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Losing hope...........what should I do now? Please help

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Your sleeping giant is #5. If you haven’t settled and it’s within SOL and especially if it’s close to hitting the SOL, you do not want to wake this up. If it truly is outside SOL that’s a different story. 
 

#1-4: If part of the settlement agreement included language that you’re not getting a 1099 for the remainder, don’t owe another dime and can’t be sued again for the rest, you’re in good shape. The legal folks here can tell you the language on all this that my brain won’t do properly anymore.

 

The time to negotiate a settlement is BEFORE you settle. Some creditors will agree to remove the charge off, some won’t. Now that you’ve settled, you have no leverage to get them to do this.

Who did you settle with? The OC or a CA
 

You MAY be able to dispute one, all or none of these accounts. If your CRO has gotten these cemented to your reports, you’ll have a MUCH MUCH harder time getting them removed if it can happen at all. This is just one reason why we say run, don’t walk away from a CRO

Stop looking back wishing you’d filed bankruptcy. Just stop. That’s not helping you. You are not your cousins or those other people. They’ve got nice cars, 700+ scores, new credit cards? So what. Is this a competition? 
 

You want to qualify for a house. That’s your goal. Have your kid draw you a picture of a house and tape it up next to your computer. When you start getting discouraged, go look at it. You’re not going to get a better reminder of what you’re working for.
 

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IN MY OPINION

  • I am in Florida and understand the SOL is 4 years.
  • Derogs:
    1. CC1: DOFD = 4/19 and paid via settlement. Do I dispute?   NO
    2. CC2: DOFD = 11/16 and paid via settlement. Do I dispute? NO
    3. CC3: DOFD = 2/16 and paid via settlement. Do I dispute?   NO
    4. CC4: DOFD = 2/16 and paid via settlement. Do I dispute?   NO
    5. CC that I never settled with has an outstanding balance of almost 17k. Charge off started 2/16. Do I dispute?  YES

You negated your ability to dispute accounts that you had re-affirmed by settling. It is also likely that the 7 year obsolescence period for removal from your reports will be dated from your settlement date and not from your original date of default.

 

In addition, even AFTER the 7 year reporting period you risk having the original CA you "settled" with may sell the "balance" to a JDB who can then report for 7 years from the date of your settlement agreement. (That is why you should opt out to help avoid this)

 

There is no "risk" in disputing the 1 CC that is beyond the SOL limit. The worst that could happen is that the CRAs will NOT delete. The SOL letter in the program can not affect the account other than to POSSIBLY get it deleted. 

https://whychat.me/GUIDEBOOK.html

https://whychat.me/SOL PROGRAM GUIDE.html

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19 hours ago, centex said:

From the standpoint of YOUR report, it needs to be zero'ed ASAP.  However, that may NOT be the best for THEIR situation.  But these are the risks you agreed to assume when you chose to coat-tail on somebody else's credit...

It's basically my money and the relative of mine is a very close one ;) who trust me with their life. 

 

I understand what you're saying @centex and I was just wanting to know what you think is best for our situation. I heard it's better to pay it over a series of months vs paying it off in 1 lump sum. 

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3 hours ago, Why Chat said:

You negated your ability to dispute accounts that you had re-affirmed by settling. It is also likely that the 7 year obsolescence period for removal from your reports will be dated from your settlement date and not from your original date of default.

 

In addition, even AFTER the 7 year reporting period you risk having the original CA you "settled" with may sell the "balance" to a JDB who can then report for 7 years from the date of your settlement agreement. (That is why you should opt out to help avoid this)

Credit reporting agencies cannot legally replace an original date of default with the date of settlement.  The FCRA states the following for derogatory accounts.

 

§1681c(c)(1)

 

(c)Running of reporting period

 

(1)In general

 

The 7-year period referred to in paragraphs (4) and (6) of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.

 

The above states that the date of a “delinquency” determines the 7-year reporting period.  A settlement is not a delinquency. 

 

In regard to a JDB selling a remaining balance after a settlement, a written settlement agreement indicating that nothing more is owed would solve that problem. 

