Question on Disputing

[Anonymous]

I am trying to clean up my wife's credit. She has one account that has gone to collection that she says she has no idea what it is. If I try to dispute it, and it comes back as a verified debt, does that affect anything? Basically, is there any down side to a failed dispute?

Thanks

[Anonymous]

I would start by DV'ing the CA first. If they can't verify it or it's legitimately not her debt, then dispute with the CRA's.  If the CA doesn't remove the debt at that point, I'd then file a complaint with the BBB against the CA and request that the resolution be that the TL be removed from all CRA's. 

[TheGardner]

Depending on last reporting date of the accounts. If for example it reports monthly as KD or even ok, a failed dispute won't hurt.

If last entry was over 6 months ago , you will feel the wrath of the FICO gods (longer the last reported update the more it will punish you).

That being said if your scores are very low anyway I don't think it would be that bad of an idea anyway.. examples are if your scores are 5XX won't get credit right now anyway so may aswell DV, 623 or whatever dispute you like to try to get them to stop reporting monthly anyway.

Good luck!

[Anonymous]

If she is certain its not her debt, then the proper course to take is to get it excluded under the ID Theft provision of FCRA. This will require signing a sworn affidavit stating that she never authorized the account, and filing a police report. Send copies of both documents to the CRA's and they are required to exclude the item from her reports.