08-24-2012 08:23 AM
Hi. I got a letter from the OC saying they would recall my account from the CA and then delete all charges, and remove all negative information relating to the account from my credit reports. It states that once the account is retrieved from the CA, it should take 30-90 days to reflect the new information.
I'd like to buy a house before then. Would it be faster/make sense to send the letter directly to the CBs and dispute? I don't want to antagonize anyone or risk inadvertently protracting the process. But I have no idea how long it typically takes to retrieve the account from a CA, and another 30-90 days after that... sounds like a long time. Is there any way to expedite this?
08-24-2012 10:37 AM
I'd wait it out. Even though they say 30-90 days, it'll usually be much faster, or at least IME. They say that so that nobody will bug them for a faster deletion. Set the bar low to aim high type of thing. Plus a dispute could very well take longer, especially in this example. A dispute would be 45 days (because you are sending in supporting docs via mail). Also, the CA's and OC's dispute department might not know of this agreement prior to the dispute, which could result in a verification. Finally, lenders have been known to turn down loans due to dispute comments. However, if you have the letter you can ask your lender to do a rapid rescore for you which is basically a dispute anyway, and it's fast.
08-24-2012 10:59 AM
+1 llecs You do not want a dispute on your CR when going for a mortgage loan.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO