Help repairing credit

[MsSooz]

Hello!

I am trying to repair my credit.

I had two credit cards that were charged off:

HSBC - DOFD: Jan 23, 2006 - Balance: $664
Capital One - 180 Days delinquent on Nov 23, 2004 - Balance $1075

I have two utility accounts that went to collections:

Charter (internet) - DOFD: Jan 2006 - Balance $76
Qwest - DOFD (according to credit report) June 2006 - Balance $61

I have two questions:

1- does the CRA base the 7 years for removing a negative on the DOFD the OC reported? These dates vary across all three CRA, but the fact remains that there is only one actual date the account became delinquent.

2- Since all of these are past the California SOL, what should I do? I could easily pay off the two utility accounts by PFD, but what about the credit accounts? Could I offer them a MO for 10-20% the original balance (I called to verify the balance when it was first delinquent) and attempt a PFD?

I am trying to follow the procedures for beginners, and I have disputed most of these items with each CRA.

Thanks so much!

[Lian]

FCRA 623(a)(5) covers your question as to reporting of DOFD.

The statute requires each and every party who reports any information to a CRA regarding an account placed for collection or charged-off to report the DOFD on the OC account to the CRA within 90-days of reporting their credit information.

The first party to come under this requirement is usually, but not always, the OC. It is possible that an OC never reported to the CRA, and thus that the first reporting of a DOFD came by way of the debt collector.

If an OC has reported a DOFD to the CRA, then a debt collector MUST report that same date. If the OC has not reported, then the debt collector must contact the OC and attempt to get the DOFD from them. If successful in that attempt, the debt collector must report the date provided by the OC. If the debt collector made a good faith effort to get the DOFD and failed, they must still provide a DOFD to the CRA within the 90-day limit. They can "guesstimate" the DOFD, but in no case can they report a DOFD that is later than the date they received collection referral from the OC.

[MsSooz]

Thanks for your reply Lian!

This is what I am trying to figure out. Experian reports show that Cap One is scheduled to drop off Jan 2013. The charge off was Sept 2006. They have not sold the account into collections, and the charged off balance was only $552. Should I try to PFD them?

HSBC had a charge off balance of $664, but it was sold to LVNV Funding. They show the balance at $800 currently, and the status details state "This account is scheduled to continue on record UNTIL Apr 2012." Does that mean it will drop off in April? If it does mean it will drop off in 3 months, should I just wait for that and then GW HSBC directly to try and get the original record removed?

I have never done any of these things before, so I'm trying to understand what the most practical steps to take would be. I also want to finance a car within 6 months, but I don't want to get stuck with 15% interest, which is why I am trying to fix my credit as much as possible.