     Peri K (Peri) | Monday, June 26, 2000 - 12:03 pm 
In reviewing my recently received Equifax report:
1) 5 inquiries, none originated by me. 2 are listed as "National Credit Card Companies" (Advanta [who are they?] and Amex), one is "Miscellaneous Finance Companies" (Midland), 1 is "Local Telephone Companies" (Sprint [see my other post under Sprint]) and 1 is "Factoring Data", made by ERM RMS005. What the heck is that??? (BTW, dates are 12/1/99 3/11/99 2/27/99 8/13/98 7/8/98, respectively.)
I know that the "Factoring Data" inquiry will drop off next month... but would like to know if anyone knows what it is, and perhaps could shed some light on if it will magically reappear again? Anyway to stop it?
2) TWO listings by Bank of America (my checking/savings bank--linked accounts--since 1989). First says "Balance Date 4/1/92" with "Balance 0", "Credit Limit 0", "Monthly Payment 0", "Past Due 0". Type of account: "revolving." What the heck? The second says the exact same thing... *except* for the "Credit Limit 300" entry. What gives? Any insight on this?
I only have one checking account, with a debit card not a credit card, with BofA.
3) AirTouch shows up as "Account Open" with balance, limit, monthly payment, and past due all showing as 0. BUT the 7 year payment history says "90+ days delinquent: 1 time." What gives? I don't even *have* a cell phone, let alone an account with AirTouch. I'll be writing letters to them later today--thanks for all of the good advice here on that matter.
4) ERM RMS005 shows up as "Account Open" with a balance date of 1/1/95, balance = $680.00, Credit Limit = $680, Monthly Payment = 0, Past Due = $680.00. Past 7 year history shows: "90+ days delinquent: 1 time." Past 24 month history shows: "120+ late on August 1998." What the heck is that? Account number says: "SEARS-8****".
Aha. Think I can begin to see the light of enlightenment here: Must be a Sears account. BUT, the last time I *ever* used my Sears account was during Q2, 1992. That would include any use--payment, charge, customer service call, etc.
I intend on disputing the ERM RMS005 Account as listed, mainly from the standpoint of last activity date reported... HOWEVER, from what I have read here in many other posts regarding SEARS, I'm a bit concerned.
5) Public Records: No records
6) Summary statement reads:
Total account balance: $771
Total accounts: 6
Satisfactory accounts: 4
Accounts paid in full: 2
Oldest account opened: 5/1/89
Past due accounts: 0
Total past due amount: $680
Current delinquent accounts: 0
Previous delinquent accounts: 2
No. of times delinquent in past 7 years:
30 days: 0
60 days: 0
90+ days: 2
Given the summary as reported by Equifax, specifically the CURRENT delinquent accounts = 0, versus the past due amount showing up under the ERM RMS005 account, how am I to understand this report? Am I currently delinquent, or not? What gives?
7) I was very recently sent a pre-approved credit card from Capital One (CL = $200) which I have been paying in full on every statement, on the same day I receive the statement. I have a history of 6 months with Capital One. However, this account is showing up as my having a minimum monthly payment with Captial One of $10.00. Is this correct reporting? Or am I being overly concerned? should I just let that one go or try to have it changed to something which would better indicate the account is paid in full every month?
8) After I received the pre-approved credit card from Capital One (there is no inquiry from them on any of my two received credit reports, btw), I chose to apply for a Next Card, for business use only. I was declined based upon:
"A comment or public record indicates an
account not paid as agreed.
Delinquent credit.
Proportion of loan balances to loan amounts is
too high."
I am assuming that the first reason is most likely the AirTouch matter, which should be resolved after a successful dispute on my part. The second reason...? I have no current delinquent credit accounts, as reported by the summary statement of Equifax, right? so what gives? I *think* the last reason (loan balances to loan amounts) is simply an arithmetic problem, given that I have no loan balances to speak of at all (base denominator approaches zero, causing the resultant ratio to approach infinity, etc.) and should (if my arithmetic theory is correct) resolve itself given any increase in the available balances on any credit card.
In summary, my questions:
What is "factoring data?"
Who/what is/are "ERM RMS005?
Do I dispute Sears? or the ERM RMS005 people?
If I dispute one or the other, will the "factoring data" just reappear again?
Anyone have any tips on AirTouch?
How should I interpret the seemingly contradictory information (account summary vs. specific account data)?
What can I do, based upon the reasons for account decline given by Next Card, to improve my credit reporting (this last question seems a bit of a catch-22 situation).
Any experience or insight by others with personal knowledge of this is gratefully appreciated. If my post is too lengthy, please accept my apologies now--but I did feel that more information provided rather than too little would be appreciated by this forum.
many thanks in advance,
-Peri |
| Shylock (Shylock) | Monday, June 26, 2000 - 04:04 pm
Simple enough.
