Dispute this account or not?

[mojo_ny]

I just found an account on my reports that the OC Wells Fargo Could not find anywhere in there System. It is not listed in the myFico report as a "negative indicator" (has no flag icon. It odes have some 60 and 30 day lates from as recent as 2009. I am unsure if it would help or hurt my score to try to get it removed (I am fairly certain the Wells Fargo will not be able to verify it.) Any suggestions? Is the age of the account (opened in Feb 2006) helping my score more than the lates are huring it? It is listed as paid and no balance.

[DaBears]

Those lates are not hurting your score as much anymore as they only affect it for about 2 yrs. Anytime you dispute a OC account certain factors are removed and you could see a drop in score. Once the dispute is complete you should be able to recover those points. I would send a direct dispute to the OC.

[guiness56]

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@mojo_ny wrote:

I just found an account on my reports that the OC Wells Fargo Could not find anywhere in there System. It is not listed in the myFico report as a "negative indicator" (has no flag icon. It odes have some 60 and 30 day lates from as recent as 2009. I am unsure if it would help or hurt my score to try to get it removed (I am fairly certain the Wells Fargo will not be able to verify it.) Any suggestions? Is the age of the account (opened in Feb 2006) helping my score more than the lates are huring it? It is listed as paid and no balance.

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Is it your oldest account?  If so, removing it could hurt your score.

If it is just those lates, they  will be removed 7 years from their occurence.  When the last one comes off the account will be positive again and stay for up to 10 years from date closed.

As mentioned, those lates are not hurting your score now.

[mojo_ny]

They are far from my oldest account. So I guess I stand to gain nothing by getting the account removed?

[DaBears]

removing it will still hurt your AAoA and points. 

[Shogun]

My opinion?  It's doing more good than harm.  I'd leave it alone and just let it age like fine wine.  

[RobertEG]

In filing a dispute, the consumer has the initial burden of asserting an inaccuracy in the reported information,and providing sufficient documentation to enable the creditor to conduct an investigation of its accuracy.

A contact with a creditor that resulted in their inability to locate account records is not itself, in my opinion, basis for asserting inaccuracy of the reported information.

It might affectt their ability to verify the accuracy, but the threshold issue of first providing a basis for inaccuracy, if not met, will enable them to simply dismiss the dispute without any investigation.

Additionally, creditors often archive account information, and thus it may not be readily available to their customer service rep.  Upon filing of a dispute, they are likely to check their archived files.

For those reasons, and additionally for the reason that your score will be impacted while a dispute is pending, I would not recommend a dispute unless you have documentation of an actual inaccuracy.

[mojo_ny]

thank you all for the Advice. I will leave the account as is for now.

[mojo_ny]

double checking shows I have a dispute comment. IS it worth it to remove the comment? Sorry for the change of thread.

[guiness56]

Is the dispute resolved?  If so, the comment isn't hurting your score.