Hey guys / gals. Thru some sort of mix up,Ive been enrolled in a credit reporting thing from consumerinfo.com..long story short, I didnt want it and trid to cancel it, but she said I had a 6 month money back gaurantee so I may as well check my report and score and then cancel it. So I did. I found a "past due" balance from MATCO tools on my report. Says the total due is $134, its past due 150 days (im assuming thats as far as they can report) and the balance date is, as of March 31, 2003. I havent bought tools from MATCO since 1999, 2000. I had a problem in the past with the tool guy reporting me as late and all, but got it straightened out. The tool guy was real shady, which led to his franchise being pulled.I called MATCO tonight but of course they were closed, so im gonna call them tomorrow. My question is this..do you have any experience getting negative marks removed from your report? How should I go about it? Should I just tell MATCO if they remove the negative report, I will just eat the $134 and pay it? Im sure I dont truely owe it but if it will remove the mark im sure it will be worth the money. Also, if the last time this was reported to a credit bereau(sp) was 2 years ago, dont you think they would've sent me a letter or something telling me I owed them money? I know for a while they had a problem with the first guy I dealt with, then gave the route to another guy and about 3 months later he just dissappeared and never came back. How should I handle this??

 

You can file a dispute with all 3 agencies. just tell them it is not your bill or it was paid in full. within a few weeks they will let you know what they found. it will be cleared or they will give you the info about it so you can take care of it.

 

Something similar happened to me. I had credit with Sears. The only time ever in MY WHOLE LIFE that I've put something on a credit card. It was a tool set for my Dad for Father's Day. It costed about $60. I paid it off in cash at the store every month 20 bucks at a time until it was paid off. Well, the last payment never got through. So Sears is charging me 200 something dollars in late charges. At first they charged me more than that, but they said if I paid $2XX.00 that they would call it even. Now here's the kicker. My Aunt happens to work at this Sears store. And she said that they had a guy that worked there that took people's payments when they paid in cash. And instead of putting it in the cash register, he put it in his pocket when nobody was looking. Now I'm stuck with $200 in late fee's. And my credit is bad. All because of some low-life cheatin' scum that has to steal people's money. And I have a question I need to ask. I took out a loan to buy my first truck when I was 17. It was for $2300, but my dad co-signed for me. And I paid every cent back. Do you think that would still hold good for me credit wise if I can get this mess with Sear's straightened out? Sorry for hijacking this thread. It just seemed like the right time to ask.

[/Rant mode off]

 

Good luck bud... start here: http://www.ftc.gov/bcp/conline/pubs/credit/crdtdis.htm

 

Doesn't everything clear up or drop off in 7 years or so? If it isnt your fault, then I would write a dispute letter to the credit agency.



I had a problem with Gateway Computers (flame now) about 5-6 years ago. I got a crappy PC from them on their credit plan. My payments were to be about $120 a month (something like that). Well, I was paying $200. The begining balance was $1200. After 6 months I called to check the balance and was told it was $1600. WTF? Needless to say, I said screw it....you aint gettin no moo of my money - bishess.

 

Thanks.

 

That's what I say to. Screw em'.

 

I am in the commercial credit industry for over 15 years. Before this, I spent 5 years in consumer credit. I have reviewed thousands of credit reports over the years.
Start with www.annualcreditreport.com. Most states now require the 3 major CRA's (Credit Reporting Agency) to provide you with a free report every year. This is the website designed to satisfy the Federal Trade Commission (FTC). After reviewing your reports, you can file your disputes right on the internet. You should file your disputes directly to the CRA. The CRA will than contact the creditor to prove the entry is accurate. The creditor has a limited time to respond. If he does not respond, you win. If he responds, you have a chance to review his information. You can provide receipts, cancelled checks, statements, or other documents to support your claim.
Credit accounts can stay on your report for 7 years from date of last activity. activity is a payment, charge, new application, or new contract. Public filings can stay for 10 years. These are bankrutcies, judgements, tax liens, etc.
The MATCO issue could be easier to resolve than the Sears issue. These were raised by previous posts. The MATCO dealer being out of business makes your claim look better. Unfortunately, the Sears guy stealing payments is not impossible, just harder to prove. If you could find your receipts, your claim would be easy to prove.
If a debt is assigned to a collection agency, they cannot legally "Re-Age" the account. The clock starts with the original creditor.
Do not count on receiving letters just because an account is old. Creditors will quit sending them if they get returned mail or some other issue. There is no law requiring the creditor to keep trying to contact you. It is their choice.
Finally, look at your FICO Scores. You can get them for a small fee. Most creditors use these to establish new accounts. Your $200 Sears Account has less weight than a $2,000 car loan. Ideally, you should try to pay every creditor on time. It is easier to explain if only 1 account is late. If they are all late, you have little to defend with.
Good luck.

 

Brew this one's right up my alley! Iagree with redford completely. Probably easier just to pay the damn thing and get receipt. Matco should report is as a "paid p&l" which helps. I can assure you if thats the only thing late in your file it wont hurt you whatsoever it getting most types of new credit, especially a vehicle loan. One minor p&l shouldnt lower your fico score much if at all. Basically pay it and feel better if you want or just forget about it.

 

I would try the dispute first. You may find an easy way to prove you did not buy the tools. MATCO would than be forced to remove the entry. A paid delinquent account will still affect the FICO Score. A removed entry will not.
Thanks for the kind words.

 

Thanks for the reply guys. SInce were on the topic, what do you think about this. I have an account on my report that is showing a status of "open" I owe nothing, but havent used that account now for almost 12 years. Should I just leave it alone or try to get it "closed" and removed from my report.??

 

If your 'OPEN' account is revolving, like a credit card or credit line, I would check to make sure that no activity has occurred in the 12 years since you last used it. Always a slim chance that someone has accessed it. If it is not being used, I would contact the creditor and have it closed. This will prevent unauthorized use.
If the account was never late, I would leave it on there. Positive paid accounts should help increase your FICO score. If the account is negative in any way, I would contact the CRA to have it removed.
Identity theft by strangers is now a common occurrence. Unfortunately, family members, ex-spouses, ex-boyfriends, and ex-girlfriends are also likely to tap into your credit.
Everyone should review their credit reports annually to see if any unauthorized activity has occurred.
Good luck.