct, I have two jobs that pay taxes, I file taxes every year. But, I do not show up on any agencies. When I called AmX they said - yeah you do not show up and we cannot report because you are not in systems
How can I fix that? Really having major issues because of this.

Bo Majors
to REAL PERSON
show details
Dec 10
Checking, savings, net worth, taxes, rent, utilities, rent to own, insurance payments 401k do not show up in credit reports.
Amex usually doesn't report because they have to be paid in full each month.

You need a credit card and 2 other open lines if credit with 12 months at each to establish a credit record.

I suggest starting here.
http://www.credit.com/r/problem_credit/af=p39646&ag=

Please help Equifax credit score changes

Paid for credit score,11-22-06 7.95 Told me 7-10day's, It's been 14-15 day's called phone number888-265-8792 out of service,need to talk to someone.Please HELP.EQUIFAX.

Bo Majors
to REAL PERSON
show details
Dec 5
Exactly which website did you pay for a score from.
Which bureau did you pay for a score. Equifax only I assume.

7.95 sounds like a credit report only.
Usually a score comes as a 5 dollar upgrade or free with 3-1 or credit monitoring. I have never seen a 7.95 charge for a score.

Did you expect to get this by mail, email or internet login?

My name is Bo Majors and I just help folks.
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Yes Equifax. Yes regular mail. 7.95 is new price forSCORE only. Did by phone,I have confirmation number.
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Dec 5
You will have to work with them by phone I guess. They do have a online dispute form that may take your order number.
15 days is plenty long enough I think so I would be angry too.
I advocate people signing up for credit monitoring and getting all scores and reports. Then if thats all you want cancel it 2 days later and it's totally free. Or keep it for only "What?" 9.95 per month? and montitor any changes in the works that are SUPPOSED to happen. Either way it is way better than the deal with Equifax. Not to mention they are about the size and response time of a walrus on land.
Sorry I can not be of more help.
http://www.credit.com/r/truelink_fit/af=p39646&ag

Remova a Equifax Credit Flag. Freeze.

I went to alltell communication to purchase a cell phone, it was denied because they said Equifax has a flag / freeze on this account and they could not confirm my identity. I have called 15 different phone number, do you know how to contact someone to get this removed. So I can get on with life.Thank you for any help.
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BO Majors
to REAL PERSON
Dec 15 (6 days ago)
http://www.oskie.com/credit-dispute.htm
Use this form and mail your vitals and a 100 word or less explanation of your problem. Send them certified 2-3 day mail. About 5.00 each.
Wha La.
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How d
How do we get a phone number, so we can call someone that is on our creditreport?Debt Recovery Solution/1984189 - Sprint LTDFirst American Investment/1985469 - Providian National bankMidland Credit Mgmt/3993328Patsy Harristhank you.


http://www.oskie.com/raise_credit_score_fast_quickly_free.htmo we get in touch with bureaus to report our credit
# 12

I was a 25 year old African American female with bad credit.

I wanted to say thank you. I was a 25 year old African American female with bad credit. I had the credit score of 533 and it was going down hill from there. I was just getting back from Iraq and I had gotten hurt pretty bad, and was about to get a medical discharge form the army. I knew that I would be getting disability but I had no Idea that it would take that long. I wasn’t worried about my credit cards because, I had insurance on them and before Iraq I had over a 700 credit score. Needless to say that it all changed because some of the creditors wouldn’t honor my insurance. “Sears” told me I needed to have been fired from my job. I told them that my enlistmement was up and I didn’t have a job. Sears stated that they couldn’t honor my insurance because I wasn’t fired form my job. In other words I should have stayed in) I was devastated I have had this account for a couple of year and was never late. I was paying my insurance on this account in case I didn’t have a job, and now they were telling me that they wouldn’t honor my insurance. I had almost died in Iraq from an IED protecting my country, and the only way for them to honor was if I had gotten firer. That credit score of a 700 plus went down to a 500 plus. One day I came across your website, which was very insightful. I disputed some and asked forgiveness on other, and to my surprise, one by one came off. The Sears account is the only one affecting my score because I was late twice but I managed to pay the account off. It hurts but I am still young enough to have learned from this mistake. My credit score is a 683 it’s not what it use to be but, it’s not where is use to be. Sincerely, much respect
Army girl
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Dang girl....you humble me....I really do care about people and I am so glad you are willing to get your hands dirty. Most people see my advice, read my advice, even understand my advice, but VERY FEW roll up their sleeves and get in the dirt. The only way to get better is to work and you owe yourself a HUGE pat on the back.
Thanks for the update.
Bo Majors
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Use my free dispute form to correct errors

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My name is REAL PERSON and I recently applied at I.B.C for a loan and it came back as I have a civil judgement in colorado as i have never been in colorado all i know is some one that i i think is my x-wife used my social security number so what can i do to get this problem taken care of my ssn is 555-13-7455 my addrress is P.O box 2413 fulton texas 78385 phone number 361-729-0128 cell is 361 463-1145 thank you
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Use my free dispute form to correct this error

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Hi Bo,

I am a recently divorced mom and I have just been contacted by a collection agency who claim that I owe $2000.00 on a Sears account from 1994.

I guess what I am trying to find out is can they still come after me after so many years? If so, can I offer them a smaller amount like 10%? Would this normally still be on my credit report?
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Thats too long. Do not talk to them.
Contact the better business bureau.
Contact the FTC.
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Use my free dispute form to correct this error

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On 11/7/06, REAL PERSON wrote:
Bo,
I have looked over your website prior to sending this e-mail. I need some advice, I'm rebuilding my credit and the loans that I have through my bank are only reporting to Equifax and not the other 2. My Equifax score is about 100 points higher than one of the other companies. I was told by my bank that they only report to Equifax and then I ask them why do they pull all 3 to determine if I can get a mortgage, they said well. How can I get that information over so that the scores will balance out and I can possibly get better rates. Also, one of my accounts are showing the amounts getting lower every month as I make my payments, but there is no payment history recorded???? Thanks for your time. - Randy
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Bo Majors wrote:
I would try to contact the other bureaus and see if you can submit information yourself. I need to look into that myself as you are one of many.
Most creditors only report to one bureau as it cost more money for each bureau. All super low interest rate mortgage companies get reports from all 3 bureaus as they have to have detailed documents as to why you get the low rates.

Not sure about the last thing. I would guess capital one or local finance company loan.

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Thanks Bo! I'll monitor your site for futher information. - Randy
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I am paying bills and making money but my score is still low.

REAL PERSON
Bo,
I am finally making good money, and really never paid attention to my credit score in College. Now that I am finally done with what I wanted to accomplish I am stuck at a 541 credit score as of last week.

I was at a 479, so I have come up a little bit. What I am not understanding is I have paid off and been in touch with everything in collections. I have worked very hard at trying to get this up over the last 3 years.
I bought a brand new car, never have been late EVER on my car payments. I have lived in the same place for the last 2 years and NEVER late on Rent. The items that are left over are a collections in Boulder CO. and some other little bills. I had a student loan in default and was able to pull it out of that status as of November 2005. Now that I have done everything I could think of that was hurting my score I am still stuck.

I sent over to experience a final sheet 2 days ago, of the 2 items that have been paid, to see if they could take them off. I have read your site information and it is so helpful..

I just don't know what I am doing wrong and I really want this so bad. I just want to be one of those that has a credit score of even at least 651. Can you help, I have done everything I can and I am still stuck..
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Is the car payment reported to bureaus?
Do you have any more new and current credit?
Do any of your credit entries say that you owe over 80% of your available balance.
Is any of your new or current credit local finance company credit?

