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I negotiated a sucessful PFD that updated as PAID on Equifax. Both Experian and Transunion deleted. The collection agency advised me to dispute on EQ to remove it more quickly. Has anyone had experience with this? Will disputing tank my score?
I've had the same experience. Deleted from TU and EX. EQ just seems to take forever to do anything.
Their request that you dispute is pure hogwash. If they admit the need to update, they have the obligation to do so.
The party who reports any information to a CRA has the duty, under FCRA 623(a)(2) to, at their own initiative and responsibilty, provide timely update of that reported information so as to maintain its accuracy. It is not the consumer's responsibility.
If they agreed to a change in reporting, they have the obligation to timely report it.
That is particularly important when the reporting relates to a deletion of the previously reported information.
It is clear CRA policy that deletion based on payment of the debt is NOT a basis for CR deletion. When a party reports an update to a CRA, they do not have to provide a reason, and thus that CRA policy never becomes an issue when the reporting comes from the furnisher.
Aside from abrogating their legal obligation to update themselves, asking the consumer to dispute their own reporting requires the consumer to provide a reason to the CRA.
With the reason being deletion based upon a PFD agreement, that places the issue of appropriateness of the deletion clearly on record with the CRA. They would thus have every reason and right to decline.
By filing a dispute, the CRA will also place a pending dispute flag on your credit report, thus removing certain aspects of your report from FICO scoring until the flag is lifted.
So, yes, you are negatively impacted by filing the dispute... your score become pretty much useless until the dispute is resolved and the flag lifted.
@RobertEG wrote:Their request that you dispute is pure hogwash. If they admit the need to update, they have the obligation to do so.
The party who reports any information to a CRA has the duty, under FCRA 623(a)(2) to, at their own initiative and responsibilty, provide timely update of that reported information so as to maintain its accuracy. It is not the consumer's responsibility.
If they agreed to a change in reporting, they have the obligation to timely report it.
That is particularly important when the reporting relates to a deletion of the previously reported information.
It is clear CRA policy that deletion based on payment of the debt is NOT a basis for CR deletion. When a party reports an update to a CRA, they do not have to provide a reason, and thus that CRA policy never becomes an issue when the reporting comes from the furnisher.
Aside from abrogating their legal obligation to update themselves, asking the consumer to dispute their own reporting requires the consumer to provide a reason to the CRA.
With the reason being deletion based upon a PFD agreement, that places the issue of appropriateness of the deletion clearly on record with the CRA. They would thus have every reason and right to decline.
By filing a dispute, the CRA will also place a pending dispute flag on your credit report, thus removing certain aspects of your report from FICO scoring until the flag is lifted.
So, yes, you are negatively impacted by filing the dispute... your score become pretty much useless until the dispute is resolved and the flag lifted.
I'm amazed at how often you're able to peel back the layers on some of these issues. From the surface, in my head, I'm thinking 'Well yeah that seems easy, a PITA, but it must just be easier for the CA to delete that way'. Never once would I have thought of the reason for deletion becoming an issue.
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this exact thing happened to me. Was it an EOS CCA acct? also did you have dispute comments on that acct? In my case the ca put dispute comments when they first reported which was inaccurate. I called today to have them removed and was told that would take up to 30 days then I asked about the delete request from the ca and the person I spoke to asked me for my email address. Then she said I would recieve an email in a couple of weeks about the deletion.......
I have heard that EQ takes forever
This collection was for unpaid tuition resulting from an uncollected TAP grant that was disbursed to me. When I contacted the school, they agreed that there had been an oversight, but since I owed the money, I paid them and they instructed the CA to remove it from my CR. Perhaps not technically a PFD, but similar rewards. I will definitely contact the CA again, and ask that they resolve it with the CRA rather than filing a dispute. Actually, both the school and the CA have been very accomodating and more than civil, surprisingly.
Thanks to all of you for your input.
@ vabound...this was not an EOS account and there were no dispute comments. All involved told me, repeatedly, that it could take 30 days to update. My concern was that it had updated three days after payment, but incorrectly. Having difficulty relying on their information. Has yours been reported correctly, or are you still waiting?
@SammyChance wrote:@ vabound...this was not an EOS account and there were no dispute comments. All involved told me, repeatedly, that it could take 30 days to update. My concern was that it had updated three days after payment, but incorrectly. Having difficulty relying on their information. Has yours been reported correctly, or are you still waiting?
My situation is similar...?i paid eoscca and then filed a complaint with BBB. They sent me a letter stating they would delete from all three cb's. Trans and ex deleted within three days and EQupdated to paid with $0 bal. I noticed there were dispute comments placed by the ca so I called yesterday to have those removed and was told that it would take up to 30 days. Today I received an email stating that EQ opened a dispute to dispute the dispute comments!!! Hilarious.......anyway, I asked if they received the deletion notice from the ca and I was told not yet but it should come in a few days. After that it will be deleted. I will call everyday until they get it right.