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Posted: Mon May 12, 2008 1:17 pm Subject: understanding CR and making strides?

Hi All,

Any advice and input is appreciated. Just pulled my 3 CR - I applied for an auto loan through my bank and was told there was a negative remark that is affecting my loan approval - Per Equifax my report shows:

Type: Judgement
Date Filed: 9/1/2001
Reference #: 01CV6500
Court: FRANKL CRT
Plaintiff: CHASE MANHATTAN MTG CORP
Liability: 51719
Asset:

AND......

US BANK NA RETAIL LE
Account Number: -978203XXXX
Acct Type: Lease Installment
Acct Status: Open
Monthly Payment:
Date Open: 4/1/2000
Balance: $4,249.00
Terms: 1 Month
High Balance: $33,672.00
Limit:
Past Due:
Payment Status: At least 120 days or more than four payments past due
Comments: COLLECTION ACCOUNT
AUTO

From 98 - 02, I had some financial hardships and became very delinquent on my mortgage. The bank began foreclosure proceedings in 01, but were immediately stopped when I fulfilled my financial obligation and later in 02 sold the property. Also, I had many late payments for my automobile lease, again making good on the lease and turning the car back into the bank after fulfilling the terms of my lease in 05.

Other than these negative remarks - my CR looks fair, however, my scores vary and I wonder why they vary so much and what I can do to remove the bad marks and should I dispute any of the old closed accounts that were paid satisfactorily (from 98 to current)would this help improve my credit scores? Also, should I dispute old mailing address(es) and employers - if so, from how long ago should I dispute these?

Experian score: 696
Equifax score: 584
Transunion score: 654

Again, thank you and I am thrilled to be armed with the knowledge this site is sure to provide Smile

Posted: Tue May 13, 2008 4:15 am Subject:

First off you need to opt out of marketing efforts from each bureau.Next remove all old name and address errors with a letter.Employer & phone number has no reason to exist on a credit report.Mine are updated,but I have no collectors after me. The two accounts you listed are a judgment and a negative account.

Posted: Tue May 13, 2008 4:18 am Subject:

Check the judgment paperwork from the court against the info on your credit reports.Dispute any errors found and be very specific with your letter. The same applies for the negative accounts. Send these letters certified return receipt to each credit bureau.

Posted: Tue May 13, 2008 9:08 am Subject:

The creditors are not obligated to remove negative marks from your CR. They have to update them as paid, but are not required by law to remove negative marks such as late payments, etc.

They will typically show the most recent late as the "status" of the account. So, if you were, at the time of the delinquency, 120 days late, that is what they'll post, even if the account is closed.

You should send a goodwill letter to the original creditor asking if they will consider removing those lates and/or changing the account status to closed instead of "120 days late". Again, they don't have to oblige you, that is why these requests are called "goodwill"... they would be doing you a favor.

Posted: Tue May 13, 2008 9:54 am Subject:

They can report negative info,but it must be technically 100% correct or must be either changed or deleted per FCRA law.

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