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Fico Alert: Addition of a collection resulted into 23 Point jump on Exp.

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Anonymous
Not applicable

Fico Alert: Addition of a collection resulted into 23 Point jump on Exp.

 

Hello Fellas,

 

Please help me figure this out. As I am going through cleanup, I have recieved an alert this morning from FICO that there was a collection added to my CR. When I logged in , I have noticed that an already existing CO from Southwest Credit System was updated with a "Recent Balance" in the amount of $705. Strange thing is that initially it was reported as $1025 balance. I did not pay anything on this and I had previously disputed it online but it came back as "Verified" on Exp. Equifax and TrnsUni deleted it.

This new update fueled my scores at  23 points up. Can they even do that once the 30 days limit of reinvestigation is up? The OLD (Online Dispute) was submitted in the in the begining of Dec 2014.

 

Account name
Account number
Recent balance
Date opened
Status
 
SOUTHWEST CREDIT SYSTEMS
4802xxxxxxxx
$705 as of 11/23/2014
03/2014

 

On a positive note, I was able to get retracted five lates( 30, 60, 90, 120, 150, 180) on my student loans from 2013 by backdating deferment. That was quite a relief!!!

Message 1 of 8
7 REPLIES 7
Anonymous
Not applicable

Re: Fico Alert: Addition of a collection resulted into 23 Point jump on Exp.


@Anonymous wrote:

 

Hello Fellas,

 

Please help me figure this out. As I am going through cleanup, I have recieved an alert this morning from FICO that there was a collection added to my CR. When I logged in , I have noticed that an already existing CO from Southwest Credit System was updated with a "Recent Balance" in the amount of $705. Strange thing is that initially it was reported as $1025 balance. I did not pay anything on this and I had previously disputed it online but it came back as "Verified" on Exp. Equifax and TrnsUni deleted it.

This new update fueled my scores at  23 points up. Can they even do that once the 30 days limit of reinvestigation is up? The OLD (Online Dispute) was submitted in the in the begining of Dec 2014.

 

Account name
Account number
Recent balance
Date opened
Status
 
SOUTHWEST CREDIT SYSTEMS
4802xxxxxxxx
$705 as of 11/23/2014
03/2014

 

On a positive note, I was able to get retracted five lates( 30, 60, 90, 120, 150, 180) on my student loans from 2013 by backdating deferment. That was quite a relief!!!


The removal of the lates are what pushed your scores up. They just didn't trigger an update or alert, while the 'new collection' did trigger an alert and a recalculation of your score. MyFICO monitoring is kind of funny that way - certain things that affect your scores won't necessarily trigger an alert, and subsequent recalculation of your score, making later alerts appear to make your scores go in opposite direction from whats expected.

Message 2 of 8
Anonymous
Not applicable

Re: Fico Alert: Addition of a collection resulted into 23 Point jump on Exp.

Congrats on removing the lates! Did you just call and ask? I had three lates on my fedloan servicing account and called them and went into deferral. I thought I might call and tell them I thought the deferment started as of when I first when late and see if they'll correct?

 

Just curious how you got this win. Smiley Happy Thanks!

Message 3 of 8
Anonymous
Not applicable

Re: Fico Alert: Addition of a collection resulted into 23 Point jump on Exp.

Thank you, No in fact the call did not quite work. I had to submit hard copies of Deferment letter indicating backdating, a letter stating the Servicer's current reporting practice. this will meet the legal obligation to correct reporting.

Message 4 of 8
Anonymous
Not applicable

Re: Fico Alert: Addition of a collection resulted into 23 Point jump on Exp.

Can they even do that once the 30 days limit of reinvestigation is up? The OLD (Online Dispute) was submitted in the in the begining of Dec 2014. I am trying to look for a possible violation so I can pin them.

 

Message 5 of 8
Anonymous
Not applicable

Re: Fico Alert: Addition of a collection resulted into 23 Point jump on Exp.

I looked back at my letters and my three lates were not during deferment. Smiley Sad 

 

Message 6 of 8
RobertEG
Legendary Contributor

Re: Fico Alert: Addition of a collection resulted into 23 Point jump on Exp.

I am not sure what you mean by trying to find a violation and pin them.

Inaccurate reporting is not a "violation" if it was not intentiaonally reported with knowledge of its inaccuracy.

 

A dispute requires that they or the CRA investigaate, and provide a determination either that the reporting is accurate or correct the inaccuracy.

Deltion is only required if neither of those can be done, and delteion onlyy applies to the disputd info.  Error in the reporting of a balace will not compel deletion of the acurate fact that they charged off the debt..

 

The prior dispute was concluded by the CRA's verification of the accuracy.

Nothing in that prior dispute precludes them from updating their reproting if they see another inaccuracy or reevaluate the info that was previously verified.

Yes, the can update after the CRA has previously conducted their reincestigation and concluded the dispute.

Message 7 of 8
Anonymous
Not applicable

Re: Fico Alert: Addition of a collection resulted into 23 Point jump on Exp.

What I was trying to say is that CA has no clear documentation  and verified this CO two times through OLD(Online Dispute). Now this time, I have personally spoken to Exp Rep and asked him what method they used to investigate this dispute. I have initially submitted this dispute to CRA on 6th of Dec 2014. It was updated to "Verified". 

Now after 9 days of the actual Dispute Resolution Timeframe, the CA has decided to change the balance. I did not pay anything, why would they simply verify an account that has fluctuating balance. This gave rise to the assumption that CA dont really have anything to disclose it to me that links this account to me. I still dispute the validity of this debt in its entirity but I wanted to ask if inconsistencies in CA's patterns of reporting can be seen as an indication of invalidity of a debt? I believe for the most part you have answered this question already.

 

 

Message 8 of 8
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