[doubletrouble]

Hello all, and thank you in advance for any responses or advice anyone puts forth. O.k here is my history. I just received my CR from all 3 CRAs and wow what a whopper.
I have ( six ) COs that are on my TL that were from years ago that JDBs have picked up, these show up each time for so much more than the original cost ( example $350.00 has turned into $1975.00 over 4 years ) Am i able to ask for the Cos from the OC to be removed since they have sold this an passed it on... If i can is this going to awaken the dragon with the new JDB that has it now and will pursue at some point ( they are quiet right now) I am new to this forum but i respect the time many of you have put into this site.
Anywho i also have ( five ) open accounts/ mostly student loans that i am in the process of consolidating right now and ( one ) colections account that was originaly a CO _- i am leaning on caling this collections agency and asking to pay a small portion of what they are asking for to get them to remove this from the report. Hey on a good note i have about ( six ) accounts in good standing My score is about 614 with EXP ( i know OUCH )
I am ready to take the right approaches, but i am in need of the advice and education that you all have to offer. Thank you again

[jlynn]

Originally Posted by doubletrouble

Am i able to ask for the Cos from the OC to be removed since they have sold this an passed it on...

You can dispute inaccuracies, but it is perfectly legal for both the OC and the CA to report. However, the OC, should be reporting -0- balance sold or transferred. They both cannot report a balance at the same time.

If i can is this going to awaken the dragon with the new JDB that has it now and will pursue at some point ( they are quiet right now) I am new to this forum but i respect the time many of you have put into this site.

Once you start stirring around in your credit reports, awakening the beast is a byproduct. It doesn't always happen, but it is a possibility. What state are you in? You should determine the SOL for being sued on these accounts and plan accordingly.

Anywho i also have ( five ) open accounts/ mostly student loans that i am in the process of consolidating right now

Are they currently late, charged off or anything? If so, (and double check this), I believe you want to rehab the loans individually, and then consolidate.

and ( one ) colections account that was originaly a CO

CO around here means charge off, so I'm not sure what you are saying.

My score is about 614 with EXP ( i know OUCH )

Scores directly from Experian's site (or any of the CRA's for that matter) are FAKOs. Your true FICO from fico.com is a true score. However, 614, while not great its really not the end of the world.

[Pale Rider]

Originally Posted by doubletrouble

I have ( six ) COs that are on my TL that were from years ago that JDBs have picked up, these show up each time for so much more than the original cost ( example $350.00 has turned into $1975.00 over 4 years ) Am i able to ask for the Cos from the OC to be removed since they have sold this an passed it on...

The OC accounts should show $0 balance if they have been sold. If that is incorrect, or anything else is not reporting right, you can dispute that account. I have had success in disputing an OC account as "duplicate account" with the collection, then attacking the collection in other ways. Others may have a different approach.

Originally Posted by doubletrouble

If i can is this going to awaken the dragon with the new JDB that has it now and will pursue at some point ( they are quiet right now) I am new to this forum but i respect the time many of you have put into this site.

You need to find out the statute of limitations (SOL) for your state. You don't want to do anything to restart it if it is past, or close to being past.

Originally Posted by doubletrouble

Anywho i also have ( five ) open accounts/ mostly student loans that i am in the process of consolidating right now

Keep up with payments here. Student loans are under their own rules, and they can possibly take tax returns or garnish wages. You may be able to rehab after paying on time for a certain time period, I think it is 12 months.

Originally Posted by doubletrouble

and ( one ) colections account that was originaly a CO _- i am leaning on caling this collections agency and asking to pay a small portion of what they are asking for to get them to remove this from the report.

Again, be careful of SOL before making any deals, or offering payment. Offer to pay oral or in writing may restart the clock in your state.

Originally Posted by doubletrouble

Hey on a good note i have about ( six ) accounts in good standing My score is about 614 with EXP ( i know OUCH )

That is really not that bad a score for all the negatives. The score goes up over time, as the negatives are less harmful as they get older. But, paying could cause the account to update in a way that kills the score, as it appears the account is recent.

[doubletrouble]

Wha great feedback thanks for making me feel important. i need to dig some more in this forum to figure out what the SOL for Arizona is and what SOL means to me i have read the term many times here but i do not have a grasp on it yet. I am also confused with the terms ( rehab the loans/ then consolidate ) anywho i need to dig some more and get educated before i ask for more great insight on these sticky matters. Thanks guys. O.K. i guess i cant let go yet... Why can one Charge off be sold and picked up by a jdb that ( and this is how i am seeming to read this ) Re-start the clock of the 7 year rule For example on one account:
Date opned 10/2001
date reported 4/2006
date of last activity 11/2001

then it is sold and wham it appears to re-strt the clock
new company has it so thde date reflects:
date reported 4/2007
date of last activity 7/2004

O.K so where is the boundaries here? am i obligated to the new company now ( who by the way uped the cost by almost $ 1600.00 )for another 7 years. As you can see i am in need of more education.

[Pale Rider]

If it is a credit card debt, the SOL is probably 3 years. The SOL, statute of limitations, is the amount of time they have to sue you to recover the debt. The clock usually starts at the time of default. After that, if they sue, you should show up in court and present a defense of SOL being past. They can still try to collect by other means in most cases, but you have a defense if they sue.

The 7 year period does not restart when a JDB buys the debt. There is only 1 time the 7 year period will restart, if your payment brings the account completely current, then you default again. Otherwise the 7 year period starts at the first delinquency that led to charge off.

The JDB's and collectors report the open date as the date they received the account. It is misleading, but does not affect the 7 year period. "Date reported" is just they date they sent the info to the CRA, and has no bearing on the 7 year period.

[Pale Rider]

Read here for more info on the 7 year reporting period.

http://www.infinitecredit.com/forums...nquencies.html

[jlynn]

Although the following thread is not your situation, read thru it there is a link about loan rehabilitation. http://www.infinitecredit.com/forums...years-ago.html

You may not need to rehab your loan - it was something I threw out there in case the loans were currently in default.