@madredejames wrote:
I received an email from ScoreWatch today with an alert. I was hoping it was that my score had gone up, as I just paid down my two credit cards (total CL of $800) to below $30 each. I had been near my CL before paying these 2 accounts down. Well, that information hasn't factored into my score yet.
I was alarmed to see my FICO score had dropped by 13 points. Before I found this forum and myfico, I had signed up with one of those credit repair services (not a good choice, I know now.) Shortly after signing up with them, I canceled my account, but apparently they had already sent some disputes on my credit report. The disputes are the only change showing on my credit report. I am wondering if these disputes actually made my score drop, based on the way the information is being reported?
Here are a couple of examples. I am thinking that the score drop could have come from the change from "amount in high credit is charge off amount" to "amount in high credit is credit limit"?
If so, what can I do about this? Is there anyway to remove disputes? Unfortunately, I had started the credit repair thing before I met with a mortgage broker. He looked at my report and gave me some recommendations. He said it was best not to have disputes on there and to remove them.
Any advice or helping me understand this is much appreciated. I am trying hard to do things right.
EMB/BELK (XXXXXXXXXXXX0504)
Account opened: 7/2007
Description: Consumer disputes - reinvestigation in process
Amount in H/C column is credit limit
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Another example:
MERRICK BANK (XXXXXXXXXXXX2073)
Account opened: 4/2007
Description: Consumer disputes - reinvestigation in process
Amount in H/C column is credit limit
|
Are those 2 debts payed off or do you still owe them?? It does nothing for you to dispute them if they are accuate debts still owed.
Are those 2 debts payed off or do you still owe them?? It does nothing for you to dispute them if they are accuate debts still owed.
Starting Score: EQ 565 TU 590 EX 583 (PLUS)
Current Score: EQ 565 TU 590 EX 651 (PLUS)
Goal Score: 680
Reply:
Yes, I am aware that it does nothing to dispute real debts still owed. I mentioned early in my posts about this that it was a mistake that these disputes happened, caused by signing up with a credit repair service which seemed legit. I educated myself, a bit too late, and immediately canceled the credit repair service.
One of these debts was settled.
After my initial panic, I am not going to fret about this, but will learn from it and move forward. My husband and I have already made plans to pay off the one real remaining debt now that he is employed again and our financial situation has turned around.
@madredejames wrote:
Are those 2 debts payed off or do you still owe them?? It does nothing for you to dispute them if they are accuate debts still owed.
Current Score: EQ 565 TU 590 EX 651 (PLUS)
Goal Score: 680
Reply:
Yes, I am aware that it does nothing to dispute real debts still owed. I mentioned early in my posts about this that it was a mistake that these disputes happened, caused by signing up with a credit repair service which seemed legit. I educated myself, a bit too late, and immediately canceled the credit repair service.
One of these debts was settled.
After my initial panic, I am not going to fret about this, but will learn from it and move forward. My husband and I have already made plans to pay off the one real remaining debt now that he is employed again and our financial situation has turned around.
Which credit repair service did you use if you dont mind me asking? Im under the assumption you tell them which accts to dispute they dont just pick one and go for it.
@madredejames wrote:In my case signing up with a credit repair company was a mistake. I canceled with them about a week after signing up after I found this website and learned more.
Apparently, they sent dispute letters on my behalf, but I now wish that had not happened. I would not have disputed these debts knowing what I know now. It's not like they didn't happen or belong to someone else. It would have been better to have left well enough alone.
The companies seem to try to just dispute everything and hope that something beneficial happens. They don't really care about the ramifications if it backfires.
I guess it depends on which one you use. I'm having sucess with the one im using. I have to give them direction into what I want done, and they go from there. I wish I did have the patience to do it on my own, but I know i'll just get frustrated with it.
@cw81 wrote:I dont think if you are paying them you should be giving them direction as to what they should be doing in my opinion. All they are doing is writing letters that you could do yourself and paying for postage you could do yourself. Most of the letters are here on this site if you look hard enough and all you have to do is modify them to match your situation. The wait for disputes to come badk is the same whether you do it or they do it. The responses will be the same whether you do it or they do it so i don't see it as cost effective. You do spend time reading and researching but I am wiser and more savvy for it . I hope it works out for you but I would rather clean up my mess myself and do it right just my 2 cents
@LS2982 wrote:
@madredejames wrote:In my case signing up with a credit repair company was a mistake. I canceled with them about a week after signing up after I found this website and learned more.
Apparently, they sent dispute letters on my behalf, but I now wish that had not happened. I would not have disputed these debts knowing what I know now. It's not like they didn't happen or belong to someone else. It would have been better to have left well enough alone.
The companies seem to try to just dispute everything and hope that something beneficial happens. They don't really care about the ramifications if it backfires.
I guess it depends on which one you use. I'm having sucess with the one im using. I have to give them direction into what I want done, and they go from there. I wish I did have the patience to do it on my own, but I know i'll just get frustrated with it.
I know alot of ppl here do it themself, I may just use them for like 2-3 months then cancel. I can garden my own CC's and make progress on my own. Just rather have them deal with the CA's cause theyre's only 2 to deal with. The others been paid and removed! 