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3 hours ago, Why Chat said:

IN MY OPINION

  • I am in Florida and understand the SOL is 4 years.
  • Derogs:
    1. CC1: DOFD = 4/19 and paid via settlement. Do I dispute?   NO
    2. CC2: DOFD = 11/16 and paid via settlement. Do I dispute? NO
    3. CC3: DOFD = 2/16 and paid via settlement. Do I dispute?   NO
    4. CC4: DOFD = 2/16 and paid via settlement. Do I dispute?   NO
    5. CC that I never settled with has an outstanding balance of almost 17k. Charge off started 2/16. Do I dispute?  YES

You negated your ability to dispute accounts that you had re-affirmed by settling. It is also likely that the 7 year obsolescence period for removal from your reports will be dated from your settlement date and not from your original date of default.

 

In addition, even AFTER the 7 year reporting period you risk having the original CA you "settled" with may sell the "balance" to a JDB who can then report for 7 years from the date of your settlement agreement. (That is why you should opt out to help avoid this)

 

There is no "risk" in disputing the 1 CC that is beyond the SOL limit. The worst that could happen is that the CRAs will NOT delete. The SOL letter in the program can not affect the account other than to POSSIBLY get it deleted. 

https://whychat.me/GUIDEBOOK.html

https://whychat.me/SOL PROGRAM GUIDE.html

2 of the 4 cards filed suits against me so I had to pay them. 

 

The 7 year obsolescence period may start on the settlement date vs the original default date? Totally sucks if this is true. Once again how incredible the story is that I got so sick that ended up on my deathbed, intentionally and good-hearted to not file BK which would have resulted in "sticking it to them", did pay them off via a settlement that all results in me having horrible credit for another 7 years?! Really?! LOL 

 

To confirm, are you saying it's good to dispute the 1 CC that is out of SOL then?

 

What is opting out? 

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46 minutes ago, Bluesie58 said:

Credit reporting agencies cannot legally replace an original date of default with the date of settlement.  The FCRA states the following for derogatory accounts.

 

§1681c(c)(1)

 

(c)Running of reporting period

 

(1)In general

 

The 7-year period referred to in paragraphs (4) and (6) of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.

 

The above states that the date of a “delinquency” determines the 7-year reporting period.  A settlement is not a delinquency. 

 

In regard to a JDB selling a remaining balance after a settlement, a written settlement agreement indicating that nothing more is owed would solve that problem. 

@Bluesie58 THANK YOU FOR CONFIRMING THIS!!!! I WAS ABOUT TO JUMP OFF A BRIDGE IF THE DATE WAS RESET DUE TO ME TRYING TO DO A GOOD THING BY GIVING THEM SOMETHING (AKA.........THE SETTLEMENT)!!!!

 

All the settlements I made with the creditors came with the stipulation "with prejudice" so they can't come back at me. My question @Bluesie58 are these accounts no longer disputable to try and remove them from the CRA's? 

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44 minutes ago, maverick9 said:

@Bluesie58 THANK YOU FOR CONFIRMING THIS!!!! I WAS ABOUT TO JUMP OFF A BRIDGE IF THE DATE WAS RESET DUE TO ME TRYING TO DO A GOOD THING BY GIVING THEM SOMETHING (AKA.........THE SETTLEMENT)!!!!

 

All the settlements I made with the creditors came with the stipulation "with prejudice" so they can't come back at me. My question @Bluesie58 are these accounts no longer disputable to try and remove them from the CRA's? 

You can dispute anything, but whether or not you should do so is a different story.  Disputes should be based upon inaccurate information.  
 

If any item of information such as the balance, date of first delinquency, late payments, etc. is not correct, after receiving a dispute from the CRAs, the  furnisher must either verify the information with the CRAs (that it’s correct), correct the information if it is wrong, or remove it.  This does not mean the entire entry will be removed.
 

In the event a furnisher does not respond to the CRAs within the required time period, only the disputed information will be removed.  Again, it does mean the entire entry is removed.  

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1 hour ago, maverick9 said:

 

What is opting out? 

it removes you from marketing campaigns that offer pre-qualified offers of credit. It does nothing to help credit repair and can stymie efforts to add new, positive tradelines.

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53 minutes ago, Bluesie58 said:

You can dispute anything, but whether or not you should do so is a different story.  Disputes should be based upon inaccurate information.  
 

If any item of information such as the balance, date of first delinquency, late payments, etc. is not correct, after receiving a dispute from the CRAs, the  furnisher must either verify the information with the CRAs (that it’s correct), correct the information if it is wrong, or remove it.  This does not mean the entire entry will be removed.
 

In the event a furnisher does not respond to the CRAs within the required time period, only the disputed information will be removed.  Again, it does mean the entire entry is removed.  

