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Rebuilding my credit to start a business.

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jimmydes
New Member

Rebuilding my credit to start a business.

Currently my fico score is 589, on my record i have the following

capital one:30 day late-10/07

capital one:30 day late-10/11

voluntary surrender: 6/08

i also had : a charge off and a judgement were also on my records but they were deleted from trans union but not experian or equifax.

a litte more info on the judgement it was a claim for 4300.00 and the charge off was for 240.00. both the judgement and the charge off are from 2008.

I also have a credit card with capital one with a 300.00 credit limit with a balance of 72.00.

 

My goal is to get my fico score around 660-680

My question is since the two items were deleted from transunion does experian and equifax typically follow what trans union did and delete them as well? these items that were deleted were validation letters. and if they do follow trans union how long does it usually take them? right now the items have been removed for a little over a week now. My other question was since those items have been deleted i have not noticed a increase in my score. should i expect a increase? or not until experian and equifax delete the items as well? and i was wondering if anyone had any other tips for me to improve my score other then 30% utilization on my cc. If i missed any info that you might need to help me better let me know and ill post it right away thanks everyone in advance.

Message 1 of 4
3 REPLIES 3
Shogun
Moderator Emeritus

Re: Rebuilding my credit to start a business.

Each CRA has their own reporting.  They do no care what the others report.  They do not talk to each other.  So if it is deleted on one, it doesn't mean it's deleted on the other 2.  As such, the scores from one CRA has nothing to do with a score from another.  You could possible have an 800 range on one and a 500 range on another.   There is no correllation between them.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 2 of 4
RobertEG
Legendary Contributor

Re: Rebuilding my credit to start a business.

+1

The only proviso is that if the consumer files a dispute, and the furnisher postiively determines that they cannot verify the accuracy, and thus reports deletion to one CRA, they are required to also report that same determination to all other CRAs to which they have also reported the information. 

The responsibility is with the furnisher, not the CRAs, to secure accurate reporting to each CRA.

 

However, failure to have verified is not the same as a positive determination that the accuracy is unverifiable.  If they simply delete without statement that they cannot verify, you would have to file a dispute with each other CRA to secure their separate determination. 

If they state that the accuracy cannot be verified, which is rare, then their obligation to report to the other CRAs kicks in.

Message 3 of 4
jimmydes
New Member

Re: Rebuilding my credit to start a business.

will i see a increase in my score at all for the deletions?

Message 4 of 4
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