Try to lower balances
Try to dispute with bureaus old or inaccurate accounts. Say not your account.
It is very hard to tell you what to do with out seeing your credit report.


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Bo,
Thank you for responding, I have been so frustrated. I am going to answer your questions the best I can.


Is the car payment reported to bureaus? I am with Americredit, I know that they do. I have seen my statement and it says, never late and then the balance.
Do you have any more new and current credit? No that is the problem, in order to get a credit card you have to have a good credit score. Let me ask, I have been told by my credit union. That if I get a credit card about a 500 dollar balance, keep it always going, buy the little things gas etc... Pay it on time, and keep it at a 5 or 10 in balance that this would be the way to go? Your thoughts?

Do any of your credit entries say that you owe over 80% of your available balance. No

Is any of your new or current credit local finance company credit? I don't know if I am getting this question right, I have a local personal loan with my credit union. I have had 2 late payments, got the loan in 2005. Now I have not been late for 9 months now..

Try to dispute with bureaus old or inaccurate accounts. Say not your account. I just did a discrepancies report
and was mentioned to take a very Nieman Marcus account off. I have contacted their company and they said we will send the bill so you can pay it. They never do, I went to their location in Cherry Creek mall, and they have no record of me at all. So I mentioned for them to take it off.

I guess at this point I am just confused. If you look at my credit report everything that has gone to collections says paid in full and closed paid in full. There is one pending that I will have paid off next month. Its these little balances that have killed me like 200 there and 150 there. I got a premier bank card, a credit card that allowed me to use and then pay back, they were so horrible I closed the account and paid the whole thing off. If I could get away with even doing a Visa with a 500 limit that would be golden.

I so appreciate your help, again I really do not understand this crazy and strange system. And as time has gone by I have heard this is right and no that is wrong etc...
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Just because it shows balances and payments on your statement do not "assume" that means they "REPORT TO BUREAUS".

You should do that with the credit card for sure. Pay for gas and pay extra each month to help your credit even more. Ask for a raise of you limit after 6 months and good pay time. The card has to be open for 12 months to get a rating on your report. Same with any loan. 12 months or no rating.

They cannot take something off they have no record of. So if you dispute the record it should fall off.

I assume you have a copy of your credit report. If not get one fast.
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Bo,
Thank you for the advise, do you know of a card that works with people who have bad credit.

I just need to make sure I do all of these steps. Yes I just ordered another one from my credit union, I have a loan with them already. I was asking for them to up the loan amount so I could take care of these last bills.
They turned me down and yes I forgot to add. I had a judgement, I have paid it off completely, the day the papers came to my door. How long does it take to get that off your credit, even though its paid.
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Seven years.
Send in some money with your application to get the credit card. It really looks bad to borrow money to pay bills or other loans. So never say that to a lender.
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MEDICAL BILLS AND ABOUT $800 OR SO OWED TO UNSECURE DEBT

REAL PERSON to Bo Majors

HI BO MY NAME IS REAL PERSON, I NEED YOUR ADVICE. I DO NOT HAVE ANY CREDIT, BUT I DO HAVE ABOUT $2500 OWED TO MEDICAL BILLS AND ABOUT $800 OR SO OWED TO UNSECURE DEBT. MOST OF THESE ACCTS ARE FROM 1999-2002. WOULD YOU RECOMMEND ME DISPUTING THEM OR PAYING? AND ALSO SOME OF THE MEDICAL BILLS ARE DUPLICATES, THEY WERE REPORTED BY THE PHYSICIAN AND THE COLLECTION AGENCY ON MY CREDIT REPORT.

HELP PLEASE!!!!!!!!!!!!!!!!!!!!!!!!
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I would try to call them first. Can't find them then dipute them. Can find them then try to work something out if you pay they take it off. Open up a credit card with some seed money and pay them regular like. Make sure the credit card reports to bureaus.
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trying to have loans paid as agreed, placed on my Transunion and Experian accounts

Hi Bo,

I am trying to have some loans, that were paid as agreed, placed on my Transunion and Experian accounts. However, my credit union only reports electronically to Equifax. When I call Transunion to see how my credit needs to go about reporting this information manually, they stated my credit union would have to subscribe to their service.

Please let me know if this is the only way.

Thx,
REAL PSERON
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For security. Without subscriptions your credit would be at risk for fraud
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I have been receiving phone calls from creditors, law firms, collection agencies,

REAL PERSON

Hello Mr Majors.

I have a unique and VERY frustrating problem I'd like to run by you.

I have been receiving phone calls from creditors, law firms, collection agencies, etc on and off for yrs now. These callers are searching for someone with the same last name as mine. I would usually just say no such person at this number and hang up. Recently, the calls began to come much more frequently.

A collection agency informed me today that they called me because---MY PHONE NUMBER IS LISTED ON HER CREDIT REPORTS!!

What recourse do I have?? I can't seem to reach a human at Experion. After insisting to speak to a supervisor three times at Trans Union, I was told to fax a letter explaining the circumstances and they would check their data bases to try to correct the matter (this phone call took over an hour). I have yet to try and contact TRW.

Do you have any ideas? Is there a more efficient, reasonable way to handle this?

Thank you,
REAL PERSON

Get all three of your credit reports so you know what is going on for godness sake.
Then use my dispute form to make the corrections you need. Instructions and addresses are on the dispute form.
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Actions to take to get my credit score up quickly

My name is REAL PERSON and I live in Pennsylvania.

I was on your website and I am hoping you can help me make some decisions as to what actions to take to get my credit score up quickly. Aside from the Collections and Derogatorys, I have other good tradelines that have been on time for the last 18 to 24 months. My three current credit cards are all at Zero balances. I am just finding it hard to decide which of the following to attack, and how to attack them. My current middle score is 608. It was 646 a few months ago, but I opened a no-interest-nopayment account for furniture purchase not realizing at the time that it would be looked at byu scoring models as a maxed out credit card. I am trying to pay this down fast but it started at $5400. I am down to $5000.

I have a few collection items as follows, all of which I paid off (settlement for less than full balance) after they went into collections. Can I get these removed or at least changed to a category that doesn't kill my score as much? I am under the impression that since they are listed under collections that they are still tanking my score. The Derogatorys follow the collections

the following information is pulled straight from my 11/22/06 credit report and the only changes made were XXing out the account numbers.
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First keep the one good account you have roadloans open and in good standing.
I would possbily try to reopen one of the credit cards that were charged off. Send them money to do so ONLY if they open the account with the same account number.
Looks to me that you nees at least 2 more open credit lines to mask the past mistakes with new good decisions and track records. Looks to me like you are about 6- 12 months from a 700 score with a couple more accounts paid on time for at least 12 months current.
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trans union credit report and I have two adverse accounts direct loans

REAL PERSON to Bo Majors

I received trans union credit report and I have two adverse accounts direct loans from university .At this time I'm in the process of consolidating them with a federal program and later I would fill out for forgiveness because I'm permanent and totally disabled .I have another that it said.Loan type-partly secured . Remarks - profit and loss writeoff .Pay status -charged off as bad debt balance 1,712. Estimated date be removed 07/2008 What sbould I do thanks for your help.
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The last thing is not affecting your score much. So let it fall off.
Sounds like your on the right track on the university loans.
Raise your Credit Score Fast Quickly Free
Hope this helps
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What a great site! Thanks so much

Well, I am absolutely pissed at a car dealer at the moment. I'm a VP at a large corporation and should have walked away from this deal but I'll spare your the details and get right to the point. My Experian score pulled online via their CreditExpert tool is 735. I show up to the dealer, the same day, and they tell me my score is 690. They show me the report (not letting me review it of course but it was me, my address, bday, etc.) and tell me that it is based ONLY on Experian data. I show them my score and the paperwork. Anyway, it cost me $20 bucks a month. We had just sold my wife's vehicle and I didn't feel like dealing with starting over at another dealer, rental car blah blah blah. The dealer tried to tell me that "dealers" have a different algo that they use - the model is different and he's seen big differences like that before.

