Starting out!

[dawnk]

Hi my name is “Dawnk” (long story behind that name) and I’m in my early 20’s. Back in 2006, I was divorced from my wife and was left with about $8,000 dollars in debt that I couldn’t pay, and I had to drawn a line and pay what I had to pay. Needless to say if you were below that line you weren’t getting paid.

To bring you up to date it took about two years for me to get back on my feet and now I need to clean my credit report up. I first just looked up a company to do this (not saying names) they wanted roughly $900.00 dollars to do this and that put up huge red flag for me. So I looked around and found this website.

So as of yesterday I received my Transunion credit report. (bare in mind I have no terminology)

I have five Adverse Accounts.

Assest Acceptance
Balance: $4000+
Date Updates: 02/2009
OC: CitiBank
Past Due: 4500+
Collection Account

Capital One
Balance: 500
Date Update: 01/2009
Credit Limit:200
Charged off as bad debt


Chase
Balance: 0
Date Update: 09/2008
Credit limit 1000
Charged off as bad debt


Citifinancail
Balance: 3000
Date Update 02/2009
Charged off as bad debt

NCO Financial
Balance: 500+
Date Update 02/2009
Original amount 400+
Collection Account.

The accounts that confuse me are NCO for Capital One, this is for the same debt, none of the other creditors like CitiBank they aren’t reporting along with Asset Acceptance for the same debt.

Just trying to get a grasp on how this works. I disputed these accounts with there online dispute form. Once I get my other two credit reports I’ll be doing those via mail. The first letters you send should be the validation letters to the three credit reporting agencies correct?

[Trish]

Originally Posted by dawnk

Hi my name is “Dawnk” (long story behind that name) and I’m in my early 20’s. Back in 2006, I was divorced from my wife and was left with about $8,000 dollars in debt that I couldn’t pay, and I had to drawn a line and pay what I had to pay. Needless to say if you were below that line you weren’t getting paid.

To bring you up to date it took about two years for me to get back on my feet and now I need to clean my credit report up. I first just looked up a company to do this (not saying names) they wanted roughly $900.00 dollars to do this and that put up huge red flag for me. So I looked around and found this website.

So as of yesterday I received my Transunion credit report. (bare in mind I have no terminology)

I have five Adverse Accounts.

Assest Acceptance
Balance: $4000+
Date Updates: 02/2009
OC: CitiBank
Past Due: 4500+
Collection Account

Capital One
Balance: 500
Date Update: 01/2009
Credit Limit:200
Charged off as bad debt


Chase
Balance: 0
Date Update: 09/2008
Credit limit 1000
Charged off as bad debt


Citifinancail
Balance: 3000
Date Update 02/2009
Charged off as bad debt

NCO Financial
Balance: 500+
Date Update 02/2009
Original amount 400+
Collection Account.

The accounts that confuse me are NCO for Capital One, this is for the same debt, none of the other creditors like CitiBank they aren’t reporting along with Asset Acceptance for the same debt.

Just trying to get a grasp on how this works. I disputed these accounts with there online dispute form. Once I get my other two credit reports I’ll be doing those via mail. The first letters you send should be the validation letters to the three credit reporting agencies correct?

Hi dawnk Welcome

Are these accounts still within SOL? If so you want to be careful. Some of those amounts are pretty high and definitely worth suing over. So, see if you can find out the DOFD (date of first delinquency) and then depending on your state......you can see if the statute of limitations has passed.

If NCO and crap one are the same account......dispute them both with the CRAs. A CA and an OC can both report the same debt but only one can report a balance. So either the CA has no right to collect on the acct or crap one should put that at a zero balance.

Also....be sure to read the beginner's section.....there a lot of great info in there.
First thing you really should do (if you haven't yet) is opt out and then update/delete all personal info with the CRAs. You need to get as much personal info off as you can (previous addys, name or ss variations, employment history, phone numbers, etc). That will help you with future disputes.

So...let me know the SOL status on those accounts......and then I can give you a little bit better advice. If they are within SOL......are you willing to pay them or make payment arrangements?

[dawnk]

Ut Oh

Here's What I found out online.

Texas Statutes of Limitation

The Texas Civil Practice & Remedies Code provides a 4-year limitations period for types of debt. The SoL begins after the day the cause of action accrues, (Section 16.004 (a) (3)).

So does this mean I should have waited to dispute anything for at least fours years after the accounts went delinquent?

All of these accounts fall of in 2013, I'm out of town right now so I don't have the credit report with me. I'll no more tomorrow. But, I'm running up on four years...

[Trish]

Well, here's the thing.....
If you dispute an account that's within SOL (and it's a high amount), you could be waking a sleeping giant. It's possible that it will trigger them to start collection activity again.........and if you are not willing to pay or make payment arrangements (once they validate/verify the debt of course), then they may try to take you to court.

If you have already disputed, then just wait and see what happens and if it gets verified with the CRAs. If it does.....then it may be best to just leave it alone for a while.

And howdy
Native Texan here.