Credit Report Help
Date: Mon, 07/31/2006 - 14:03
Back when I was 18, I started college and got a few credit cards. I had 2 "Associates" cards and one MBNA card. A few months later, I got a cell phone through Cingular. I really don't know what possessed me to get credit cards because my mother certainly didn't teach me anything about managing money and my father never had a credit card, he always paid cash everywhere he went. Anyway, a few months later, I had difficulty with school and work and I was trying to live on my own in the dorms. I "quit" my job due to the lack of hours they'd give me (they claimed that I was just hired for seasonal help) and had to use the cards to get groceries with and finally, I had to quit school so I could get another minimum wage job that refused to work around my school schedule. By then, I had people calling me constantly for their money and it finally got out of control and too much for me to pay, so I just quit paying and ignored them. That was a very trying time in my life. My parents got divorced right before I graduated high school and a year later, my mother moved to the other side of the country and my father didn't have anything to do with me.
Another year or so passed and I reconciled with my father and moved in with him. He co-signed with me on a car and had no idea about my debt problem. A few months later, he told me that I had a message from Associates. They had given him information about how much I owed and how long I was past due. At the time, I thought that was illegal. Was it? A few more years passed and I paid off my car with right-on-time monthly payments. That's the only good thing on my credit report.
Also, once I got my feet back on the ground, I went back to school in 2002, but had to quit since I had to have knee surgery mid-semester. Which required me to pay back the federal funds I received. They never informed me until a couple of years had passed and then I tried to fight it because I know I had taken my mid-terms that semester and it was past the time to pay back any federal grant if I withdrew. Despite the instructors taking roll and finding one graded mid-term, they still said it wasn't within the correct span of time and I'd have to repay it. So, I did.
Now, I'm 26 and have a stable head on my shoulders. I'm saving money and get everything paid on time. I just have the dark cloud of past debt hanging over my head. I've gotten several letters from allied interstate recently and one from Holloway & Associates, pretending to be a law firm instead of a debt collector. Neither creditor shows up on my credit report, but in the letter from Holloway, it references Midland Credit, but doesn't specifically say that they're acting on behalf of them or had bought my account from them.
I'm trying to understand my credit report from Equifax. All of the accounts on the report are closed. The only one in good standing was the car loan. Of the negative ones, 2 of them have "date opened" as July 1999 and the other 3 have N/A. 2 are showing as "Charged Off" and 3 are showing "Collection Account". Only one has a "Date of Last Payment" and that was in March 2000. There is one on there that I have no idea what it is. I had 3 credit cards and 1 cell phone, but there is one that I've never heard of and that's the one showing the date of last payment.
Also, I had a Dept of Education loan from 2002, but I paid it off last year so I could continue school. It's showing Charged Off, but under activity description, it's showing as PAID. I believe that's affecting my loan status right now. As soon as I paid it, I got a letter from the Dept of Ed showing that it was paid and I didn't owe anything. Also, on the Federal Aid website, it's showing as Paid. What's up with that?
Here is a breakdown of what's showing on my report:
MAGNUS:
date opened- July 1999
date reported- 05/2006
date of last payment- 03/2000
status- charged off
MBNA:
date opened- July 1999
date reported- 12/2000
status- charged off
AFNI/Cingular:
date opened- N/A
date reported- 07/2002
status- collection account
Midland Credit Management/Associates:
date opened- N/A
date reported- 06/2006
status- collection account
Midland Credit Management/Associates:
date opened- N/A
date reported- 06/2006
status- collection account
First National Bank:
date opened- 06/2000
date reported- 05/2004
date of last payment- 02/2003
status- paid as agreed
Dept of Education:
date opened- 10/2002
date reported- 05/2004
status- charged off
activity description- paid
How can they be closed and still have a 2006 date reported? I believe the statute of limitations in Alabama is 4 years. If so, I'm well past that. They should be dropping off of my credit report next year, right? Even though most of them have N/A for the date of last payment? I have no idea what the MAGNUS is. Could it be the CA for MBNA? And if so, shouldn't it be together with MBNA like the Midland/Associates accounts?
All in all, it says that I owe $4,897. Those 3 credit cards had $500 credit limits on them and I didn't max them out. I'm assuming they're still collecting interest, even though they're showing as closed accounts? And my last Cingular bill was $551 for overages and the contract termination. That is showing as correct and not inflated like the credit cards.
