Author Topic: How to start cleaning up your credit report years later?  (Read 3464 times)

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Breal

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How to start cleaning up your credit report years later?
« on: June 26, 2011 07:03:34 PM »
My credit report is littered with old debts, but still about 2 years away from the 7 year SOL to come off. I know the initial 30 of communication is very crucial, but since I am already WAY passed that point I am really not sure where to start this process. I know you need to dispute with the OC first if you wish to sue them (which I do) but all the debts I have are LONG gone out of the OC's hands. Im not sure how or where to start, any comments or information is greatly appreciated. Thanks ALL!

gowyo

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Re: How to start cleaning up your credit report years later?
« Reply #1 on: June 26, 2011 07:15:01 PM »
People seem to have had good luck with the 623 method.
« Last Edit: June 26, 2011 07:30:44 PM by gowyo »
I am not a lawyer and most likely a crackpot.

Admin0248

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Re: How to start cleaning up your credit report years later?
« Reply #2 on: June 26, 2011 07:29:29 PM »
There is also a fair amount of discussion on Debtorboards. 

Go to the HOME page and use the search function for "623". I believe that Smurfy has posted about 623 reviews in some detail.

While we have no issues with referencing useful links on other boards, we are not interested in raising the other boards traffic numbers when we have similar or better material here.

There is also the matter that ALL of the other sites are for-profit operations for their owners. They get paid for their traffic. We are fine with their existence, but we do not want to be part of THEIR fundraising.

We are a non-profit, tax-exempt operation.  No one legally or organizationally is permitted to make any money from our efforts.






cprems

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Re: How to start cleaning up your credit report years later?
« Reply #3 on: June 26, 2011 07:50:15 PM »
What State are you in?

You may have recourse under your State Statutes.


My credit report is littered with old debts, but still about 2 years away from the 7 year SOL to come off. I know the initial 30 of communication is very crucial, but since I am already WAY passed that point I am really not sure where to start this process. I know you need to dispute with the OC first if you wish to sue them (which I do) but all the debts I have are LONG gone out of the OC's hands. Im not sure how or where to start, any comments or information is greatly appreciated. Thanks ALL!
ALL my postings have NO legal value.

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CleaningUp

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Re: How to start cleaning up your credit report years later?
« Reply #4 on: June 26, 2011 07:53:05 PM »

In my state, collectors and JDBs must have written authorization to report to the CRAs.


Breal

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Re: How to start cleaning up your credit report years later?
« Reply #5 on: June 26, 2011 07:55:49 PM »
What State are you in?

You may have recourse under your State Statutes.
Im in Colorado. I guess the real question I need help with is.... since the OC's are way outta of the picture do I even need to be concerned with them or should I just dispute with the CRAs first then the JDB's?

Breal

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Re: How to start cleaning up your credit report years later?
« Reply #6 on: June 26, 2011 08:17:00 PM »
Im in Colorado. I guess the real question I need help with is.... since the OC's are way outta of the picture do I even need to be concerned with them or should I just dispute with the CRAs first then the JDB's?
I should have prefaced this by saying, YES I intend to sue them. So what actions must I be sure to take to set them up to have standing and be able to sue them now even after they have stopped calling and harassing me since its now a few years later?

cprems

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Re: How to start cleaning up your credit report years later?
« Reply #7 on: June 26, 2011 08:33:55 PM »
I believe the SOL for FDCPA violations are one year.

So unless they have violated within the last 12 months, there would be no violation.


I should have prefaced this by saying, YES I intend to sue them. So what actions must I be sure to take to set them up to have standing and be able to sue them now even after they have stopped calling and harassing me since its now a few years later?
ALL my postings have NO legal value.

 I AM the "village idiot" please hold my posts to this standard.

 If you need legal Counsel - contact an Attorney.

Breal

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Re: How to start cleaning up your credit report years later?
« Reply #8 on: June 26, 2011 09:09:52 PM »
I believe the SOL for FDCPA violations are one year.

So unless they have violated within the last 12 months, there would be no violation.
Right, I plan to start this process and get them on violations when they dont comply. Just not sure where to start?

cprems

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Re: How to start cleaning up your credit report years later?
« Reply #9 on: June 26, 2011 09:45:36 PM »
Have you received any correspondence from the CA's?

You could FOAD them (IF the SOL has expired) OR DV and elect arbitration.






