Okay, this is what's on the Trans Union credit report. I have never been so open with anyone, much less strangers, about my credit and debt, so this is new to me. However, I've read enough here to know yall are knowledgeable and compassionate so here goes some brutal honesty. I have no idea what to do with these debts. Do I pay them? I'm afraid to contact them for fear it will start the process all over but I need to deal with them.
#1
Balance $153
Pay Status: Collection Account
Open Account
Date placed for collection: 9/2003
Estimated date for removal 9/2008
#2
Balance $1251
Pay Status: Charged off
Revolving Account, Credit card
Opened: 01/2001
Closed: 05/2002
Estimated date for removal 02/2008
#3 *Collection Agency Attorney*
Balance $182
Pay Status: Collection Account
Date placed for collection: 12/2004
Estimated date for removal 9/2009
#4
Balance $687
Pay Status: Charged off
Revolving account, credit card
Opened: 09/2001
Closed: 03/2002
Estimated date for removal 9/2008
#5
Balance $0
Pay Status: Charged off
Revolving account, credit card
Opened: 9/2001
Closed: 3/2002
Purchased by another lender
Estimated date of removal 10/2008
#6
Balance $1,158
Pay Status: Collection account
Open account, placed for collection
Loan Type: Factoring Company Account (not sure what this is)
Date placed for collection: 05/2005
Estimated date of removal 08/2008
#7
Balance $509
Pay Status: Collection account
Open account, placed for collection
Loan Type: Factoring Company Account
Date placed for collection: 10/2003
Estimated date of removal: 10/2008
#8
Balance $0
Revolving account, credit card
Pay Status: Charged off
Date opened: 12/1999
Date closed: 4/2002
Date Paid: 9/2001 (does this mean I paid it off or something else? I'm lost!)
Purchased by another lender
Estimated date of removal: 8/2008
Then there's our mortgage - balance is $16,054
Brutal honesty at work
January 2nd, 2007 at 03:23 pm
January 2nd, 2007 at 03:51 pm 1167753106
also, regarding the estimated removal dates, you might want to check the Fair Credit Report Act PDF http://www.ftc.gov/os/statutes/fcradoc.pdf regarding the actual dates. my understanding is it's 7 years plus 180 days from the date of the original delinquency that led to collections.
§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. §1681c]
(c) Running of Reporting Period
"(1) In general. The 7-year period referred to in paragraphs (4) and (6) 3 of subsection (a - Information excluded from consumer reports.) 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."