I think there is more to this.

Q. Have you ever heard of a 45 point difference between the "score" you can get online as a consumer and what a car dealership pulls up in their computers??
Q. Do you know if there is a way to "request a copy of the report and score used in connection with the transaction" even though it was approved? I know you can when you are denied credit.
Q. My sense is to take this up with Honda Finance and Experian, but possibly the Department of Consumer Affairs if the dealership fabricated the score but I have to get the reports. The dealer is acting above board, even inviting me to come in and look at the report for myself so I'm going to do that and compare it account by account with my 735 FICO version.

Thank you so much - and what a great site you have. SO much info and I just figured I'd toss this out since you seem to have a wealth of info on this topic....
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1. No they should be the same if they are checked the same day.
2. That snapshot of that day and time has gone. Unless the dealer has a copy, printed or saved, on the computer, then no.
3. I would do that for sure.
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Hello,

I am 23 years old and am trying to clean up my messy credit to obtain a car loan within the next few months, and buy a house with the next few years. My middle score is 500 and I have no open credit lines. I had one bank card that was charged off 3 years ago and 3 store cards all charged off as well. All my accounts have been placed into collections, except my student loans and car loan which are current. Do you recommend that I negotiate with the collection agencies and try to settle the debts in exchange for deletion from my credit report? Any help would be appreciated, I don’t know where to start, I feel helpless in trying to rebuild. By the way, I have all the cash available to pay all my collections.

Thanks in advance for any advice
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Are the collections on your report? If so pay them if they will remove the data all together. Get a letter. Keep the loans open and pay them before 30 days elapse no matter what. Try to re open the bank card if they report to bureaus. The same account number. Tell them what you are trying to do and explain to them why you were not able to pay before and you plan to make it right.
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Thank you for the quick response. I have another question. Is it ok for the credit company to report a balance and a collection agency report the same balance? Also, do you have any other suggestions for me obtaining new credit? My only major card was charged off about 4 years ago and I am now going to pay it off, I don’t think they will reinstate my account. As far as negotiating to settle charged off accounts, do you suggest contacting the collection agencies, or credit companies directly?
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They do it all the time so I guess it is ok. I do think it is double jeopordy. If one is reporting the other shouldnt. So try to get one off.
Try the collection agencies
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Capital one is on my credit its 4 years old its showing a credit limit of $3800

Capital one is on my credit its 4 years old its showing a credit limit of $3800 even though my limit was only $500. Can that be disputed as inaccurate balance. What should I do negotiate or just let it stay on my credit its the only thing on it.
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Is it a balance or a high credit limit.
If its a high credit limit with no balance leave it.
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how many points will your score go up after a Chapter 7 is removed

Hello Bo,
I appreciate your web site and you making yourself available to others.
I have a bankruptcy that is scheduled to drop off my credit report in Oct of 2007. Generally, how many points will your score go up after a Chapter 7 bankruptcy is removed?
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After seven years hardly any.
What's important is recent and current credit.
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repossed car,$11,000.00, settlement of $6,000.00, charged off in 2002

Hello Bo,
I have paid off all my old debt with the exception of one bill. It is the balance from a repossed car,$11,000.00 is the difference left after they sold the car. They are reporting this amount on my credit report but they are willing to take a settlement of $6,000.00 to clear this out. The debt was charged off in 2002. And my credit report says that it is scheduled to come off my report in May of 2009. they are still calculating interest to the balance. Tell me what is the best way to handle this.
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Who are THEY
The original creditor or a collection company.
Does the account show as a charge off or uncollectable on your report from the original creditor?
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The original company is Americredit. And they have sent it to a collection company. I spoke with a supervisor at the collection company and he was nice enough to tell me that they are not going to report it to the credit bureaus. They have 90 days to collect and then it goes back to the original creditor.
This is the way it's reading on my credit report:
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Once someting is charged off i do not think it can be sold.
Charged off means the Americredit showed a lower income or an expenditure which reduced a tax liability. I am not sure it is ok for a charged off account to be collected. I think I would contact the BBB or ask a lawyer or possibly consult an online forum that might have a lawyer who has experience with repos.

Still it is a debt and you should pay if you can. The problem with paying a collection agency on an account that is reported by the original creditor posses a problem. I do not see how paying a collection agency will change anything on your report as it stande right now. The collectiuon agency cannot report for Americredit. So you might pay and still your report shows you owe 11,000. You need more advice here I think.
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Okay,
Thanks Bo
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Bo,

We have several credit cards that are charging a very high interest rate. We had some financial difficulties and were late on some of them. We refinanced and paid off 3 of them but have some we are working on to get paid down. I have called some of them but they say they will not lower the interest rate until we have 6 months of on time payments. We are trying really hard to make payments to get the balance down but the interest is so high it is hard to get the balance down. How can we get them to lower the interest rate by even just 5%.
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The only thing you can do is swap cards.
I know I've done the same things. They never lower interest. They only raise it.
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Totally free CREDIT REPORTS and Scores + toll free credit help hotline
Free Credit Dispute Form
Credit Help Tips
Credit Help Outline

Some of the things that will change your scores are:
1.Late payments
2.Recent credit inquiries
3.Higher balances on your credit cards
4.Higher balance on your Home Equity Line of Credit (HELOC)
5.Closing revolving accounts
6.Credit limits increased/lowered
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Totally free CREDIT REPORTS and Scores + toll free credit help hotline
Free Credit Dispute Form
Credit Help Tips
Credit Help Outline

I have a question about the reporting agencies:

1 By law are they required to notify you when they place a negative mark on your account or is it the creditor supposed to do that prior to sending the agencies the negative mark?

2 Are the agencies required to get proof before they place a negative mark on your credit or do they just believe the creditor?

My situation is interesting: Transunion score is 612, Equifax is 601 and Experian is 785. I have 2 chargeoffs (settled for less) these are credit cards which bring my score down and they are about 3 years old.

Thank you
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Bureaus have a legal agreement with creditors. The creditors are indeed legitimate. The creditors are accountable. The creditors have regualation of how they can conduct themselves.

With this agreement bureaus take what creditors send them and adjust credit reports accordingly.

No one has to contact a consumer for negative or positive makrs although creditors usually do on negatives because they want you to pay them. This is why it is important to check your credit report.

Sounds tome like tansunion doesn't have some accounts on your report. those issing creditors probably do not report to tansunion.
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Totally free CREDIT REPORTS and Scores + toll free credit help hotline
Free Credit Dispute Form
Credit Help Tips
Credit Help Outline

In September my credit score was 602 and look at my credit score on Monday and my score has drop to 592 and i have no late payments nothing new on my account. Please help me find an way to retrieved my points back and credit score.
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http://www.oskie.com/raise_credit_score_fast_quickly_free.htm
check the 80% rule.
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Me and my wife want to get a home and have bad credit... We both have about 5,OOO.oo in debt. I have nt paid my credit card accounts in 2yrs .. I think i want to settle my acounts will that repair my credit ? my credit score is about 580 and i need to raise it up alot to get a good apr on the home loan.. what should i do?
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You need to pay the debts for sure.
I doubt you will be able to secure LOW interest in the near future. That is the choice you made by not paying your debts.

