1st Premier. To dispute or not dispute. That is the question.

[Anonymous]

Hi all.

I have a TU 734 and an EQ 676. Both report the same oldest account age, AAoA and util. One difference is that EQ reports 7 late pays where TU reports 3.

I pulled both and put them side by side and found that they are reporting a charge off from 1st Premier differently.

They both report the same basic stats Except that TU reports it as a charge off with 0 balance and 0 past due. EQ reports it as Bad debt/collection with 0 balance and the Past Due Amount as "Not Reported". TU reports no past due payments. EQ shows 1-30, 1-60 and 2-90s.

Should I dispute this with EQ? I have since settled this with Arrow Finance and GWed the CA from my reports. 1st Premier won't budge on the GW efforts so I am letting this age off. It only has about a year of life to report then it drops.

I have the final bill showing the charge off and a letter from 1st Premier stating it was charged off and sold to Arrow.

I just don't want to make matters worse with so little time until this goes away.

Thanks,

CB

[AndySoCal]

What are you specifically going to dispute?

[Anonymous]

If I read it right it would seem that TU is reporting a charge off with no past due reporting. EQ is reporting an open collection "Bad debt/Collection" with 4 late payments reporting. Are these just two different ways of saying the same thing?

Would I be better off to dispute EQ as reporting the status of the TL incorrectly and request that it be reported as a charge off instead of what appears to be an open bad debt/collextions?

Message Edited by charliebrown1370 on 12-19-2009 07:24 AM

[FicoPower]

Hey I have the exact same problem with First Premier, I guess that is just how they report it.  I did a dispute and they did change all of the late payments into just one charge off, so it worked for me.

[tinkytoo]

Hey I have the same thing reporting on my EQ report. Will changing it increase my score or drop it. When disputing what will I be disputing them reporting it incorrectly.

[AndySoCal]

Yes I agree the reporting is incorrect. Disputing it will not help your score it may hurt it. I would not dispute it.  A charge off or a collection account is considered a bad debt.

[Anonymous]

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@AndySoCal wrote:
Yes I agree the reporting is incorrect. Disputing it will not help your score it may hurt it. I would not dispute it.  A charge off or a collection account is considered a bad debt.

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Hi Andy,

I agree that both are bad debts. My concern is that on a manual review the current reporting looks as though it is still an open collection when in fact it is a 6.5 year old charge off PIF to Arrow Financial. Arrow allowed a GW (I PIFed prior to my joining these forums) and withdrew reporting.

As far as score goes, my TU report is almost 60 points higher than my EQ and this is the only difference. Everything else is apples to apples.

I guess I'll be the guinea pig on this one. I'll keep y'all posted.

Thanks for the input.

CB

[AndySoCal]

If you dispute the trade line will be updated to show it reporting with the current date. This will cause your score most likely to go down. It may also restart the aging process to stay on you credit report even longer.  There is no benefit at this point to getting it changed. With what you have reported about the trade line it should show as a paid collection account on most lenders credit reports. ( a zero balance and collection account status) You are free to do what you want.

Message Edited by AndySoCal on 12-21-2009 07:07 PM

[Anonymous]

"If you dispute the trade line will be updated to show it reporting with the current date. This will cause your score most likely to go down. It may also restart the aging process to stay on you credit report even longer"

Can you tell me please how will disputing an entry on his credit report "restart the aging process"? I thought we have a legal right to dispute...

[AndySoCal]

 Your correct you can dispute the information any time you need to. The account would re-report with the updated information if the dispute is sucessful. When the account re-reports the date reported would change to 12/2009 lets say. I did a little research it is 7 years from the date of first delinquency or date of last activity. The credit report would tell you for sure it would show the date the trade line is scheduled to removed form the credit report.  In addtion the trade line is 6.5 years old now. I do not see any benefits of disputing in this case but I can see posible negative effects as result of the disputing.

Message Edited by AndySoCal on 12-22-2009 07:40 PM