Credit Report Help
Author: spinnelli
Joined: 06 Nov 2003
Posts: 4
Posted: Fri Nov 14, 2003 12:46 pm
I need to ask a couple of questions.
1) Can you dispute a charged off account that you have already settled with the CA? It shows up as paid in full but it is still on my report as charged off and I believe that is a negative thing.
2) Does the "date reported" column in your report matter? I have 2 accounts that were charged off in 2000 but the CAs are still reporting it, one as recent last month. I have not been in contact with these CAs. Can I still go ahead and dispute these accounts? or does the fact that it was recently reported mean that it can be verified?
3) I have an account that was paid in full just before it was charged off but the credit card company closed it anyway so now it shows up as "closed by the creditor". Is that a bad thing?
4) I have several school loans that I borrowed while in college, I didn't have to pay them back then, now that I've graduated, I've consolidated them all into one and I'm making payments on it. However, it was reported to the credit agencies each time so now I have about 5 different school loans, most of them it is "too new to rate" and the rest it is "pays as agreed", . Do I need to get them to report it as just one loan now that it's consolidated?
5) And lastly I had my car repossed January of last year, and I got it back after 3 weeks. I guess it was reported to the Credit Bureaus, well at least 2 of them anyway. It wasn't reported to Experian. Since then, my account has been in good standing with the car loan company. I want to know how to get this repossession off of my reports, especially if it wasn't reported to one agency. One of them has it on myaccount as "past due" for $697 when the truth is that I make my regularly scheduled payments every month, how do I take care of this? Also, when do accounts drop off your reports? Is it 7 years from when you opened it or 7 years from when it became delinquent? All my bad debts were opened in 1998. Right now I only have my school loan which is being paid regularly and my car payment which is also being paid regularly. And about 3 charged off acounts which again were opened in 1998 and were charged off in 2000.
When these bad debts drop off my account, will my car loan and school loan be good enough to raise my score? or do I need to get more credit? Your help will be appreciated
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Joined: 06 Nov 2003
Posts: 4
Posted: Fri Nov 14, 2003 12:46 pm
I need to ask a couple of questions.
1) Can you dispute a charged off account that you have already settled with the CA? It shows up as paid in full but it is still on my report as charged off and I believe that is a negative thing.
2) Does the "date reported" column in your report matter? I have 2 accounts that were charged off in 2000 but the CAs are still reporting it, one as recent last month. I have not been in contact with these CAs. Can I still go ahead and dispute these accounts? or does the fact that it was recently reported mean that it can be verified?
3) I have an account that was paid in full just before it was charged off but the credit card company closed it anyway so now it shows up as "closed by the creditor". Is that a bad thing?
4) I have several school loans that I borrowed while in college, I didn't have to pay them back then, now that I've graduated, I've consolidated them all into one and I'm making payments on it. However, it was reported to the credit agencies each time so now I have about 5 different school loans, most of them it is "too new to rate" and the rest it is "pays as agreed", . Do I need to get them to report it as just one loan now that it's consolidated?
5) And lastly I had my car repossed January of last year, and I got it back after 3 weeks. I guess it was reported to the Credit Bureaus, well at least 2 of them anyway. It wasn't reported to Experian. Since then, my account has been in good standing with the car loan company. I want to know how to get this repossession off of my reports, especially if it wasn't reported to one agency. One of them has it on myaccount as "past due" for $697 when the truth is that I make my regularly scheduled payments every month, how do I take care of this? Also, when do accounts drop off your reports? Is it 7 years from when you opened it or 7 years from when it became delinquent? All my bad debts were opened in 1998. Right now I only have my school loan which is being paid regularly and my car payment which is also being paid regularly. And about 3 charged off acounts which again were opened in 1998 and were charged off in 2000.
When these bad debts drop off my account, will my car loan and school loan be good enough to raise my score? or do I need to get more credit? Your help will be appreciated
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posted by CardRatings.com at 9:34 PM
1 Comments:
Author: NightStar, Credit Expert (100+ Posts)
Joined: 07 Nov 2003
Posts: 1699
Location: Illinois
Posted: Fri Nov 14, 2003 1:50 pm
spinnelli wrote:
1) Can you dispute a charged off account that you have already settled with the CA? It shows up as paid in full but it is still on my report as charged off and I believe that is a negative thing.
