Incorrect reporting and Credit Score

[Anonymous]

Hello,

I had my credit score in the range of 750 to 700 (Equifax) until Jun 2013. In Aug 2013 when I applied for AmEx credit card they sent the report obtained for me from Experian. I was surprised as the score was low. Due to an incorrect complaint filed by Bank of America - Business Credit Card unit to Experian my credit score fell down to 482. The credit card was for my business, but it was wrongly reported which affected my presonal credit score.

I understand for most business credit card agreements, the banks will ask the card owners to also be personally liable to the credit being offered, in addition to the business being liable. In my case the business credit card account was opened in a branch by filling and signing the forms. So I asked Bank of America to provide a copy of the agreement that I signed which states (according to Bank of America)  that I am also personally liable for the credit. Their document imaging unit sent me a letter stating that they were NOTable to locate the document I have requested.

When I sent a copy of this letter from Bank of America to Experian, they removed this reporting/complaint from my file. However, my score didn't go up. Kindly let me know if my credit score should have gone up within few months after Experian removing the reporting/complaint from my file. Should I write back to Experian and other credit bureaus about this?

Any suggestions? Please advice.

Thanks!

[RobertEG]

A bit confusing as to exactly what was reported and then deleted.

Did BOA report the account along with derogs, or file only a ""complaint" of some sort.

What was the "complaint" itself?  Who was complaining, and of what?

Score would change back if derogs were added and then removed, but it is unclear as to what was added via a "complaint.

[Anonymous]

Thanks! Please see below details:

When pulled my credit report in July 2013, I came to know Bank of America has reported the late payment (120 days) for the Business Credit card. Under this account for the heading "Responsibility" it said: Individual. As I mentioned before, I asked Bank of America to provide a copy of the agreement that I signed with them which states (according to Bank of America)  that I am personally liable for the credit. However, their document imaging unit sent me a letter stating that they were NOTable to locate the document I have requested.

Based on this, I disputed Bank of America's reporting on the Business Credit Card account with Experian. I also mailed the letter I received from Bank of America which stated  that they were NOTable to locate the document I have requested. Eventually in Jan 2014, Experian sent me a letter stating: We have completed the processing of your dispute. Here are the Results:

Credit Item: Bank of America

Outcome: Deleted

Now, my score didn't go up. Let me know if my credit score should have gone up within few months after Experian has deleted? Should I write back to Experian and other credit bureaus about this?

Any suggestions? Please advice.

Thanks again!

[RobertEG]

I presume that their prior reporting of the account included derogs, such as monthly delinquencies or a chargw-off, that was affecting your score?

Simply having reported the account could have affected your score in either positive or negative ways.

If it reported an opened date that is earlier than your current average age of accounts, it could have contributed positively under length of credit history.

Similarly, it could have affected mix of credit.

Additionally, effect of deletion of information on scoring depends highly upon what information remains.  If, for example, the account reported derogs that were deleted, then score impact would depend upon whether your report continues to show other derogs, particularly major derogs.

[takeshi74]

Your score will reflect any changes in your report.  Did you pull your Experian report after the correction to confirm that it was removed and that there are no other derogs or items that would be adversely affecting your score?