Credit Problems - late payments and collection acct

[TSK]

I need to remove the late payment history and one collection account off of my reports to help improve my score. Do you think I should use a GW letter or the 1 -2 punch method. Any other advise is much appreciated

Credit Card with Late Payments

CITIFINANCIA

Account #: 60325904**** Type: Charge account Opened: 05/22/2007
Condition: Closed Pay Status: Current Reported: 10/02/2009
Balance: $4,571 Payment: $115 Responsibility: Individual
Limit: $4,500 Past Due: $.00 High balance: $5,140
Terms: Provided

7-year history: Remarks:
30-days late 3
60-days late 1
90-days late 3


CAP ONE

Account #: 48623671**** Type: Credit Card Opened: 06/26/2006
Condition: Open Pay Status: Current Reported: 10/23/2009
Balance: $0 Payment: $0 Responsibility: Individual
Limit: $500 Past Due: $.00 High balance: $667
Terms: Provided

7-year history: Remarks:
30-days late 1
60-days late 0
90-days late 0


CHASE

Account #: 41858629**** Type: Credit Card Opened: 10/16/2006
Condition: Open Pay Status: Current Reported: 10/23/2009
Balance: $3,394 Payment: $160 Responsibility: Individual
Limit: $3,500 Past Due: $.00 High balance: $3,911
Terms: Provided

7-year history: Remarks:
30-days late 1
60-days late 0
90-days late 0



Revolving Accounts: Accounts with an open-end term
FST PREMIER

Account #: 54336287**** Type: Credit Card Opened: 06/13/2001
Condition: Paid Pay Status: Collection/Chargeoff Reported: 10/14/2009
Balance: $0 Payment: $0 Responsibility: Individual
Limit: $300 Past Due: $.00 High balance: $512
Terms: Provided

7-year history: Remarks:
30-days late 0
60-days late 0
90-days late 0

COLLECTION

Collection Accounts: Accounts seriously past due
FIN CR NETWK

Original Creditor: 10 AT T Account No.: 68495** High Balance: 90
Date Opened: 10/31/2007 Date Reported: 02/08/2008 Balance: 0
Condition: Paid Responsibility: Individual

[Trish]

For those accounts with lates, you should try GW letters first. If that doesn't work (and you can try GW letters 2 or 3 times) you can always try disputing with the CRAs.

On First Premier - is that a charge off? If so, do you plan on paying it off?

And for the last one that's a collection, it looks like it's paid......in that case, just try disputing.

[TSK]

Hello.

I just got the CA removed. They said they would remove from all CRAs. Thank goodness!!

First Premier is reporting it as a chargeoff. I paid called in to pay the card off in June of 2006. They took payment and reported it as a chargeoff. I called to see what the heck they were doing, and they said I paid a couple days after they charged it off. They won't work with me.

TransUnion reports Paid - Collection/Chargeoff
Experian Reports Paid - Collection/Chargeoff
Equifax reports Derogatory- Collection/Chargeoff

Experian reports it as a chargeoff from Aug 04 to June 06 and then good on July o6.

I just disputed it again last month, and now Equifax shows reports nothing until September 09 and shows chargeoff for September.

[Trish]

That's good news on the collection account!

Hmmm........for that CO. That might be a tough one. You could try a GW letter.....explaining that it was paid just a couple of days after it was written off.....begging for them to change the status (give them a GOOD sob story). You may want to try someone in their executive office. Try to find someone with some pull. You may get lucky enough to find a sympathetic ear.

You could also look very carefully at how it's reporting. Dispute ANYTHING that's inaccurate.

That one may not be easy to get off.....but it is possible. Just be persistent and keep trying.

[TSK]

I will send the letters and keep you posted.

I know late payments are not good, and if I can remove the First Premier account my score should increase. As for the couple of accounts with 1 late payment; are they really affecting my score that much?

I think removal of the CA is going to help quite a bit too!!

Thank you for all your help and this forum.

[TSK]

I just spoke with First Premier bank. The lady I spoke with said I need to call Arrow Financial because the account was moved to them. I told her that was incorrect becuase I paid the account in full June 2006.

She then put me on hold and came back saying the account was a chargeoff between December 2003 to June 2006, then I paid it off.

They are reporting different chargeoff dates on my credit report.

Does this sound right to you? Can they report chargeoff every month for 2.5 years?

Also, the lady I spoke with said she didn't have any information on payments, only that it was a chargeoff and that it was paid in full. Do you see any loopholes where I can get this thing dropped?

I thought that since it was a Chargeoff in December, 2003, it should drop off my credit report in December 2010. I guess I screwed up by paing it off in 06

[Trish]

Ok.....but you paid First Premier.....not the CA. Unless they sent your payment the the CA, the CA has no authority over it.

The collection dept should have the notation of exactly when you paid it off.
And yes.......unfortunately, they can report the CO every month.

BUT.....and here is the good news..... the payment you made does not reset the SOL.
SOL on a CO starts the month of your first 30 day late. Unless the company took it out of charge off status and re-aged the acct so that you could bring the account current (which I know they didn't), the SOL should not change.
So, since the acct was charged off in 2003, it should be falling off in 2010.

If there are discrepancies in the dates (with the CRAs) you need to address that. Find out what the CRAs are reporting as the date of first delinquency (DOFD). If you can't tell by looking on your reports, call them up and ask what they have listed as the DOFD or the FCRA compliance date.
If it was charged off/written off in Dec 2003......then the date should be somewhere around June 2003 (they usually wait about 6 months).

HTH...
See what you find out and keep me posted!

[TSK]

The reported DOFD is October 15th 2003

TransUnions said it would fall of May 2010, the others - October 2010.

[Trish]

Well......at least it's not too far off.
You can still always dispute it with the CRAs.....look very closely at how it's reporting. If you see any inaccuracies AT ALL.....dispute it. You may get lucky and get it off of there early.

[TSK]

I will do so.