Look for owner financing and learn from your mistakes.
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inquiries. I know they remain on your credit file for 2 years

Hi Bo,

Excellent site... I have a question regarding inquiries. I know they remain on your credit file for 2 years, but is there any way to dispute those and get them removed, paticularly ones from collection agencies?

Thanks!
---------------------
Collection agency's do not have authrization to make inquiries since you have not given them consent. I would confront the agency in question and suggest they remove not only the inquiry but the account also or face sanctions by the FTC. Make a copy of your report so the incedent will be recorded.
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creditors when they are responsible for reporting my bankruptcy information

Quick question for you: I filed Chapter 7 Bankruptcy last October 2005, Bank of America is just now updating my bankruptcy records and just submitted my charge-offs to the credit reporting agencies. I was in the process of purchasing a home and now my credit score dropped 25 points because of the delay in reporting my charge-offs from Bank of America now my score is too low to qualify for a decent mortgage loan. Therefore, my question is do I have any control of the creditors when they are responsible for reporting my bankruptcy information and can The three credit bureaus change my score because the charge-offs were suppose to be discharged a year ago?

Thanks for your time.
--------------------
I would try to have the report show the discharge as accurate and the date of last activity to match the dicharge date. Use my free dispute form.
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then they sold it again and a balance is showing $4,408 again

Good afternoon,

I have a question about my credit report. The last time I received my report was back in March and my credit score was 523 and now it's 573 because I have been slowly paying off a few things. It's concerning a car loan account that I had back in 1999 which I have now made arrangements to pay on. When I got this report it shows the amount of the loan which was $10,900 which shows it still open with this balance, but it was sent to collection which they lowered the amount to $4,408 which is open, then they sold it again and a balance is showing $4,408 again. Is this hurting my score since it is showing that I owe so much money, but actually all three are the same? Should I dispute that? Also do the creditors or the collection department report the payments that you are making after 6 months of paying them? If they do does this help your score to go up?. Thanks for your help.
-------------------------------
Dispute the 10900 as paid in full since it was sent to collections. Send documents where you have been contacted or something that can trace the origin. Then do the same with the first collection. Pay the last if possible asking for totall removal if you pay in full. Get something in writing.
Yes it is all hurting your score and these steps will help if you are able to complete them.
--------------------
This is great. Thank you so much for your prompt response. I will get right on it.
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Home refinance paid 30 days late by new mortgage lender.

I am having a problem with my credit report, and the dealings with a certain creditor. It is my hope that you can help. Here is my story.

The first part of August this year, I was finishing the refinancing of my home through another bank. The current mortgage was through HSBC. Toward the end of my refinance, I telephoned HSBC to make them aware that the refinance was about complete, and they will receive payment in full soon after. I also made known to HSBC that the money from the refinance will most likely be in their hands AFTER the 30 day mark, and I asked if they please do not report me as delinquent. The Customer Service Representative from HSBC told me that since the loan would be paid off, the fact that it will be after 30 days it will not show up on my credit report as being late, since the loan would be paid off in full. The refinance was completed, and HSBC was paid off. Unfortunately, it showed up on my credit report as being 30 days past due. I contacted HSBC directly to have them address this situation, and I asked them to please remove the negative item on my credit report. They were very nasty to deal with, and I was told that the item would not be removed from my credit report, and will remain there for 7 years. I then explained to HSBC what their Customer Service Representative told me, and I was told that they do not remove anything from credit reports. I was basically called a liar.
I then disputed all 3 credit reporting agencies to no avail. I have since taken this a few steps further. I contacted the Ohio Attorney General, The Florida Attorney General, The Illinois Attorney General, and The BBB asking for assitance in getting this matter resolved. I was basically called a liar by HSBC, and I will not stand for it.

My question is, am I doing this the right way? and if not, what do you suggest that I do to get this information removed from my credit report?? I had "PERFECT" credit, but it is now ruined by the lie that was told to me by HSBC.
---------------------
I had the same thing happen to me on a re fi.
Turns out the ONE 30 day late mark had no "real" net effect after about 6 months.
Sounds to me like you done eveything one can do. I would let it go.

One thing you can do is write a 50 word max statement and send to the bureaus. Have it attached to your credit report as explanation. It will not help your score but will help potential creditors read your report.

How will using low rate credit cards affect my credit score/

Hi Bo,

Quick question for you. I'm wondering how much the following scenario would affect my credit score...

I'm an MBA grad with a great paying job (six figures) but I still have lots of student loans (38k in stafford at 4% and 15k at 8.5%). I just bought a house so I have those loans as well (225k at 6% and 57k at 8.5%). I also have a car loan (18k at 6.5%).

I'm pretty interested in getting rid of my high interest loans - especially my 8.5% student loan.

I have the opportunity to do a free balance transfer with AMEX blue for $20k for 3.99% for the life of the balance. I want to transfer my big student loan to the card at the lower rate, but didn't know how much that would affect my credit score if I decide I'd like to refinance my house, etc.

I know they're all loans and all I'm doing is just transferring to a lower interest rate, but I also thought that student loans don't count against your credit score like consumer debt and credit cards do. So basically, where I have never had any credit card debt, I'm taking on like $20k (even though they're loans I already had).

What are your thoughts on how that would affect my score? and how drastic the change would be?

I could also do a balance transfer from my 6.5% car loan to the 3.99% if that would be better on my score.

My current score - the last time I checked - was around 780.

Thanks for your thoughts Bo!

Cheers,
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The fine print says 3.99 on balance transfers only and all payments go toward balance transfer balances not any charges. So if you make charges you will be chraged regualr interest until you pay of the entire balance tranfer amount. So the catch on the balance transfers is that the card is shackled to the transfer until the balnce is paid off and you might make ONE late payment and bam your interest goes up.

Student loans do count as regualr debt. Who ever told you that is somewhat mistaken. If its on your report its on your report and counts in your score.

You score will be negatively affected IF you get up to 80% agaisnt high credit limit. That is all you need to worry about.

780????
You are a mega star. No worries here.
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got the AMEX Blue as a separate credit card for this exact purpose. I don't intend to make any purchases on the card, only to have the balance transfers (i.e., a 3.99% loan). I have a separate AMEX I use for everything else.

So if I don't use the AMEX Blue for anything else except the balance transfer, should I transfer the 8.5% student loan onto the card (there are no fees either).

Again, thanks for your help.
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Oh yea fees. They usually do make one pay 3% balance transfer unless you do it as you apply. So if there are no fees and your not going over 80% and the rate is lower. Sounds all good
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Recently my credit union offered me a reverse loan, to help rebuild my credit,

My name is REAL PERSON and after being a single mom at age 17, i have managed to distroy my credit.
Here i am at age 30 trying to get back on my feet. When my husband and i had our daughter two months premature, we accumulated over $200,000 of medical bills, (she was in the NICU for almost two months, we had issues with our hmo) we filed for chapter 7. Currently, I have 6 collection agency account with balances of zero, and two auto loans that we surrendered the vehicles to when we filed bankruptcy as zero as well.
I havent applied for credit with the fear of being rejected and having another ding on my credit report.
Recently my credit union offered me a reverse loan, to help rebuild my credit, they put $5000 in my savings, and report im paying on time, and i make payments to my bank.
A friend of mine who is in the real estate business introduced me to the DELETION LETTER and recommended i try to use it.
My question to you is, should i contact the 6 collection agencys and the two auto loan companies to pay them the $1500 total i owe to them (even though they have zero'd out my balance because of the bankruptcy) and ask for them to delete the file. and if i do this will it help my credit score? or am i better off, using that $1500 to establish new credit? which will benefit me more.
I have tried to get a credit card and have been denied...they offer me a secured credit card....should i do that until i can raise my score enough?
My second question is on your website you mention in #7 that creditors may get nervous and pull you credit to see what they have done. That this is illegal. Im curious why this is illegal. I had a creditor to this to me and want to find out how to rectify it.
Anyway....thanks for your website, it has helped me alot... thanks for any response.
REAL PERSON
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1. The reverse loan sounds like a GRReat idea. Do that for sure.
2. I would suggest you use my free dispute form without making contact before. Hope something falls off. No collection or creditor is going to help you this far down the road on deleting credit files but they might not verify your dispute. Dispute 2 at a time and cross your fingers.
3. Get a secured card if they report to all 3 bureaus. Better yet get a unsecured card by sending a cashiers check in with you application.
4. Creditors can pull your credit if you authorize. If not they are in legal trouble.