Right, I plan to start this process and get them on violations when they dont comply. Just not sure where to start?
ALL my postings have NO legal value.

 I AM the "village idiot" please hold my posts to this standard.

 If you need legal Counsel - contact an Attorney.

CleaningUp

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Re: How to start cleaning up your credit report years later?
« Reply #10 on: June 26, 2011 09:55:18 PM »

Not wise if you are trying to clean a report.

These bad trade lines, due to age, are having little effect on the credit score. If you put them in play, the activity may do more harm than good.

Best to go on a campaign to dispute accuracy as part of a 1-2 punch approach.  It is going to take time and effort, but with persistence and some good strategy you can be successful.

First step is to get hard copies of all of your reports.  Don't use the on-line versions because they are NOT the report, only an approximation.


montag

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Re: How to start cleaning up your credit report years later?
« Reply #11 on: June 26, 2011 09:58:23 PM »
Have you considered asking for deletion?
http://www.bankrate.com/finance/credit-cards/5-uncommon-ways-to-raise-your-credit-score.aspx
That article also has other ideas.

CleaningUp

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Re: How to start cleaning up your credit report years later?
« Reply #12 on: June 26, 2011 10:05:38 PM »

There was a member last year who sought to clean up her and her husbands credit last year in order to purchase a home.

As I recall, it was done with a combination of good-will deletions, negotiated pay-offs for deletion, and some good, old-fashioned disputes and re-investigations.  1-2 Punch and 623 requests formed the foundation of the direct attacks.

Is going to take time and patience.  But it CAN be done.


excelsior

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Re: How to start cleaning up your credit report years later?
« Reply #13 on: June 26, 2011 11:52:17 PM »
I am proof that one can clean up their report very quickly.  In less than 100 days, my scores are up well over 100 points across all 3 credit reporting agencies. 

Check my profile.  I've been on DB for just 3 months, but I worked nonstop during those three months, and thanks to many, many people here, I learned what I needed to raise my FICO scores.

I too had many derogatory remarks that were 5+ years old.  All in the past now. 

Someday when I'm done I'll write a separate thread on this, but I used every technique I could find and attacked this problem like a cancer. 

CleaningUP is right.  The first step is to get written credit reports from all 3 bureaus and then develop a situational assessment of what is dragging your score down the most, and start there. I also downloaded my credit scores from myFICO.com (that's not an endorsement, but to my knowledge, they are the only place one can get their true credit scores).  Experian doesn't release their scores, but you can get Equifax's and TransUnion's score.  myFICO reports also give some insight as to what is hurting and helping a credit score.  I paid close attention to that and it made a big difference.  When myFICO reports "FICO high achievers average 7 percent utilization"....VOILA....I paid my credit card to EXACTLY 7 percent of the balance.  That alone made a huge boost to my score.  All the other "scores" out there are garbage FAKO scores.  I started my efforts in full expectation of having to present everything to a Judge, so I documented everything, and boy did it pay off.  In this day and age of email and smartphones, there is no substitute for good old fashioned letters.  They are the prime instrument of credit repair and they absolutely work.

It took me a long time to accept that the best person to tackle this problem was me--it seemed insurmountable, but I quickly learned that is really the best (and only) way to do this.

maylaur

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Re: How to start cleaning up your credit report years later?
« Reply #14 on: June 29, 2011 03:22:02 AM »
I, too, had much luck with plain old accuracy disputes, and with negotiations to obtain TL removals.  Within 2 months of starting on it, my scores and my husband's shot up significantly and we successfully removed 90% of the items on both our reports.

I started with the inaccuracies, which resulted in all but a few being removed immediately.  Even a judgment disappeared before the reporting period was up because nobody ever responded to the dispute.  I spent a while on that one trying to track down who to speak to about it and got nowhere.

The negotiations weren't too difficult, either.  I wrote a letter to each one, describing what the account was, who we were, and what our goal was (PFD).  All but one responded favorably.  That last one gave us a bit of a hassle but in the end we got what we wanted.

You never know until you get into it what you will run into.  A month after the judgment was removed, we were able to get $2000 in credit lines from 2 creditors. 

Just keep it professional, keep it short and to the point, and be persistent.

Good luck.
Anything I post is from my own personal experience, and might not apply to your own situation. 
I do not offer legal advice; for that, please consult a lawyer.