Sure you can, sometimes it is harder to get removed, but keep trying and you may get it off. Just that it leaves less reasons you can use to dispute it off. But start with "Not Mine" first time disputing.
Quote:
2) Does the "date reported" column in your report matter? I have 2 accounts that were charged off in 2000 but the CAs are still reporting it, one as recent last month. I have not been in contact with these CAs. Can I still go ahead and dispute these accounts? or does the fact that it was recently reported mean that it can be verified?
By all means try to dispute it none the less, date reported does not directly affect the scoring of the tradeline. You may be right, since the CA is keeping such a close updates on this, but you can still get the best of them. Start like the other above disputing first "not mine".
Quote:
3) I have an account that was paid in full just before it was charged off but the credit card company closed it anyway so now it shows up as "closed by the creditor". Is that a bad thing?
Yes it is, besides the final status "Paid was 30 late" or such like that showing. Now this one is tricky it can be helping the score at the same time it is hurting the score. This one you have 2 things you may try:
1. Send good will letter to creditor asking them to remove the lates and final status. www.planetfeedback.com is a good look up site for this.
2. Dispute creatively with the CRAs, like "Paid as agreed, please update" or "Not closed by credit grantor, please update". That way if the credit fails to respond, you may be fortunate that the CRA will follow your instructions.
But you always run the risk that they may delete the reporting all together. If it does get removed and you see that your credit score does in fact take a hit, you have two ways of looking at this, a) call the creditor and make them aware of the missing account to get re-added back on. or b) leave it, sometimes it is best to go down in the score just to make a clean slate to climb back up stronger.
Quote:
4) I have several school loans that I borrowed while in college, I didn't have to pay them back then, now that I've graduated, I've consolidated them all into one and I'm making payments on it. However, it was reported to the credit agencies each time so now I have about 5 different school loans, most of them it is "too new to rate" and the rest it is "pays as agreed", . Do I need to get them to report it as just one loan now that it's consolidated?
That is hard to say - you should call them (student loan company) and check on what exactly they are doing. If they are individually updating each one, or if they should of updated that they have since been transferred to new loan. I can say one thing - student loan reportings are always messed up!
Quote:
5) And lastly I had my car repossed January of last year, and I got it back after 3 weeks. I guess it was reported to the Credit Bureaus, well at least 2 of them anyway. It wasn't reported to Experian. Since then, my account has been in good standing with the car loan company. I want to know how to get this repossession off of my reports, especially if it wasn't reported to one agency. One of them has it on myaccount as "past due" for $697 when the truth is that I make my regularly scheduled payments every month, how do I take care of this?
You have 2 accounts here... technically a repo that has since been returned should report status as redeemed. My DH had the same problem and that is final how his credit report shows it now. Yes it is bad, I think it is better then other reportings possible. I left the one on DH's credit report on purpose (pretty sure it was contributing more then hurting).
You will want to contact your creditor and ask them to report status and that you are current on the account properly. They can use 2 methods for this Universal Data Form or Bullseye Report that will notify the CRA within 3-5 days for the update these can be sent by fax to the CRA by the creditor, they must by all means update their tapes - otherwise changes will only revert back once the next tape is sent in.
* I do find that not all creditors are apt at getting the modifications right the first time around, so a bit of patients may be needed.
Quote:
Also, when do accounts drop off your reports? Is it 7 years from when you opened it or 7 years from when it became delinquent? All my bad debts were opened in 1998. Right now I only have my school loan which is being paid regularly and my car payment which is also being paid regularly. And about 3 charged off acounts which again were opened in 1998 and were charged off in 2000. When these bad debts drop off my account, will my car loan and school loan be good enough to raise my score? or do I need to get more credit?
What you look for is the exact last activity date on the charge offs and add 180 days to figure the true charge off date. That means that between the 1st delinquency & charge off (no further payments had been made until after). Once you have the true charge off add 7 years to that for your drop off date. You can even call the CRA to ask them straight up on the expiration dates. They are getting crafty any more not to make it obvious on the credit reports.
That car loan will be different, it will go directly 7 years from the last late date - once that passes - you car loan will revert to positive reporting and stay on the credit report an additonal 3 years.
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