I've exhausted all efforts to correct my incorrect credit report. What do I do now?

Question

I had a credit card that I let go delinquent in 1999. A while later I made a few payments on it but they were very minimal payments and did not bring it current. The credit card company updated the "date of first delinquency" and now it's showing 2004 on my credit report rather than the correct date of 1999 (which would have fallen off by now). I have managed to get the credit card company to remove it from my report but the collections agency will not remove it. They state that it's the date that the debtor reported to them. It's hard to get any information from anyone as the account was opened with Wachovia Bank and they sold it to Chase Bank and now it's owned by Unifund (collections). I'm trying to get a mortgage and now I'm being denied because of this incorrect information. I've filed complaints with the credit bureaus, both credit card companies and the Federal Trade Commission and nobody can seem to help. Can anyone help??

Answer 1

According to the FTC, there are three ways a consumer can obtain his credit report. The first one is by visiting the FTC's authorized website, AnnualCreditReport.com, and providing all the information needed to access the credit report. This is generally the fastest way to obtain one's credit report. Consumers have to be cautious, however, of the supposedly free credit reports they see offered on unauthorized websites. More often than not, the services offered on these sites are not entirely for free. Those who want to get credit reports should keep in mind that they can only get them for free from the website FTC provided.

Another way to obtain free credit report is by calling the toll-free number provided by the FTC and the three leading credit reporting companies. However, FTC warns consumers not to contact the three credit reporting companies individually. This might be caused by the fact that the credit reports obtained by individually contacting the three major credit reporting companies come with a fee. Read more about it at: http://www.credit-card-gallery.com/article/164,How_To_Get_Your_Credit_Score_For_Free

Answer 2

The reporting period cannot be re-aged !!!!
If you have made a completely new contract when you made those payments, then the reporting period on the old account still cannot be re-aged !!!!!!!!!!!!!!!!

The reporting time limit for credit cards is 7 years from the first time you were 30 days late and never brought the account current leading to the charge off.

Even if you were 30 days late and you made those payments "before the charge off !!! " and the payments you made did not bring the account current - the reporting time limit cannot legally be re-aged.

Once an account is charged off - it is charged off and no matter how much you pay - the reporting period cannot legally be re-aged.

If you made a new contract when you made any of the payments - i.e. accepted a new credit card from the collection agency that carried the balance from the charge off, then the old charge off would still remain running for the regular period and the new account should have been added to your reports.
If that is the case and you defaulted on the "new contract" - then the reporting period would start from the first time you became 30 days late and never brought the account current leading to the charge off.

Okay, I think I covered the reporting aspects, on to the collection SOL.

Without knowing what state you are in, it would be hard to say if the collecting SOL could be reset if you make a payment.
Only a few states allow the collecting SOL to be reset.
But, in the states that do allow the collecting SOL to be reset, it generally cannot be reset without something from you "in writing" claiming you are responsible for paying, agreeing to pay, etc., etc.

You might go to the following link. Scroll to the bottom and click on your state. If the collecting SOL can be reset in your state, it is usually mentioned and will include which statutes allow the reset.
You will also be able to see the regular collecting SOL for your state - credit cards are open accounts.
http://whychat.5u.com/

Okay, without knowing your state, I covered what I could about the collecting SOL - onward to the FTC (and other) complaints etc.

You should also file complaints with the BBB, your AG and the AG where Unifund is located.

Filing an FTC complaint is only part of the battle. The FTC generally does not become involved unless they have numerous complaints. BUT, filing the FTC complaint and then re-disputing with the CRA's and including a copy of the FTC complaint is another part of the battle.

The CRA's don't like their name in front of the FTC through complaints - so if they know a complaint is filed, they generally (but not always) do whatever they can to resolve the issue.

If you have created a proper paper trail - everything done in writing to show proof that you had done as much as you can to correct this, you do have a legal right to file a law suit on the collection agency and possibly the CRA's and maybe even Chase. (that is if you did not create a new contract)

You might click on my profile and go to the last link I have listed and do some reading and ask any questions you may have in the Credit Forum.

Answer 3

As far as I know, here's the deal:

1) If you have an old debt, and you pay on it later, it is ok (legal) for the reporter to use the date of most recent payment or activity as the date on your credit report. Which is insane. That means that if you have an account with a problem from years ago and (as you know) it's years later and about to "fall off", but ANYTHING happens activity-wise on the account, that activity resets the clock. In other words, the credit industry does not give us an incentive to pay off old debts. Don't ask me - they really are evil.

2) Also, my understanding is that even if you pay OFF an old debt, that won't help you - - in fact it will hurt you - - because it resets the clock in just the same way whether or not the debt is paid. Again, they do not give us an incentive to pay off old debts, which is insane.

3) And here's the "what you can do" part: It is possible for you to hire a lawyer (ask around from people you know who would *know* a good lawyer - - and if needed ask those lawyers to refer you to another lawyer with the right specialty) - - anyhow - - hire a lawyer and use her to negotiate a settlement with the collection agency.

Here's the settlement options (typical from my understanding)

A) You negotiate for waaaay less than you owe and pay the debt, but it still screws up your credit.

B) You negotiate for notably less than you owe and pay the debt, but the agency agrees to remove it from your report.

(Obviously, you would want option "B" - the one where you make it clear you care more about your credit than the debt and therefore lose a bit of bargaining power on the amount.)

May I just point out (again) how INSANE it is that an honest person who just wants to pay the WHOLE debt and clear their name even if the problem happened years ago and for good reason (major illness for example) is MORE SCREWED than a person who settles or ignores the thing completely?

They really are evil. Fight! Don't be intimidated.

If there was legitimately no activity on the account in 2004, file a dispute with each of the three reporting bureaus.

Otherwise, you’re pretty much looking at a lawyer and settlement situation if you need this to go away - - which if you’re trying to buy a house or use your credit at all in the near future - - is well worth it. Something like this is tough to go alone.

Remember – people who work at collection agencies do so because their personality allows them to do that job and sleep at night – they are tough cookies - - but it’s all static and you can handle this!

Also remember - this industry is powerful! For years, us consumers were not even allowed to know our credit score or how it worked! And they still want to keep us with as little information as possible because information=bargaining power.

Credit is NOT an assessment of YOU - - and is not a fair assessment of anyone because it's not a level playing field. So read up and fight - and use everything you've got- because it's only when consumers get organized and educated that change happens!

Repeat after me: It's just business.

Good luck!

Answer 4

I can help you clean your TransUnion credit report for less as I am an ex-employee of it. Contact me soon.

Please don't fall victim to those expensive credit repair companies who charge a lot but do nothing. I am honest to tell you that I can correct your TU report for as less as $150. Many creditors pull only TU reports. You can even request mortgage companies to pull your TU report only to make credit lending decision. I offer 100% success with money-back policy.

Answer 5

This shows as an alias to maximum credit providers. because of the fact is misspelled, ninety 9% of them will basically forget approximately approximately it. you may even if get the brokerage to concern a letter to the three credit reporting companies to get the subject rectified.

Answer 6

of course not. it rolls over when a credit agency starts to handle it.

credit is the devil. its evil and it runs everything and dictates all life in the US. its bull and horrible. it ruins lives. there is probably nothing you can do short of hiring a lawyer and sueing them.

Answer 7

I have a web site that contains letters of credit and dispute letters. They are at http://www.thecreditrepairmanual.com

Answer 8

seems all you really need to do is pay your debt to get rid of it...