I just really want to know how to read my credit report. I'm really embarassed about this, even though it was so long ago when I was young and immature. I can't talk to my husband about it. This is the one thing that I'm secretive about and not completely honest with him about... and that's absolutely horrible, I know.
Can you tell me what all of it means, what the SOL in AL is, and when they're expected to drop off of my report? I would really appreciate any help. Thanks so much!
The statute of limitations in Alabama is perhaps 3 / 4 years. Ba
The statute of limitations in Alabama is perhaps 3 / 4 years. Based on the date of last activity, you can decide if the accounts that are past the SOL period needs to be paid back. You can't be legally forced to pay them back if the SOL has expired.
I feel there are some possible errors in your credit report. All the accounts should have displayed the date of last activity. Besides, if you feel that MAGNUS account was never used, you can dispute the item with the bureaus. Highlight all the items that you feel are shown incorrectly in your file. Write letters to the CRA explaining your point and request them to investigate the items with the information providers. If your dispute is correct, the bureau has to update your file with correct information.
Negative information will remain in your credit file for seven years. It cannot be removed before the stated timeframe. The calculation of the timeframe begins from the date of first delinquency. It does not get affected when the account passes on to different agencies. Take the first step and dispute the items with bureaus. You can also pull your credit report from the other bureaus for a thorough comparison. This will be a helpful step.
RE:
I just checked another report with Experian and this is what they have to say about everything:
AFNI/Cingular:
date opened- 06/2002
date of status- 05/2000
reported since- 06/2000
last reported date- 07/2002
account history- collection as of Jul 2002, Jun 2000
MBNA:
date opened- 07/1999
date of status- 12/2000
reported since- 07/1999
last reported date- 12/2000
account history- charged off
creditor's statement- purchased by another lender
MAGNUS:
date opened- 07/1999
date of status- 12/2000
reported since- 12/2000
last reported date- 05/2006
status- charged off
Midland Credit - original creditor- Associates:
date opened- 05/2005
date of status- 05/2000
reported since- 05/2000
last reported- 07/2006
account history- collections
Midland Credit - original creditor- Associates:
date opened- 05/2005
date of status- 05/2000
reported since- 05/2000
last reported- 07/2006
account history- collections
Midland Credit - original creditor- Associates (different account #):
date opened- 05/2005
date of status- 05/2000
reported since- 05/2000
last reported- 07/2006
account history- collections
Dept of Education:
date opened- 10/2002
date of status- 05/2004
reported since- 11/2002
last report date- 05/2004
account history- charge off as of May 2004
status- paid,closed/account charged off
So, how could Midland Credit have opened it back up in 2005? I quit paying on all of it in early 2000. And from this report, I'm guessing MAGNUS bought the MBNA account.
On the afni and both Midland Credit entries, how can the date of status be in 2000 and the date opened be in 2002 & 2005, respectively? On the Experian report, there is nothing saying when the last payment was received.
Could someone please tell me what the "date of status" and the "date opened" means? It doesn't really make sense.
Also, how do I go about disputing with the CRAs? Do I just send a letter to Equifax asking for the dates the accounts were opened and the dates of the last payments?
THANKS!!
Here is a sample letter you can use for the disputing the item w
Here is a sample letter you can use for the disputing the item with the credit bureaus. Edit it as per your requirements. There has to be a logical reason by the bureau if you are able to point out the mistakes clearly.
Quote:
DISPUTING A NEGATIVE ENTRY THAT DOES NOT BELONG TO YOU OR IS PUT INCORRECTLY. YOUR NAME ADDRESS CITY, STATE, ZIP CODE SOCIAL SECURITY # CREDIT BUREAU NAME ADDRESS CITY, STATE, ZIP CODE Date: To Whom It May Concern: I am requesting that the item(s) listed below be immediately investigated. The account does not belong to me. Therefore, this credit report does not accurately reflect my true credit history and is detrimental to me. Credit Report Date: The following does not belong to me: Entry(ies) issued by Please return a report reflecting the result of your investigation. Should verification not be provided within 30 days, I expect the above mentioned entry(ies) to be permanently deleted from my credit report. Sincerely, Your Name |
