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becky.nodebt · #1 06-30-2009, 09:49 AM

On 15-May-2009 I sent out Request for Debt Validation to 9 (yes, NINE) collection agencies that were on my credit report. I had the misfortune of being lured into multiple credit card and payday loan deals that I couldn't honestly afford to pay off. It was bad judgment on my part and now I have horrible credit.

Of the 9 requests that I sent out, 4 collection agencies have removed their negative listings on Experian, Equifax and TransUnion. Some even sent a letter back to me saying that they have requested the credit bureaus to delete the negative marks. I have sent out follow-ups to the other CRAs that have not responded at all.

My question is, with the 4 collection accounts deleted from all three major credit, shouldn't my credit score improve little by little? I have been monitoring my scored on Deleted - ND and all three have not changed since I started with my credit repair strategy. Does anyone have a similar story? Please share!

frogpatch · #2 06-30-2009, 10:34 AM

You credit score should improve a little unless it was so far down in the tank that it still contains many other negatives! You score cannot go below four hundred! If it was that low it may take a lot more work to bring it up!

becky.nodebt · #3 06-30-2009, 12:32 PM

thanks frogpatch! it's only been a couple of months so i'm hoping it will improve.

you're right, i have 6 other collections on my account after those 4 were deleted -- hopefully those 6 others delete the negative marks on my credit and my score will improve. do you an idea of what how much my credit score will improve once all collection accounts are deleted?

thanks again!

NASCAR_Devil · #4 06-30-2009, 02:48 PM

Are those scores from the monitoring service you're using? If so, they're almost worthless. The only true scores are your FICO scores.

mont_tatum · #5 06-30-2009, 02:57 PM

Whay do you say the credit monitoring scores are worthless, interested?!!

becky.nodebt · #6 06-30-2009, 03:47 PM

those scores are from creditexpert .com

can i obtain a free credit score from fico?

NASCAR_Devil · #7 07-01-2009, 06:32 AM

They're worthless because they are not true FICO scores and lenders ONLY look at FICO before making lending decisions. MyFICO.com is the only place you can get all 3 scores and it's pretty pricey. Keep in mind there are many different FICO algorithms depending on the nature of the lender. Mortgage, Auto and credit card.

#8 07-01-2009, 10:05 AM

I read somewhere that Experian discontinued their myFICO agreement. What do I do to get my official credit score???

becky.nodebt · #9 07-01-2009, 10:09 AM

I read somewhere that Experian discontinued their myFICO agreement. What do I do to get my official credit score???

#10 07-17-2009, 07:00 PM

Hi...

After reading your experience with request for Debt Validation, I think it might me wise for me to try something in that regard-

My credit score is in The Toliet-I have been poor and broke (and irresponsible) most of my life, and I am paying the price for it now-with a Low credit score..

I have looked into Credit counseling and repair services, but they all seem like a rip-off..Paying someone else hundreds of dollars to send out letters, and make mini-payments for the rest of my life to improve my score-Doesn't make sense to me.

In the past five years...I have paid off several credit cards, kept my student loans current, and own a sucessful business now for two-and half years..I'd like to buy a home, but what can I do to build credit...When most of the little stuff on my report is from medical/dental expenses when I was in an accident..? and are in collections (for years now)

Any helpful advice?

Thanks

Chrys Henderson · #11 07-18-2009, 02:50 AM

This Forum (see the Stickys at the top of the Credit Repair forum), MyFICO, and even the Federal Trade Commission have pages that advise you on the best ways to improve your credit & score.

becky.nodebt · #12 07-20-2009, 11:33 AM

Hi gr8fulgirlie

First of all good job on deciding to take on your credit repair by yourself. You don't really need to hire any credit repair company to do a job you can do yourself -- plus you'll feel more satisfied in the end when you get everything done.

The first thing to do is to order your credit reports for all three major credit bureaus (Experian, Equifax, TransUnion). Then review it and find those accounts that need to be validated either by the collection agencies or the credit bureaus themselves.

I had a total of ELEVEN collection accounts that were on my credit report when I started this process in 3 months ago. I just pulled my credit report again last Friday and so far I've successfully had FIVE taken off

and my scores have gone up a little

Experian: 515 to 527
Equifax: 515 to 524
TransUnion: 515

Although my credit scores have not jumped up as much as I wanted to, I am happy just the same that they are improving.

Good luck!

Chrys Henderson · #13 07-20-2009, 09:22 PM

It'll take a bit of time to see a sizable jump, at least 6 months. But congratulations on repairing your credit!

becky.nodebt · #14 07-21-2009, 08:13 AM

thank you! it's been a long time coming. i kept on putting off my credit repair due to the $$$ and time it would take but i finally decided that enough is enough and to just go ahead.

i'm trying a combination of things ... debt validations, pay for delete (if CAs validate the debt), goodwill letters, requests of direct negotiation of OC agrees to "re-age" my account and having credit inquiries

i am hoping that my efforts (or a combination!) will work in boosting my credit score. i'm excited to see how my credit score will improve over the next couple of months. i've actually been monitoring all my reports on www.creditexpert.com which is a product of experian. the only disadvantage i have right now though is that experian decided to discontinue selling its score to FICO so now i'm left with only PLUS scores.

Chrys Henderson · #15 07-22-2009, 01:29 AM

Ah yes, otherwise affectionately known as FAKO scores Most creditors go by the FICO score, but that's how Experian sticks it to us in order to gouge more funds. (You can tell I am strongly against the idea!)

Best of luck, and I *love* your avatar!!

becky.nodebt · #16 07-22-2009, 08:38 AM

i hate that experian did that earlier this year! i wish i could see what lenders are looking at when they look in my personal file!!! :evil:

i figured that there was almost a 40-point variance between FICO and PLUS scores so i guess i'll continue to monitor my PLUS scores and subtract 40 from it to get my FICO score

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