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12-06-2012 07:58 PM
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.
12-06-2012 08:00 PM
That is a huge hit! I'm so sorry. Good luck with GW.
12-07-2012 08:01 AM
12-07-2012 10:15 AM
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.
12-07-2012 01:02 PM
12-08-2012 02:23 AM
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.
12-08-2012 08:40 AM
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.