Sears thinks that you are or were delinquent on one of your Sears accounts. After some time they gave up on trying to collect on you and sold the account to another company (identified on your credit profile as ERM RMS005). The Sears item has dropped off your profile because it is more than 7 years old leaving the RMS005 behind.
In all likelihood what this means is that your debt was sold to Equifax to collect on. Equifax does more than just credit reporting y'know. Equifax now shows you as owing $680 on a revolving account with a $680 limit.
This account is the reason for the messages you've received on your denial letter from NextCard.
A) The comment about being 120+ late on August 1998 produces the first reason.
B) The amount past due $680 generates the second reason.
C) The $680 owing on a $680 limit generates the third reason -- this 'credit card' is maxed out and that's bringing your whole profile down.
Disputing it is a good first course of action and see what happens from there. |
| Christine Baker (Admin) | Monday, June 26, 2000 - 08:17 pm
Peri, I agree that you should dispute everything you don't understand with the CREDIT BUREAUS. If/when they confirm it, contact the reporting creditor.
If you are in a HURRY it's a different story, let us know.
Just make a copy of the report and indicate what's wrong, for example NOT MY ACCOUNT next to Airtouch and Sears.
You could also print out your posting, but it's highly unlikely that the CRA employees would give you any *meaningful* answers. You have to keep it simple with them.
1) Credit Scoring only looks at inquiries during the last 12 months.
I don't know what that Factoring Data is, apparently has to do with the Sears account. Dispute all the inquiries that you didn't request and let us know how they respond.
2) I'd leave BofA alone, I don't see anything negative, and it seems like you don't have many good accounts, so they probably help.
6) The Sears account is not a *currently* open account, but is CLOSED, that's why it's not listed.
7) Re Capital One, all credit cards are reported like that. Continue using the card and paying it off in full and they should give you a line increase soon.
I'd say dispute ASAP, and then let us know the results and take it from there.
Don't apply for anything in the meantime unless you HAVE to. |
| Peri K (Peri) | Tuesday, June 27, 2000 - 06:24 pm
Thanks Shylock and Christine... I'll post here on how it goes as soon as I receive any sort of return feedback/info from the CRAs, etc.
-Peri |
| Peri K (Peri) | Wednesday, June 28, 2000 - 02:09 pm
Didn't think it would be so soon! But here's what just happened:
In today's mail there is a collection letter from Equifax Risk Management Services, dated 6/26/00, which is the same day I requested and received a copy of my credit report from Equifax Credit Information Services, Inc.
In their letter, Equifax says they have purchased the past due account from Sears... the one listed on my credit report as "ERM RMS005." They do not mention a purchase date.
Equifax RMS [hmmm... I beginning to catch on with these abbreviations] mentions nothing about proceeding with any other collection activity against me other than requesting I call "Ma Collins" at the 800 number provided. [is this a relative of "Ma Barker" perhaps? ;-) ]
From what I have learned so far in this forum, I understand that:
a) this debt is waaaayyyyyy beyond the statute of limitations in either of the two states I have lived in the last dozen years, so there is no legal obligation on my part to pay this account.
b) the balance due is listed as a balance date of 1/1/95, but I know that the last date of any transaction on my part was in Q2, 1992. Therefore I can also dispute the account also on the basis of the balance date/charge-off date listed.
It's my opinion that it is best to proceed *first* with disputing the account for last date of transaction/charge-off, with the intention of showing Equifax CRA that the account shouldn't even be on my credit report to begin with. (Request proof of account, account history, charge-off date, and so on.)
Then, if that fails, proceed to the SOL matter on the account.
The worst that could happen is that the account remains on the report until 1/1/2002 +/- 90 days, right?
ALSO in the mail today was a letter from another division of Capital One, saying that they had purchased an account of mine (another very old account which last saw activity in 1989), and to please consider the letter a request for payment.
Should I just ignore the second letter? Or send a letter to the Capital One division disputing the account (a letter similar to the Sears dispute letter to Equifax)?
I am beginning to think that over the next several weeks and months I am likely to receive similar letters from (possibly) each of the 50+ creditors I left behind in 1992. Is this likely? Thank heavens I found this website so I am prepared and have the appropriate skills for managing the situation.
In case anyone is wondering... I was a commuting executive with a NYSE corporation up until Q2 1992. At that time, the publicly traded company went belly up, and left me personally liable for ALL of my rather sizable travel expenses (bi-coastal travel for about 6 months), plus a chargeback on all of my medical expenses (the company let its medical insurance premiums lapse, so the insurance I thought I had was vapor) for the last two years. Total outstanding debt when I received the bad news: close to $175,000 (medical was about half of it).
Instead of filing bankruptcy (I paid for a BK attorney, even paid all of the fees, etc., but failed to follow through on it) I just disappeared... dropped out completely. No savings, no job, no life! The emotional devastation was so extreme (I was also named as a key witness in a very large civil law suit--another stressor to say the least) that I literally could not function.
