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Established Contributor
myhearts07
Posts: 858
Registered: ‎06-26-2007

Disputes

Hello Everyone,
 
My name is Evelyn and I just recently joined the Forums.  Anyway, last month I sent dispute letters to all 3 of the Credit Bureaus. I have received updated reports with deletes or updates from Experian and TransUnion.  I have not received anything from Equifax for either myself or my husband.  However, we were looking to refinance our current mortgage and needed to raise my mid score by 21 points.  When the mortgage company pulled our reports, my score had dropped about 70 points and I am now so devastated because I thought with the deletes and updates that we would have those 21 points.  I didn't know that disputing things on your credit lowers your scores.  Is this in fact true?  Someone give me some hope. 
 
Thanks
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007

Re: Disputes

Welcome... There are some things FICO will not calculate while in dispute.
Does that mean you should dispute in hopes of increasing your score? NO! This could easily
backfire. 
 
Collections and public records do not apply are never exempt while in dispute. :smileyhappy:
Established Contributor
myhearts07
Posts: 858
Registered: ‎06-26-2007

Re: Disputes

Thanks for your quick response.  That's what I get for reading those books on getting your credit straight.  What happens after the 30-45 period when the CRA's do their investigation and now the dispute is "settled"?  What will happen to those accounts in dispute or the one's that were deleted from TransUnion?  Will my score change again?
 
Eve 
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007

Re: Disputes

Settled does you no good.
 
Settled will cause the account to be treated with the same degree of negativity as a charge off  (even if there is nothing else negative being reported anywhere on the trade line). 
Established Contributor
myhearts07
Posts: 858
Registered: ‎06-26-2007

Re: Disputes

Tuscani,
 
Maybe settled is not the right term here.  I see updated and deleted on TU & EX.  Does this help my score?  Here is what I disputed:  Disputed a collection account that was not mine, it was deleted.
Account appeared two times on all my reports, deleted from TU, one removed from EX and one left.  This is a valid account.  I had a lot of duplicate accounts that were updated and I also had a BK7 from 2001 and a lot of the accounts were listed individually and as part of the BK.  So those accounts are now showing as part of the BK7 but not listed individually anymore.  My lender, Countrywide, reported my April 07 payment as late when in actuality I paid more on the mortgage payment and they didn't know what to do with it, so they held my payment.  Got letter showing their error, is not reporting late to bureaus.   This was all that was disputed.
 
Eve
Regular Contributor
OneMortgageGuy
Posts: 255
Registered: ‎06-08-2007

Re: Disputes

[ Edited ]
Let me guess a broker is telling you need to get your score up by 20 points and they will get you the lowest rate on the planet... Doe that sound about right?
 
Let your loan officer do all the leg work! Most can get rapid re-scores in 48 hours if thing are coming off your credit report but it does not always workout that way.
 
Keep in mind if you are trying to get your score up to go prime... that's not all they look at.
 
Whatever the reason is... Good Luck


Message Edited by OneMortgageGuy on 06-27-2007 10:41 AM
Established Contributor
myhearts07
Posts: 858
Registered: ‎06-26-2007

Re: Disputes

You are absolutely correct, MortgageGuy....  That is what they said.  I think we are just going to have to get some part-time jobs, pay off or pay down or credit card debt and then put our house on the market next year.  At this time in our lives, I think we can downsize.
 
Thanks
 
Eve
Established Contributor
myhearts07
Posts: 858
Registered: ‎06-26-2007

Re: Disputes

How does being over the limit on my cc's affect my fico score? 
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007

Re: Disputes

it is really bad- it will also compound when the OL fees and Lates fees kick in.

myhearts07 wrote:
How does being over the limit on my cc's affect my fico score? 



Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007

Re: Disputes



myhearts07 wrote:
How does being over the limit on my cc's affect my fico score? 


Only the one month assuming you are back under your limit.

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