Can I write to the collection agencies after an account has been paid and ask them to remove the account

First I would like to thank you for putting together your website. It has been very informative and helpful. Second, I do not understand one of your answers and I was hoping you might be able to clear that up. Ca I write to the collection agencies after an account has been paid and ask them to remove the account? This is in regards to:

What am I trying to get from the creditor when I ask them to remove a file?
I try as hard as I can to get a letter saying account is paid in full, paid on time and in good standing. I use this letter to follow up on the creditors’ decision to remove inaccurate and error riddled credit reports. Many collections are improperly reported or a consumer will not been properly informed collection processes have be allocated. With late payments I look for dated checks to support my "paid on time" claim or merged, fraud, duplicate or re dated files. Report these to the FTC and BBB

I had a very old credit card account and paid it off in February of this year.
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You can write. I would call though.
You have more bargaining power before you pay.
If the account is really old (more than 2 years) it is pobably not hurting you much.
On credit card accounts I suggest trying to re open that same account with a down payment and a phone call. If you can re open the account that is good.

My question would be what is your score?
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collection agency said they would delete the collection completely OFF my 3 credit reports, providing I paid in full

Your site is so interesting, thank u for sharing, I dont even know where to begin but with your site, i know how to get started. I have a few debts to pay not many, but I live from check to check right now, I have 7 accounts in great standing/never late, Im trying to keep those up, the other debts r from the past. One is 89.00 (very affordable) but the others r so high!! they are like 2000.00 and 800.00. What do u suggest?
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Hi, Im sorry, I threw so much at you at once yesterday ! , I do want to say this, I took one of your many great suggestions and put it to work yesterday, the collection agency said they would delete the collection completely OFF my 3 credit reports, providing I paid in full, ! YIPPIE,. Im so glad I stumbled across your site.
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fraud alert on my account, denied for loan because of the fraud alert

Quoting LIVE HUMAN WITH CREDIT QUESTION
I just had a quick question. Recently I put a fraud alert on my account and know I want to remove it because I want to apply for a loan. I tried to apply for a loan once already and it was denied because of the fraud alert.
I have tried to call the numbers but I have not been able to get a hold of sometime. What should I do?
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Write to the bureaus.
Fraud alerts usually mean they call you before they approve a loan. Turned
down is not what happens with fraud alerts. Something is fishy.
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credit card that is all paid off with a zero balance, is it good to close the account or keep it open

Quoting REAL PERSON WITH CREDIT QUESTIONS
Hi! Your website was very helpful. I was just wondering if I am not using a credit card that is all paid off with a zero balance, is it good to close the account or keep it open? How does this affect my score?
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Depends on what OTHER credit you have.
If you have 3 currently active OTHER accounts then closing would be fine. If
not then I recommend you use the account.
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Free Credit Scores, Always ask for credit card

Quoting M&D Abernethy :
We've pulled our free credit reports from Annual Credit Report.com which was fine. However, it seems that if I want the credit scores (without paying for them), the only sites that offer the "free" scores also have the credit reports which I don't want. Any suggestions how to get my credit scores only?
REAL PERSON & WIFE
P.S. Tried to get a change on the last place I worked at for Employment History for Equifax and that's pretty hopeless. Can't get thru their 800 number during work hours and no other way to phone in. Do you think the last company you work with is important for employment history or not even bother?
Thanks
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Credit scores are always an extra fee feature. Even creditors must pay an extra fee to have credit scores on the reports they pull. One can get free score when they sign up for credit monitoring. You get a free report and score with your monitoring. AND if you cancel the servie before 30 days the whole thing is free. So annualcreditreport.com is not the answer to all as it sounds. Sign up for the free report & score on my website and cancel in a couple of days.
Employment history is not a significant factor on a credit report. These items are put on your credit report only if you aply for credit while you have that job. I would not worry about it much.
Calling though is NOT the best way to deal with bureaus. Use the dispute form ALWAYS.
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I was told that it would be worse to have charge off's

Quoting REAL PERSON
Dear Bo,
Please help me understand.......................we have a son who is 23 years old and has poor credit. His father feels he should not pay all the monies owed because it would not help his credit or make it worse. He feels he should pay on his fines, electronic home monitoring and any currant bills. I was told that it would be worse to have charge off's." Should he pay on his old cell phone bills? What would be best for him, and what would be best for his credit report?
----------------------
One should pay all his or her bills. All of them.
Anytime we decide that if it doesn't help US we shouldn't do something, we are being dishonest. Good credit is an attitude for life.

BUT

If we pay a bill, collection, charge off and we do not get some assurance that the credit file will be removed not just zeroed out we probably will not help our score.

A person also must make decisions of weather we are able to pay these bills. If there is any way to pay off a bill we should do it. Paying off all bills makes a person think about getting credit a little harder next time.
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ATT, Better Business Bureau, Collections on cancelled phone bill, buying a house

Hi Bo,
I know this isn't exactly what you asked for but I was hoping that you could tell me if this is a good letter to send to the 3 credit bureaus. I don't know what my credit score is I need to pull it but when I was looking into maybe buying a house earlier this year it was pulled and my score dropped down from an 830 to like 630. I printed out your dispute form and plan to send this as well. If you could just let me know if this is good or what else I need or to write that would be SOOO helpful. Thank you ahead of time.
REAL PERSON
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Bobo Majors wrote:
This letter should go to the Better Business Bureau or ATT. The credit bureaus needs exact disputes. If you wish this to be recorded on your report, limit the words to 100 or less and it will be added.
Am answering your question?
-------------------
I called you a while ago and we talked. I did call AT&T which is now Cingular who told me that they no longer are able to deal with this and to call the collection agentcy. So I called Palisades Collection who said that they gave it to Merchants Credit Guide. I called and t/t Merchants, who told me to write a letter of dispute. I followed up on this and they said that they are the collections for Palisades and that they actually have the account. This has taken a while to go through this process. I called Palisades dispute dept. today who told me that they don't get the actual letter I wrote just an email from Merchants saying that I'm disputing it. I gave her a brief sanopsis and she told me that if I changed my plan it automatically puts me on a new contract. I asked her how was I supposed to know this, she said that "it's how AT&T do business."
So now I'm stuck, what should I do now. I t/t the BBB and California Association of Collections who told me to t/t AT&T. Someone even mentioned that I should t/t a lawyer. The BBB gave me info on AT&T which has contact info for someone in Cingular Corp. (see attached) Part of this info says: On July 21, 2004, the Attorney General's Office from 32 States entered into an Assurance of Voluntary compliance with Cingular Wireless, LLC. The settlement issues include that the company must provide substantially accurate coverage maps, to allow consumers to try out their new phone plans for 14 days and within that time can cancel and not have to pay an early termination fee for the next three years and to pay fines that will be distributed to the 34 participating states. An Assurance of Voluntary Compliance is not considered an admission of guilt or violation of law, but is used for settlement purposes.
Could I use this since this is my situation? Although I did this in 2002. Help me out, what do I do next?
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Bobo Majors wrote:
Do you have your credit report from all 3 bureaus in your hand?
If not get them now here http://www.credit.com/r/truelink_fit/af=p39646&ag
After checking your report dispute duplicate collections first with all bureaus affected.
This looks all over the place and it needs to be sorted out.
Simplify first then move forward.
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I pulled my credit and have it right here. There is only one collection showing for this.
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Which company is showing the collection?
Does the collections ahow up on all 3 bureaus?
Do you see any accounts that show more than 80% balance against total allowed
credit?
Do you see any other inaccurate items?
I bet you have some balances that are hurting your score.
1 Collection does not a credit score make.
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Well I am trying to remove the deliquency they are reporting me as to a collection/charge off