Today after so many years, I am just beginning to "re-emerge" and begin over again--job, home, etc. Fortunately this time around I have better resources available to me (such as this website) for guidance and advice, so will likely be able to weather the "credit storm" in fine form.
Will keep you posted here... please post if I'm missing anything here in my plan of response.
-Peri |
| Shylock (Shylock) | Wednesday, June 28, 2000 - 05:55 pm
My girlfriend has a collection account also from Sears that shows up on her credit report as ERM (Equifax Risk Management). They wrote her a few times about paying it and she never bothered to respond to them at all and they stopped.
The three major credit bureaus have special scores they use now to determine a person's likelihood to pay collections. Perhaps when you contacted Equifax and updated your address your score 'improved' resulting in your name being sold to Capital One -- someone Equifax knew was looking for you.
You could always write them and tell them to stop contacting you ... but why bother? |
| Lynn Whealer (Lynnwhealer) | Wednesday, June 28, 2000 - 07:25 pm
Peri -your briefing of your recovered fortitude brought a smile to my face !
I'll try to bolster you even farther by regurgitating some trite coffee-cup philosophy: "Don't let the bastards grind you down ! "
Keep on keepin' on. |
| Christine Baker (Admin) | Wednesday, June 28, 2000 - 09:16 pm
I'd say Peri needs to get these old collections off the report by disputing the last activity dates.
Whether to do something about the collection efforts really depends on how annoying it really is to Peri to get those letters.
It bothers me when I get bills I don't owe, because you never know what they'll do next.
**Sometimes** they'll just go away, other times I really regret not having spent the time to deal with them right away.
And of course, there is a certain embarrassment factor when friends, dates, neighbors or maybe even business contacts drop by and they see a collection letter on the table or the mailperson misdelivers those letters to your landlord or neighbor.
I think I'd notify them not to contact me again.
I'm wondering whether the companies SELLING these old debts misrepresent the DATES or why would anybody BUY a debt with an expired SOL?
And it's interesting to read about Peri's history. I've met quite a few ex-executives living in campers or cars on tiny disability or social security checks.
*Security* is an illusion. |
| Peri K (Peri) | Monday, July 03, 2000 - 07:32 pm
<chuckle> I have to agree with you, Christine. J
I have now received copies of all of my credit reports, with the exception of TransUnion. I did receive a letter from TransUnion, indicating that they would continue to refuse to send me a copy of my credit report unless I mailed them a photocopy of my social security card AND a copy of my driver's license, bank statement or similar utility bill, AND a copy of a cancelled check. Needless to say, I'm refusing them--merely sending them again a copy of the credit denial letter I received, which includes MY address in its denial, and my SSN.
But anyway: on all the other reports I've now had a chance to see... there are MANY accounts included in the reports which have not had any activity for more than 8 years, but the data providers are reporting to the CRA that there has been activity within the last 5 to 6 years.
So, I'll be writing quite a few letters disputing all of the dates, it seems.
Since I last wrote here, I've received TWO more letters for accounts over 8 years old... all quite nicely requesting payment. What's very interesting is that neither of these two accounts show up on *any* of the credit reports I've recieved.
Meanwhile, Capital One is reporting on a monthly basis my payment history to all of the CRAs. In Experian, it shows up as "balance paid in full every month without exception." Now that does seem rather nice...
More news as I get it... this is all turning out to be a bit more fun to deal with than I had originally ever imagined!
-Peri |
| Lynn Whealer (Lynnwhealer) | Tuesday, July 04, 2000 - 08:21 am
Your Experian message about "paid every month without exception" is VERY curious, and I've never even heard of that status before. Off the cuff, it sounds like a very good thing to "hear", and I'm sure they are counting on that response.
The truth, I would venture to say, is that the data field code that generates this mnemonic message is for the benefit of other potential creditors, and to the consumer's detriment. The second worst thing for a revolving credit lender (after someone who doesn't pay) is someone who NEVER carries a revolving balance that generates interest. So, potential lenders who would survey credit files and offer you a better deal will be discouraged...they want some interest too. And Capital One again is betting that its cardholders will see that and say, "Wow, they are really reporting me as being a super person!". The reality, I'd wager, is that it is a sneaky way to alert its competitors that a particular customer is not a profitable (i.e., an interest-generating one) customer. So, while you are exhibiting one of the credit characteristics that is the epitome of being a good risk, they are effectively giving you a "bad name" in the eyes of creditors who would desire you (due to your timely payments) and probably offer you better terms (but more than likely WON'T because you wouldn't line their pockets enough). There just seems to be no end to the consumer getting screwed. No end. |
| Christine Baker (Admin) | Tuesday, July 04, 2000 - 09:18 am
I've also never seen that "paid in full" notation.
I realize that many credit card lenders make their profits on fees, but I'm curious how that relates to the percentage they get from Visa/MC for using the card. Any clues anyone? |