I see. Since I don't have all the records for these accounts, I can't confirm inaccuracies so I guess I can't even attempt to dispute these and I'll just have to ride it out?

 

The 7 year period "rule"..........What exactly is this? Does this mean that these accounts will only affect my score for 7 years and that being from the date of delinquency?

 

What do YOU recommend I do from here to increase my FICO scores?

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43 minutes ago, hegemony said:

it removes you from marketing campaigns that offer pre-qualified offers of credit. It does nothing to help credit repair and can stymie efforts to add new, positive tradelines.

Thanks for your response @hegemony but I'm a bit confused, if this hinders my effort to add new, positive tradelines, are you saying I should or should opt out?

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44 minutes ago, maverick9 said:

Thanks for your response @hegemony but I'm a bit confused, if this hinders my effort to add new, positive tradelines, are you saying I should or should opt out?

the choice varies from person to person. There is no cookie-cutter approach and I'll also mention to avoid cut-n-paste letters for disputes. Use your own words, be direct, and professional.

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46 minutes ago, maverick9 said:

The 7 year period "rule"..........What exactly is this? Does this mean that these accounts will only affect my score for 7 years and that being from the date of delinquency?

That is period of time a derogatory entry remains on your credit report.   It begins 180 days after the date of first delinquency.  That is the date you defaulted, never brought the account back to a current status, and led to a charge-off.  The derogatory entry remains for 7-years (plus the 180 days) and then is deleted from your report.  

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Quote

17 hours ago, smartlypretty said:
I don't think it's immature to be frustrated with a system that "grades" non-choices as choices. And it only happens in one country. 

Very well said!! It was a NON CHOICE that since then, I tried to remedy in every way yet they don't have a "consolation" of ones good efforts. 

 

Quote

I just don't know if it's the most efficient approach, or if there are actually any inaccuracies you can directly dispute because I can't see the collector fighting to keep a paid collection on your report?

Correct! That's what I was asking, "Why would a creditor fight to keep a PAID collection on my report?"

 

Quote

All of those say 16, presumably 2016, which means that 2020 is the year 4/5 will start to fall off? 

How many years do the negatives affect ones report?

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DO NOT try a good will letter for the CO accounts. It will CEMENT them to your reports.

 

 

Since you seem hesitant and in need to a morale boost, why not start small and deal with old addresses? Getting old addresses removed can help with later removal of derogatory tradelines. Here is a thread with a TON of information on removing addresses:

 

I hate it when people call CRAs but removing old addresses is ONE instance when it can be okay. Just be careful to not dispute any tradeline, etc. while on the phone... just personal info.

 

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46 minutes ago, Bluesie58 said:

That is period of time a derogatory entry remains on your credit report.   It begins 180 days after the date of first delinquency.  That is the date you defaulted, never brought the account back to a current status, and led to a charge-off.  The derogatory entry remains for 7-years (plus the 180 days) and then is deleted from your report.  

Ah ok! So I understand, the the 7 year period for an account that had a "30" on 2/2016 would be deleted on 8/2023?

 

 

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44 minutes ago, maverick9 said:

Ah ok! So I understand, the the 7 year period for an account that had a "30" on 2/2016 would be deleted on 8/2023?

 

 

Hard copies of your four consumer credit reports mailed to you directly by each CRA will indicate when a tradeline is scheduled to be removed. The date used by the CRA may not be accurate so be sure to check.

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52 minutes ago, hegemony said:

DO NOT try a good will letter for the CO accounts. It will CEMENT them to your reports.

 

 

Since you seem hesitant and in need to a morale boost, why not start small and deal with old addresses? Getting old addresses removed can help with later removal of derogatory tradelines. Here is a thread with a TON of information on removing addresses:

 

I hate it when people call CRAs but removing old addresses is ONE instance when it can be okay. Just be careful to not dispute any tradeline, etc. while on the phone... just personal info.

 

Yes @hegemony, after all the turbulence I've been through, I'm timid and do need a bit of morale boost. Thanks!

 

I will start with the addresses as you suggested, I was thinking these have little bearing on the score but I will do it. 

 

There are also names and a SS# that is incorrect, can I submit these all on 1 letter or should I do different letters for each?

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Posted (edited)
48 minutes ago, hegemony said:

Hard copies of your four consumer credit reports mailed to you directly by each CRA will indicate when a tradeline is scheduled to be removed. The date used by the CRA may not be accurate so be sure to check.