Quoting "REAL PERSON"
First of all I would like to thank you for your information and advice offered to many on your site. You do it and do it for free just to help people thru the same type of problems you had.
Sadly this is not a true thank you email but one of business so to speak. Here is my problem. In June 2002 my Best Buy account was turned over to a collection agency (Arrow Financial). I paid the account with a settlement amount in May of 2003. In December of 2004 my bankruptcy went final. Since then I have been trying one account at a time to update and correct my credit files. I am down to one and only left to get with correct information and that is Best Buy. Since turning me over to a collection agency they have been bought out by GE Money Bank. Well I am trying to remove the deliquency they are reporting me as to a collection/charge off. It won't be perfect to my credit rating but a 4 year old collection/charge off hurts less than a current 120 deliquency which Best Buy is reporting me as right now. I have written 3 letters to the Bureaus describing this is in detail and what needs to be corrected for correct information to be reflected on my credit report. Each time the agencies do their job and ask Best Buy for the information and each time Best Buy puts out inaccurate information. Bo should I write Best Buy directly? I only have a very generic address for them that I am sure will not go to the right department in
their company. Do I keep blasting the Credit Card companies with letters? What is most dis-hearting about all of this is that I am in the military and forward deployed right now and their is time delays with everything. Should I threaten lawsuit because they are violating the FCRA by reporting inaccurate information? I am at a loss how to correct this information and complete my fixing the credit report journey. Do you have any ideals?
Thank You,
Shawn Ward
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CALL Best Buy.
I would talk to the BBB AFTER, I talked to Best Buy IF, I didn't get a
satisfactory answer from best buy.
I would call the Collection agency and try to find our the circumstances of how they aquired the account.
Keep detalied information on each call.
Ask for names.
Postion in the company.
How long they have worked there.
Who the supervisor is.
Ask for supervisor.
Ask for a case number at the end of each call for future reference.
Ask what they think your rights are as a consumer protected by the FCRA.
Ask how they would handle this situtation.
Ask enough questions like these and soon a answer will arrive.
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Thanks for the help Bo and today I mailed a letter to Best Buy and in 45 days if nothing has happened I will write the Better Business Bureau. The strangest thing is now the Collection agency that got my account has stopped reporting it. This account hit my credit record in early August and cost me 25-30 points right away. Adds a certain level of frustration when your trying to clean up the credit record and one company is so hard to get to correct their information.

REAL PERSON
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My husband has a medical collection account on his credit report that does not belong to him

My husband has a medical collection account on his credit report that does not belong to him, besides this my husband has excellent credit, not even as much as a late pay on his credit report. I called the collection agency to try to get any information about this as I could, but they would not disclose any information to me as this account isn't his or mine. However they did verify the address wasnt correct and the social security number didnt match my husbands. PLEASE tell me what I can do to have this removed from his credit report. Do I need to send a letter to the bureau's explaining this, or do I only have to send the form you have on your website? If I have to send a letter, do you have a sample letter I can follow?? PLEASE HELP, we are desparate.

Thank you in advance for your help and prompt attention
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Just use the free dispute from on my site.
Check not your account.
Follow directions.
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2800 dollars on a medical bill that is not mine, Where do I go?

Quoting REAL PERSON
My credit report shows a balance of 2800 dollars on a medical bill that is not mine. I believe it may be my sons. I have no idea who put this in my file or why it was charged to me. There is a collection agency involved but there is no info on the report. Where do I go?
------------------
Use my free dispute form
Dispute the file.
Say it is not yours.
You will get a respnose with removal or contact information...Simple as that
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I just paid a Hargrave and Associates $250.00 to remove negative credit

Quoting REAL PERSON
Hi Bo,
I am a bit confused. This is very interesting and informative but I don't understand it. You explained some of the concerns that I have but I am still very confused. I just paid a Hargrave and Associates $250.00 to remove negative credit information. They told me that this is a long process that will take up to at least 6 months. Is this true? Please call me ANYTIME. I am not working right now. I am a teacher, so I have the summer off. What should I do? Was that a smart move on my part?
Confused and depressed,
--------------------------
Justpaying money does not guarantee credit help. There must be some basis...some errors...some payments...Watch out
-----------------------
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my score was just below 600! I've divorced, the court has deemed her as soley responsible for the car

Quoting REAL PERSON
Bo,
I pulled my credit and found my score was just below 600! Several years back it was 775. In between, I've divorced. My ex-wife as failed to pay her car payments on time and they are listed as a joint account. I've contacted Ford Motor Credit and explained the situation including the fact that the court has deemed her as soley responsible for the car. They said that there was nothing they could do. Is there any recourse for me?
Secondly, a few years ago I took out a short term loan of $5k. I bought and sold a car and repaid the loan within a week. I asked (verbally) that the acct be closed. Several months later I received a bill for $40 or $50 as an annual fee. I called them and asked what it was for as I had closed the acct. They informed me that I didn't ask it to be closed in writing and I owed the money. I made the mistake of refusing to pay. It shows on my credit report that I was 180 past due. (I finally broke down and paid it).
I didn't realize that my stubborn attitude would affect my credit. Is there anything I can do about this situation?
THANKS REAL PERSON
-------------------
Absolutely nothing on the joint car account.
That is standard fare. You sign you get the credit bad or good. Incentive to pay on time.
Another boo boo. These loans, credit cards and other finance deals all have little catches we have to watch out for. They cought you in a trap made to help them collect fees legally. This trap is like a beautiful painting designed just for them. They intend to reap full benifit. You can add a 50-100 word explanation to the account on your credit report to make it easier for creditors to read and undertand but it will not help your score.
You might have been able to work a deal with them before you paid. Now it seems a remote chance. It sounds like you have tried.
I would suggest trying to build up newr good credit and waiting for time to pass as the most recent or 2 years back from today weigh the most on your credit score. Time heals all wounds. The entires will stay on your credit for 7 years unless, 1 you work out a deal, 2 the companies close or move and your information gets lost and you disute it with the bureau.
----------------
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I see that all three agencies now have a means of disputing online. That's what I did

Quoting REAL PERSON
Bo,
One last question. When I was looking over my credit report, I see that all three agencies now have a means of disputing online. That's what I did. Do you think I made a mistake in doing so and should have done it via mail?
REAL PERSON
------------------
I like mail....
But the internet thing is obviously where everything is going. Mail can be certified delivered giving you paper evidence you have disputed something. I would suggest printing copies of online disputes. Let me know how it turns out.
---------------
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My current score is TR-613, EX-582, EQ-622. Is there any thing I can do to get this off of my record and raise this score.

