topic Re: Late payment demolished credit score in General Credit Topics

Late payment demolished credit score

dadams11 — Fri, 07 Dec 2012 03:58:06 GMT

Hi new here to myFico.

I've always been good with my credit until 3 months ago

I paid a credit card off a little early and assumed it was finished until last week.

I received a call stating I was 60 days late so I made the payment then to prevent further harm.

Come to find out it was insurance charges on jewelry for my wife which amounted to less than $7.00 for all 3 months

of course another $50 in late fees though.

I monitored my credit through experian which dropped from 737 to 584 with average low use and on time payments everywhere else
I've called to see if it can be erased from my credit and was very honest and nice to my representative.

They are going to dispute it ( I'm assuming that means evaluate and possibly erase that or not )

We were supposed to begin house hunting in January.

Advice please

Re: Late payment demolished credit score

starry1 — Fri, 07 Dec 2012 04:00:51 GMT

That is a huge hit! I'm so sorry. Good luck with GW.

Re: Late payment demolished credit score

Epcot — Fri, 07 Dec 2012 15:55:21 GMT

Ouch! So sorry to hear. Hope it works out!

Re: Late payment demolished credit score

webhopper — Fri, 07 Dec 2012 16:01:53 GMT

I am going to wish you the best of luck in getting this resolved.. Keep your fingers crossed... in cases such as this, lenders are usually receptive to GW

Re: Late payment demolished credit score

RobertEG — Fri, 07 Dec 2012 18:15:34 GMT

I am confused....

They said that THEY are going to dispute the accuracy of their own reporting?

Creditors dont dispute the accuracy of their own reporting. They are obligated to determine its accuracy and make any corrections necessary to maintain the accuracy of an information they report.

Re: Late payment demolished credit score

dadams11 — Fri, 07 Dec 2012 21:02:54 GMT

No not the accuracy more of a good faith act
Since I have been a good customer up until
this one incident, and the circumstances
that are involved. At least this is my understanding of it.

Re: Late payment demolished credit score

RobertEG — Sat, 08 Dec 2012 10:23:45 GMT

The primary tool available to consumers when billing disputes are at issue is not the FCRA, it is the Fair Credit Billing Act (FCBA), which has its own dispute process related to any issue of billing on revolving accounts.

If you file a billing dispute under the FCBA within 60 days of a contested billing, it brings in to play the consumer right to require the credtior to produce documentation, which is not part of the FCRA dispute process.

Re: Late payment demolished credit score

dadams11 — Sat, 08 Dec 2012 13:48:06 GMT

I must not understand.
That appears to me what action they will take
Not what action I should take.
Would you mind to clarify if I am wrong?

Re: Late payment demolished credit score

llecs — Sat, 08 Dec 2012 16:40:17 GMT

OP, it's not uncommon for a creditor to say that. It just means they'll give an honest effort and review the account for you. I had some tell me the same thing. Sometimes it works and sometimes it doesn't. Definitely wait it out to see what they come up with. And be sure to pull all 3 of your credit reports frequently to look for changes. I'd say that after 30 or so days from your conversation with them mail out some GW letters if you haven't seen any changes. They are allowed to report the lates, but I bet near the holidays you'll find someone who would be willing to adjust your payment history for you.

Re: Late payment demolished credit score

NJResident1 — Mon, 25 Feb 2013 17:52:28 GMT

Unfortunately I'm in the same situation

Re: Late payment demolished credit score

dodfire — Mon, 25 Feb 2013 17:58:34 GMT

WOW that is a HUGE drop in score...Good luck to you!!!!