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Continued "dispute" status?

Contributor

Continued "dispute" status?

Hi all! Looking for some advice.

 

I sent a GW letter to MIdland Credit Management asking for a deletion of their collection record. It had gone to judgment and was subsequently paid. I disputed the judgments awhile back with the 3 CRA and Experian and Equifax deleted the judgment records. TU did not. So the paid collection is showing on all 3, with just the judgment on TU.

 

Their response was as follows:

 

"Thank you for your recent correspondence. The purpose of this letter is to advise you that we cannot delete our credit reporting of the above referenced account as requested. Pursuant to the FCRA, we are required to accurately report information regarding your account and our transactions with you, amd deletion of the above referenced account from the credit bureaus would be inaccurate. However, we will continue to request that the three major credit bureaus list the status of this account as "disputed"."

 

Being in dispute takes it out of the scoring equation, so if it has to remain there being in continuous dispute is advantageous for me.

 

Tell me if I am wrong and if it is better to ask them to NOT report continuously as "disputed".

 

Thanks in advance.

 

 

Starting Score May 2011:
617 TU (04)

Current Score 9/19/11:
677 TU (98)
670 Equifax
Goal Score: 700 by end of 2011

Message 1 of 4
3 REPLIES
Established Contributor

Re: Continued "dispute" status?

This is completely a judgment call for you.

 

The only issue with the "dispute" comment is that many mortgage lenders, especially for FHA, will require that your CR not have any dispute comments in order to close on a home. Oftentime people learn of this rule late in the home buying process and it can be a hugehassle (and take months) to have the dispute removed. Therefore, if you are hoping to purchase a home in the near future, especially with FHA, you may want to consider going ahead and having the dispute comments removed.

 

Take a look at this discussion for instructions on how to do it:

http://ficoforums.myfico.com/t5/Mortgage-Loans/Best-Way-to-Remove-quot-Account-In-Dispute-quot-for-M...

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
Message 2 of 4
Moderator Emeritus

Re: Continued "dispute" status?


independentlady7 wrote:

Being in dispute takes it out of the scoring equation, so if it has to remain there being in continuous dispute is advantageous for me.


 

To add, only OC TLs are impacted in a dispute. CAs and PRs are not.

 

Message 3 of 4
Contributor

Re: Continued "dispute" status?

Thank you. Your answers were very helpful and insightful, just as I expected Smiley Happy

 

I am going to try to contact their consumer relations department first and see where I get with them.

Starting Score May 2011:
617 TU (04)

Current Score 9/19/11:
677 TU (98)
670 Equifax
Goal Score: 700 by end of 2011

Message 4 of 4