REAL PERSON
Bo,
I ran across your information while looking for help. I have some serious problems and don't know if I can get out of them. I have 2 charge offs and 2 bills in collections. Both bills in collections have been paid, but only one is listed as paid. All of these bills except for one are from helping someone else (big mistake). I just retired out of the military and need a better score to survive out here. My current score is TR-613, EX-582, EQ-622. Is there any thing I can do to get this off of my record and raise this score.
Thanks for any advice
REAL PERSON
--------------------
You should be able to dispute the paid item as paid and it will be updated.
Sounds like you have more problems than just those. I would suggest making sure any open credit lines be reduced to less than 80% of available credit. This should help. I would try to re open accounts that are charged off's and pay good for 1 - 2 years. If the charge off is not removed then ask them if they could help as you are trying to buy your first home and this is the only thing holding you back.
--------------------
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Is there not way to get your score without having to sign up for a free trial

REAL PERSON
I noticed that most of these site where you get your credit score, you have to accept this free trial to get your score, and if you go past the 30 day trial and don't cancel then you have to pay x amount of money? Is there not way to get your score without having to sign up for a free trial?
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Ways to get a credit score.
Sign up for credit monitoring and get a report and score free if canceled in
less than 30 days.
Buy all three reports (ususally 34.00) and get a free score upgrade.
Buy a single report usually (10-12.00) and pay 5 dollars for a score upgrade.

The best deal is the first in that everything is free if you chooose to cancel.
The most comprehensive service is the scond in that you get all 3 reports.
The most scientific is the third in that you choose exactly what you want

These are all the options.
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I have an account with Discover that was "charged off

Hi Bo,
Thank you for your generous website. These are trying times for me and its nice to get advice from a human being!
I have an account with Discover that was "charged off". I am in a fortunate position where I can pay the debt in full. I read your advice about how to go about that process and I plan to begin negotiating with them.
My question is this:
If I am successful in dealing with discover and I am able to pay them back and improve my score, what happens to the collection agency that bought the account from them? Do I have to contact them or ask Discover to? Do I have to pay them anything to get them off my report?
Thank you for your help,
REAL PERSON
------------------
If the account is listed as "Charged Off", this normally means the have accepted a tax credit for uncollectables. Most of the time these are not then sent to collections as far as I know.
I would speak to discover and ask them the question you asked me. In any event I would try to open the same account if possible with an up front deposit + full payment.
I would deal with the collection secondly. I would guess the collection could complicate this matter.
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my credit score is 571. How bad is that? I need a way to get a mortgage.

REAL PERSON
Hi,
I just found out my credit score is 571. How bad is that? I need a way to get a mortgage.
-------------
From: Bobo Majors
You need a 640 minimum...so pretty bad.
Pay down debts to 80% of limits
Dispute all bad stuff
Pay off all old debts
Ask for removeal if you pay
-------------------
Is bankruptcy an option?
-------------------
Not for getting a mortgage
But yes it is always a option
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paying off old debts on your credit report, help you or not

Would like to know, paying off old debts on your credit report will help you or not. or should you concentrate on building new credit by establishing new accounts and paying on time.
-----------------
That is a dependant question. How old? How much? How many? Can any be removed
totally if you pay?
Credit is 70% weighted toward 2 years from today so; recent "rated"(at least
1 year on the books) good credit is ones best asset for credit score recovery.
---------------
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Credit Card account missing, reported differently between bureaus

Hi..
Ok I need some help, and if yoou can't help me could you refer me to someone who can?
Two yers ago I ran off my credit reports and I have this credit card, that my husband and I have had for at least 3 years. Well it was on there, reported to the agencies.
So a few months ago I ran it off again and it wasn't on there at all. None of the agencies. AFter I disputed some stuff with the two (trans and equifax) i got an updated one and its not on there. haven't checked experian yet.
Also, about these accounts i inquired from you earlier...Trans Union is reporting the date closed for both of these accounts in 2000, and Equifax is reporting both of those accounts closed for 2002.
Equifax is going off of the date that i paid them and settled the debt, but Transunion is just going off of the date the account is closed...
Transunion told me equifax shold be reporting from the date the acct was closed eithe rfrom the creditor OR by me and that its being reported incorrectly.
-----------------------
Call the credit card company and ask them if they are reporting your account
to the bureaus and if so which ones. Dispute the account with equifax saying account reported in error and include a copy of the correctly reported report with the account in question circled as evidence.
Use the free universal dispute form on my website
--------------------
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How does updated reporting of bad debt work? One of our creditors

Bo
Wow, even after researching my dh's and I's credit for several years now, I have learned more on your site than I thought I could know.
Thank you!
Here is my question...
How does updated reporting of bad debt work? One of our creditors continually reports our bad debt. It was a bank chargeoff that does note in our report that we paid after chargeoff and collection, however their reporting is listed as being reported every month - recently ITEM LAST REPORTED at Transunion was June 30, 2006! It unfortunately does not show the date of that payoff, nor the date of last activity with them. It only shows that the account was opened in March 2001 (which is not correct, that is simply the date the collection of the account was started). I believe this debt was paid off in 2001 or 2002.
Thanks for reviewing this for me!

Sincerely, REAL PERSON
-----------------------
I think credit reports have different ways of showing results depending on
which website or which bureau is pulled. Each data entry SHOULD show a "DATE OF LAST ACTIVITY" which is different than date of last update or reporting by the creditor.
I would want to clarify this point of contention with a dispute form marking account status incorrect. Then state what the account status SHOULD show and see what happens with your dispute.
If this does not help at all put a 50-100 word attachment on your credit file stating your case. This will not help your credit score but will help creditors with correctly reading your credit report. The file should show 0 balance owed if it was a charge off, but if the account is 4 years old it should not affect your credit a whole lot if your have open good credit right now. The 2 years back from todays date has the most weight on a credit report.
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check your credit first to see is you are a good candidate for there credit cards so does this hurt my credit everytime a company does this check

Quoting REAL PERSON realperson@Comcast.net>:
I know that buy canceling a credit card it dings you credit score but what about all those credit card offer for credit card you we get in the mail. I am assuming that the companies check your credit first to see is you are a good candidate for there credit cards so does this hurt my credit everytime a company does this check
---------------
No it does not.
They do not check your credit before they send out the offers. The offers imply your credit has been checked and approved but that is not the case. What happens is the bureau provide lists that have people in groups of positive score ranges. Because the scores change everyday in some cases, each credit has to be checked with an application. So you may get a pre approved card but get turned down when you send in the application.
---------------
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raise my Credit Score from 586 to 650 or more in 2 months

Quoting REAL PERSON realperson@hotmail.com>:

Bo,
Need to raise my Credit Score from 586 to 650 or more in 2 months. Have contacted all 3 credit bureaus online and got my FREE online reports to "dispute" what I needed to, but all the responses are merely stating the creditors are in "conformity guidelines" of the FCRA. I did NOT submit any written requests, but was wondering if I would get best results by doing so or just callilng them?
Also, If I pay off a "collection" account or bad debt turned over to "collection agency" then will my score go up right away or not? Does your Credit Score go up at all after a BK (i.e. Ch. 7) is removed after 10 years listing (i.e. my 1st BK of 2 is scheduled to come off in Sept/Oct of this year).? Final question,
How much do you charge to clean up my credit?
-------------------------
You are supposed to be able to get a free report at annualcreditreport.com
I could not get mine. You mail a letter and ask for one. I find it easier to use the online freebies....sign up for credit monitoring and get all three reports and score here....then cancel before 30 days....
It depends on the collection....sometimes the score will go up for owing less money...sometimes it will drop because you have a new, more recent date of last activity.....if it is real old it will probably not help to pay... I suspect it is more than one collection and possibly something fairly new, late, or more than 80% owed against high credit limit....
The chapter 7 drop should help 20 points or so...
I do not charge for anything...its free
-------------------
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how long does it take for my credit score to reflect a paid off or paid down credit card

