Score drop 10 pts because comment changed 'paid in full' to 'acct closed'
Creditors cannot report inaccurate information, and have a duty to provide complete and accurate information to the CRAs (see Section 623(a), "Duty of Furnishers of Information to Provide Accurate Information". If you had a bad debt, paid it, and then the creditor tells the CRA to delete the TL as if it never happened, there's at least an argument that the creditor is providing inaccurate information to the CRA. Maybe this is why they are squeamish about PFDs.
Hi masdeocho -
This statement is interesting in the sense that some creditors who skip reporting payment statuses every month...because then you get comments on your FICO scores that say something like 'missing payment information...creditors can't tell if you missed a payment or were late...."
That is the biggest bunch of horse crap. I think it should be law that if a subscribed Creditor fails to report for a month the "Pd" should go in to make a green block.
I have a number of creditors that skip reporting because I am playing there credit game by PIF and charging a small amount before statement end so I don't have a zero balance and don't pay finance charge.
It just makes me mad that because they don't report a month it is assumed to be negitive because I might have been late. What a crock of crap.
Sorry for venting, but I have just been fighting using disputes and that is another joke. I had a creditor for an installment loan that I paid in full, which got me 2 months to finally report paid on the CR. The creditor was reporting to EX & EQ. Got EQ to show 'paid in full' 0 bal. That was fun the creditor would report pif with a balance. NO controls on what is reported by these CRA.
Then EX dispute gets corrected and what do you know that the creditor sends another update to EQ changing account status to 'Closed Account' from 'Paid in full' and my score dropped 10 points.
Talk about playing with a stacked deck...especially when you get a creditor that knows all the hidden un-written rules and cause & effects of comments.