Does having good accounts help credit score with chargeoff and collections on report?

[troybliss]

i have about a 560 credit score with chargeoffs mainly, medical bills and a couple of repos. i wanna open about 5 accounts with loans and keep them current for about a year. would this help my credit score?

[Trish]

It may help your score to get some positives on there (it definitely won't hurt).......but what your main concern should be is disputing and trying to remove the derogatory accts.

[troybliss]

how hard is it to get repossessions removed? i disputed a couple of them before, and they "validated".

[jjgross]

Originally Posted by troybliss

how hard is it to get repossessions removed? i disputed a couple of them before, and they "validated".

First start by trying a goodwill letter to the company.Tell them you had a bad time loss of job or whatever caused you to not be able to pay.And you now see the errors of your way.And you have learned a very hard lesson!!

[Trish]

Originally Posted by troybliss

how hard is it to get repossessions removed? i disputed a couple of them before, and they "validated".

Well it's not easy.......but it's possible.
Give a little more detail.....like how old is it? Did they do the repo properly? Did you receive all of the necessary paperwork? How much did you owe on the vehicle? Are they reporting everything correctly on your reports?

[troybliss]

Originally Posted by Trish

Well it's not easy.......but it's possible.
Give a little more detail.....like how old is it? Did they do the repo properly? Did you receive all of the necessary paperwork? How much did you owe on the vehicle? Are they reporting everything correctly on your reports?

received no paperwork on either vehicle. came outside only to see the vehicles GONE. never got anything. also know they are not reporting the correct amount after they credited the accounts from the auction sales. one was first delinquent in 2005, the other in 2007.

[Trish]

Sorry it took so long to reply...
If you never received any paperwork then that is considered an illegal repo and there should be no deficiency balance due.

I will try to come back later and post more info for you but if you look at your states UCC (Uniformed Commercial Code) Article 9, it will give you info on the notices that were supposed to be mailed to you after a repo.

Has anyone (CA or OC) tried collecting on the repos or have you been served or rec'd a judgment regarding these?

Let me know and then I will try to post some info for you to try and take care of those.

[troybliss]

Originally Posted by Trish

Sorry it took so long to reply...
If you never received any paperwork then that is considered an illegal repo and there should be no deficiency balance due.

I will try to come back later and post more info for you but if you look at your states UCC (Uniformed Commercial Code) Article 9, it will give you info on the notices that were supposed to be mailed to you after a repo.

Has anyone (CA or OC) tried collecting on the repos or have you been served or rec'd a judgment regarding these?

Let me know and then I will try to post some info for you to try and take care of those.

no collection activity other than threat to send to collection agencies. its just right now they are bad marks on my credit report, pulling them down, thus, i would like to get them off. please tell me the ucc codes and other laws i need to get those repos taken care of, thanx.

late edit: trish, this is from the georgia code.does this mean that since they cant collect a deficieny without notice, that there is NO deficiency, and thus, they must remove it from the credit report? if so, how would you proceed? i NEVER got any letter certified from them about any sale of the vehicles.

No Deficiency Without Notice When a motor vehicle has been repossessed after default in accordance with Part 5 of Article 9 of the Uniform Commercial Code, the secured party may not recover a deficiency against buyer unless, within ten days after repossession, he forwards by registered or certified mail to address of buyer shown on contract or later designated by buyer, a notice of the intention of secured party to pursue a deficiency claim against buyer. The notice must also advise buyer of right of redemption, and right to demand a public sale of repossessed vehicle. In event buyer exercises right to demand a public sale, he must advise holder in writing of election by registered or certified mail, addressed to holder at address from which holder's notice emanated, within ten days after the posting of the original notice. With election by buyer, holder must dispose of vehicle at a public sale as provided by law, in the state and county where original sale took place, or state and county where vehicle was repossessed, or state and county of buyer's residence, at holder's election. This provides cumulative additional rights and remedies to the Uniform Commercial Code Provisions which must be fulfilled before deficiency claim will lie against a buyer. See Georgia Code Section 10-1-36

[Trish]

Ok here is a similar thread - the member had a repo with no notices...
I'm pasting the link from about the middle of the thread but it's the post where I give him links and info to the letters you use for a repo deficiency....

Illegal to delete debt from reports?

That will give you some "light" reading to do..
Let me know if you have any questions and I will do my best to help.

ETA: I just saw your edit.....and yes you are correct. If there is no deficiency balance owed, it should not be on your CRs.

[troybliss]

ok, i looked at what you posted, but i dont see any examples of letters to send. who do i send the letters to, the credit bureaus? whats the process. i know how to do normal disputes, but how would you do this pariticular type situation?