Credit question?

Question

Ok this is a hard one....I checked my credit report and looks good but a few bad things from almost 7 years ago are about to fall off..the thing is a few accounts in equafax say last date of activity june 2000 ...however the last date of activity in my transunion says december of 2000..does this mean that in june of 2007 the bad things will fall off my equafax and december of 2007 they will fall off my transunion.. these are not judgments just late phone payments from 7 years ago.. since then i have paid every n=bill ontime just these few things nother the heck out of my credit and i cant wait for them to dissapear so i can get a good rate on a car loan thanks..

Answer 1

Okay - first - once the lates reach the obsolescence date and fall off, they cannot legally be re-aged and placed back on.
Second - you cannot have two seperate obsolescence dates. Legally they should fall off on ALL of your reports at the same time. Not fall off of EQ in June and off of TU in Dec.

Late payments should fall off 7 years from the date of the late

(If it is from a phone bill that you had defaulted on, it would be 7 years from your last payment)

You could try disputing the lates and at the age they are, they may fall off with your dispute.
Keep in mind that IF you no longer have that account open, you stand a chance at losing the whole trade line with your dispute. Which could hurt you as far as the history on your reports is concerned.

How much it could hurt would depend on a couple things. If you have a thin file (not much history) you could see a fairly good drop in your scores.
If you have a well rounded file with a great deal of good history, you will probably see a drop but not as bad as you would with a thin file.

If the account is closed, but depending on "how many" and "how late" they were - just my opinion but I would leave it alone. The lates are very old and may not have a very large impact on your scores at this point (again, depending on how many and how late).

Answer 2

Here's the problem..

Normally when you play the "credit dispute game" with the bureaus, it can take a few months to get things removed. If they start playing other games with you, it can take longer. So I would not be surprised to see this come of in 4-5 months....that puts you into August/September......

But you want this off real quick in order to apply for a car loan. This is where you need to really understand the law and use that leverage.

So.....you need to send off some letters quick. Make sure you send them by certified mail/return receipt because it's important that you have a paper train and can prove notifications.

1) Send a dispute letter to ALL of the credit bureaus stating that the DELINQUENCY date is not correct.. Send them copies of all your reports, highting the fact that each agency is reporting different dates. Obviously someone has bad information.....or ALL OF THEM????

2) Send a demand to validate letter to the creditor. DEMAND to see a complete accounting of your account, especially the last date you made a payment....or more specifically the last bill that was not paid. THAT is your delinquency date. If they have it, your files will be corrected.

But I'm going to bet the do not have these records. I worked for the phone company 30 years.....trust me. They don't. After all the mergers they are lucky they can find their heads with both hands. Therefore, they will NOT be able to verify this debt.

DO NOT accept any other evidence.! The collection agency will try to show you their collection agreement. That only shows when they received the debt, not the delinquency date.

Now the IMPORTANT part. Tell the collection agent that in a few months you are planning to get a loan. If this INCORRECT information is still on your report, you could lose the loan, or it could cost you additional fees. You can sue them for these costs due to their INCORRECT reporting to your credit report.

That may spur them into moving a bit quicker in removing this.

Answer 3

THIS IS A EASY ONE, READ ON MY SON, READ ON.
They will fall off your in june 2007 and December 2007. But usually if you dispute them via the 2003 Federal Fact which puts the burden of proof back on the creditor you maybe able to get the off of there before that. Myslef I would of been did that. Oh, the FACT says the creditor has to prove that validity of the debt, in other words the creditor needs to show that it is actually a valid debt and if they cant they have to remove it from your credit. NEXT PERSON IN LINE PLEASE, WHILE I AM ON ROLE? SMILES

Answer 4

They should disapear, but remember that the company that put them there, can update information on them and keep them on for another 7 years. Usually if they are paid, the company will not do anything though. But, your score may not go up if you have not put anything good on there either.

Answer 5

I would go ahead and dispute then as out of date items now and they will probably just remove them ...

Good Luck!