Quoting REAL PERSON realperson@rr.firstallied.com>:
Bo, how long does it take for my credit score to reflect a paid off or paid down credit card?
------------------
1 week to 1 month..depending on the speed of the reporting creditor...
-------------------
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credit cards, keep your loan balances below 80% of their total

REAL PERSON@yahoo.com>:
Hi,
I saw on your advice site that you should keep your loan balances below 80% of their total. I assume this theory applies to credit cards, too, yes? Also, is there any reason to keep an inactive credit card open? Will it help my credit to close the credit cards that I don't use (mostly store-type ccs).
-----------------
Yes the theory applies to credit card balances also. Even more so. Inactive credit cards can hurt a credit rating if you have a whole lot. The Sears, Lowes, Dillards cards hurtthe most in that they look like local finance company credit. Most people with good money skills will use a regualr Visa, Mastercard, Amex to buy from these companies.
-------------------
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What should I do to get judgment off my credit that is inactive

Quoting REAL PERSON
I had a judgment against me but before it went to court I paid the money owed .I tried to get a loan and they said that I have a judgment on my credit that is inactive .I called the court and they said is was released and satisfied that for some reason it still shows up inactive. What should I do to get this off or corrected
-----------
Use the free dispute form.....
say status in error no judgement.....
talk to the court and explain what you are doing...
http://www.oskie.com/credit-dispute.htm
-----------
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eviction on me, judgement listed against me in the apartment favor

Quoting REAL PERSON
Dear Sir,
I noticed that you said that matters of law cannot be removed from your credit report, but I have a question regarding if I have a case on a matter that affected me a couple of years ago.
I moved into an apartment complex in April 2004, June I was injured while at work when I stepped off a curb and severely hurt my ankle. When you are working a job as a new car salesman in a 100% commission sales position, if you are injured you cannot work.
Anyway, I approached my apartment complex and let them know that I would probably be a little late with my rent because my sales were impacted because of my injury and the economy was tough enough as it was and people were just not buying new cars hardly.
They filed for eviction on me, I received a letter from the County Courts telling me that the complex filed on me. Furious, I confronted the management and they told me if I moved out of my apartment before the date on the letter then there won't be any consequences.
I moved out after trying unsuccessfully to come up with the money so I would not have to move. I recently got my credit report and I found two things that really made me go ballistic. #1 The county has a sort of judgement listed against me in the apartment favor. #2 After being in the apartments for barely two months and they made me move, they are requesting I owe them almost $3,000.00.
This is just wrong deceitful and down right scandalous, you mean to tell me there is nothing I can do? I was victimized and lied to. I like to know am I screwed, can the FTC intervene here or is there a way an attorney can fight this for me.
Regards,
REAL PERSON
--------------
This is the typical lease aggreement consequences....
All I can say is you are obligated to pay them under the terms of the lease and by law they can do just as you have stated. If you pay them or get back in they would take the item off your credit I think.
Sorry I can not be of more help
----------------
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Transunion keeps asking me to give them a file # when I call

Quoting REAL PERSON
Transunion keeps asking me to give them a file # when I call. I ordered my report online and I do not see a file# anywhere. I also need this file # to dispute information.
This is very frustrating!!
----------------
You need a file number to talk to a real person....
You should not need a file number to use my free universal dispute form
http://www.oskie.com/credit-dispute.htm
I think TU has a online dipute form ..... you do not need a file # there
either...i think.....
they want the file number to market buying the report directly from them
rather than a third party TU report.....
----------------------
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United Airlines, Chase credit card. show 90 days late on my credit

I have a United Airlines, Chase credit card. They sent me a solicitation for another one and I would get enough miles for a free round trip ticket so I think I agreed. But when it came I did not use it, because I thought I did not want the hassle of another card. I have the original paper and cards that came with it. Instead I decided to order a card in my son's name and I think my husbands for them to use, but it came with the new account number, which I did not want, and I did not realize it until my son said his card did not work. I called Chase to see why it did not work when I know the account was paid and that is when I realized what happened. They told me they have never received one payment since the account opened. I told them I was unaware of the account being opened because I had changed my mind and thought it was not being used. No one ever called and didn't they think it was odd that I never made one payment when my other account is paid on time every month? I did not pay attention to the statements, which I only have one out of the three months, because I look at my purchases and make all my payments on line which they could verify .They told me it is going to show 90 days late on my credit.
I was very upset and we were leaving on vacation, so I paid the whole balance right then on the phone, which was $6000.00 to stop it and now that I am back and I want to get this off my report. I have not looked at my credit report for awhile, so I in fact do not know what has been reported.
We were victims of identity theft 7 years ago and it was still going on until a couple of years ago. We still have a couple of negatives from that which we were not able to get off. So I do not need any thing new. Prior to that our credit score was around 800.
Can you give me some ideas?
Thanks. REAL PERSON
----------------------
The best thing I know is what you have already done bargain with chase....
One other idea is to place a 50-100 word explanation on your credit report for the lates....Just state your case so when someone pulls your report they can see what happened without an explanation from you on the spot...
Just write the letter and mail it to all three bureaus asking for attachment...

Remember that after 2 years pass the lates will not affect you as bad...I would pull my report and see what it looks like though.....If you are 90 days late it will also show 30 days late and possibly more than 1 time 30 days late.......

One might bargain to have ONE or 2 of the lates removed....or after a period of time have them all removed since credit cards normally only report for 24 months....I would keep the credit line open though...the first re action is to close the account....it actually looks better to get some CLEAN TIME after the lates.....it also keeps the credit company invested in your business.....

hope this helps....
---------------------
Quoting realperson@aol.com:

Hi Bo:
I can't believe it I took your advice I begged chase to take the late payment off my credit report and to my surprise they DID! It was an amazing feeling, my loan officer is going to proceed with the finance and all looks good! Thank you for replying to my e mail
REAL PERSON
---------------------
Thank YOU for letting me know that I can help people from time to time...
Always remember to stay humble but diligent and things might work out...
you did the work and deserve the credit....
way to go.....
---------------------
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matters of law cannot be removed from your credit report

Quoting REAL PERSON :
Dear Sir,
I noticed that you said that matters of law cannot be removed from your credit report, but I have a question regarding if I have a case on a matter that affected me a couple of years ago.
I moved into an apartment complex in April 2004, June I was injured while at work when I stepped off a curb and severely hurt my ankle. When you are working a job as a new car salesman in a 100% commission sales position, if you are injured you cannot work.
Anyway, I approached my apartment complex and let them know that I would probably be a little late with my rent because my sales were impacted because of my injury and the economy was tough enough as it was and people were just not buying new cars hardly.
They filed for eviction on me, I received a letter from the County Courts telling me that the complex filed on me. Furious, I confronted the management and they told me if I moved out of my apartment before the date on the letter then there won't be any consequences.
I moved out after trying unsuccessfully to come up with the money so I would not have to move. I recently got my credit report and I found two things that really made me go ballistic. #1 The county has a sort of judgement listed against me in the apartment favor. #2 After being in the apartments for barely two months and they made me move, they are requesting I owe them almost $3,000.00.
This is just wrong deceitful and down right scandalous, you mean to tell me there is nothing I can do? I was victimized and lied to. I like to know am I screwed, can the FTC intervene here or is there a way an attorney can fight this for me.
Regards, REAL PERSON
---------------------
This is the typical lease aggreement consequences....
All I can say is you are obligated to pay them under the terms of the lease and by law they can do just as you have stated. If you pay them or get back in they would take the item off your credit I think.
Sorry I can not be of more help
--------------------
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