Yes I was about to say because according to my math, the 7 years + 180 days of delinquency from the date of 2/2016 is 8/23 but EX states "This account is scheduled to continue on record until November 2022 but then TU states: "12/2022".

 

So the real date IS 8/23 in this case?

Edited by maverick9

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Posted (edited)
16 hours ago, kaylee34 said:

Your sleeping giant is #5. If you haven’t settled and it’s within SOL and especially if it’s close to hitting the SOL, you do not want to wake this up. If it truly is outside SOL that’s a different story. 

I haven't settled it but it is outside SOL. So it's safe to dispute this?

 

Quote

The time to negotiate a settlement is BEFORE you settle. Some creditors will agree to remove the charge off, some won’t. Now that you’ve settled, you have no leverage to get them to do this.Who did you settle with? The OC or a CA

1 I settled with a CA, 1 was an OC that filed a suit against me so I had to settle, 1 was the OC

 

Quote

Stop looking back wishing you’d filed bankruptcy. Just stop. That’s not helping you. You are not your cousins or those other people. They’ve got nice cars, 700+ scores, new credit cards? So what. Is this a competition? 

You're correct. I'm not these other people. I'm mentioning them because I tried in every way to remedy the situation by not filing BK and paying something via the settlement. I could have done the same as these other people and "stuck it them" but didn't. I believe in paying my debts and be responsible even though I could have hit the "BK nuke button" on everyone. However, these "other people" are in much better spot than I. In essence this credit system is BS to say the least. They reward "those that nuke all the creditors" but penalize "those that avoided the nuke button and paid them"............in essence I feel like the irresponsible get rewarded while the responsible get penalized. Fine, hit my credit because I didn't "pay in full" but man, they don't have to keep in the trenches for 7 years either. Seriously not fair!

 

Quote

You want to qualify for a house. That’s your goal. Have your kid draw you a picture of a house and tape it up next to your computer. When you start getting discouraged, go look at it. You’re not going to get a better reminder of what you’re working for.

I appreciate your encouragement. I really do but this depresses me because I feel handcuffed with these derogs. I won't be able to get a house for another 3 years? I can't dispute them and they will be there another 3 years. So does this mean, I can't really up these scores to at least 680 for another 3 years?

Edited by maverick9

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Posted (edited)

Can the 1 outstanding charge off that I have, which is outside the SOL and been sold to multiple JDB's, possibly be removed by a validation?

Edited by maverick9

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1 hour ago, maverick9 said:

Thanks for your response @hegemony but I'm a bit confused, if this hinders my effort to add new, positive tradelines, are you saying I should or should opt out?

It is true that the CRAs sell data to credit providers. It is also true that opting out will halt any new offers of credit. HOWEVER, for those who have low scores the only offers they will get are from substandard Companies. The MAIN source of data sale income for the CRAs is to data miners. A data miner with data from an account with bad credit and multiple charge offs, (even if settled) will sell that data to JDBs who will "match" that data with anything that they think will bring them revenue. That is why credit reports get "poisoned" when someone is mortgage shopping or trying to repair their credit with old long obsolete accounts, accounts of someone with a similar name and RESURRECTED "settled" balances.  

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49 minutes ago, Why Chat said:

It is true that the CRAs sell data to credit providers. It is also true that opting out will halt any new offers of credit. HOWEVER, for those who have low scores the only offers they will get are from substandard Companies. The MAIN source of data sale income for the CRAs is to data miners. A data miner with data from an account with bad credit and multiple charge offs, (even if settled) will sell that data to JDBs who will "match" that data with anything that they think will bring them revenue. That is why credit reports get "poisoned" when someone is mortgage shopping or trying to repair their credit with old long obsolete accounts, accounts of someone with a similar name and RESURRECTED "settled" balances.  

So is it recommended for me to opt out then @Why Chat?

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sorry but opting out does not stop data miners, JDB, CAs, or skip tracers. These entities DO NOT buy lists from the CRAs for making credit offers. Since they may legally "own" a debt they are able to buy regulated data about consumers regardless of opting out.

 

Also, for this OP it does not sound like anyone is looking for him so is there anything to really protect against? The bottom-feeders, subprime the OP is being warned against include pre-qualifications from discover, crap1, and others.

 

As I suggested earlier, opting out is a decision that may vary. There is not one-size fits all but since the OP seems to want cookie-cutter I'll step out of this thread before someone complains.

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