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New Contributor
Posts: 57
Registered: ‎01-09-2011
0

score drop from online dispute

I tried to verify a debt from first premiere bank for the last 45 days and I never recieved anything in writing from them at any time about this debt. I think I made a mistake by disputing this online through EQ. as I just got a SW alert that my score dropped 24 points due to the dispute. What happens now? Anyone know if this happens when disputing online?


Starting Score: 570
Current Score: 666
Goal Score: 720


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Senior Contributor
Posts: 4,196
Registered: ‎03-24-2008
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Re: score drop from online dispute

 From the way I understand it is....

When  you dispute a TL on  your CR, it is temporarily not included in your FICO CS until the dispute is settled.

If the TL is deleted I'm afraid your CS will stay the same, but if it's  verified your CS should bounce back.

 

May I ask.. What was the reason for the dispute?

FICO's May 2015 EQ764 ~~Live below your means and always keep an emergency fund -Love Everybody ~ Big Kenny ~ Big and Rich ~~~~~Credit Scoring 101 - Common Abbreviations - Freq Req Threads - Free Credit Reports - What Steps Do I Take?DV? PFD?
Regular Contributor
Posts: 208
Registered: ‎03-11-2007
0

Re: score drop from online dispute

This happened to me with FP.  Check to see if they updated your credit file with the same information.   I called first premier and they had the information updated with the same EXACT information and it caused my score to drop 10 points.  I was so angry. They didn't change the DOFD or anything just updated with the same info.  I called them back and they acted as if they didn't do anything.

Closed on my 1st home on: 11/30/2011
First Guaranty Mortgage Corporation (FGMC)
Starting Score:Equifax: 490 (01/14/2011)Transunion: 498 (01/14/2011)
Current Score: Equifax: 609(07/09/2012) Transunion: 644 (10/14/2011) Experian: 593 Lender Pull (08/22/2011)

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New Contributor
Posts: 57
Registered: ‎01-09-2011
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Re: score drop from online dispute

The reason I disputed was that I have sent letter and emails to verify this account with first premier and the CA  NCO at first they couldn't find it at all as I was just wanted the amount in writing so I can pay it. I also mailed a PFD to them as well with no response. I have never received anything in writing about this debt. The DOLA on this is dec. 2007 So just out of frustration I disputed online to try to get something in writing on how much I owe or if they can't find it to delete it. Did my score go down because this was old charge off, and now is being reported as new?

 

Thanks so much for the replies


Starting Score: 570
Current Score: 666
Goal Score: 720


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Epic Contributor
Posts: 21,575
Registered: ‎03-19-2007
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Re: score drop from online dispute

Another reason for using the direct dispute process under FCRA 623(a)(8) rather than disputing through a CRA.

When you file a direct dispute, the CRA has no initial involvement in the process.  The dispute goes directly to the OC.  Unless the OC additionlly notifies the CRA of the filing of the dispute with them, which I dont believe is their common practice, the CRA wont know of the dispute until it is resolved, and the results are reported to the CRA if correction is required based on the outcome of the dispute. 

Either dispute process, either by way of a direct dispute or a dispute through the CRA, requires statutory periods for handling the dispute. Investigation of the dispute must be completed within 30-days of date of the dispute, and the results communicated to you in writing within 5 days thereafter.  45-days from date of dispute is about time to start contending violation of the dispute processs.  30-days plus 5-days plus mailing time is when their resolution of the dispute should have been received by you.

New Contributor
Posts: 57
Registered: ‎01-09-2011
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Re: score drop from online dispute

thanks again for the quick replies on this,

I do relize that I have made a mistake by disputing this online, I just cant understand why my score dropped by 24 points over this dispute.  On my reports, it had listed for reasons score was low one which was having past due accounts, the only past due account showing on my report is first premier bank cc. At that point I just wanted to pay it and have the balance shown in writing what im paying for. I did start out with a PFD letter instead of a DV letter as the balance on this is only $469. When I didnt get a response from the PFD I sent out a DV which was just on a email to the CA and CO. Also I called both CA and CO 4-5 times each asking for something in writing and kept getting new phone #s to call because they could'nt find this account. at that point I just got frustrated and I did the online dispute. Now I just wish I payed it in full and sent out GW letters. If this does get deleted will my score stay at 581 which it is at now after the dispute?


Starting Score: 570
Current Score: 666
Goal Score: 720


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Senior Contributor
Posts: 4,196
Registered: ‎03-24-2008
0

Re: score drop from online dispute

I would also suggest reading posts on the other board....Understanding FICO scoring.

 

We can not post, the same post on two different boards because its againist the rules here.

 

But if you would like to have your post moved to another board, you can ask a MOD or just post the message here.

 

Oh BTW, here is what I found by using search box "score drop dispute"

http://ficoforums.myfico.com/t5/forums/searchpage/tab/message?q=score+drop+dispute

Hope this info helpsSmiley Wink

FICO's May 2015 EQ764 ~~Live below your means and always keep an emergency fund -Love Everybody ~ Big Kenny ~ Big and Rich ~~~~~Credit Scoring 101 - Common Abbreviations - Freq Req Threads - Free Credit Reports - What Steps Do I Take?DV? PFD?
New Visitor
Posts: 1
Registered: ‎03-02-2011
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Re: score drop from online dispute

Some timely info for this thread:

 

I had noticed that one of my TL's was not updating (on EQ) for the past three months; therefore, even though I was paying (double payment amount) the account down, the balance was remaining static, without the updated monthly info.

 

I called EQ yesterday and explained the situation.  The agent was very friendly and told me she would look into it and get back to me.

 

Well, this a.m. I pulled my CS (I subscribe to unlim' reports with EQ) and it had dropped 16 pts. from 668 to 652, with an alert explanation of:  Home Depot account balance dispute initiated!

 

I called EQ again, and the service agent said this was common and that after 30-45 days when the dispute had run its course, I would most likely see the CS come back up again.

 

Had I been armed with this info, I would not have called EQ, I would have just handled it through Home Depot. 

 

My balance on this account has decreased over $500 (17%) since December, so I am hopeful the CS will not just return to the 668, but will rise even higher in 30-45 days, as my [other] account balances are also  markedly decreasing each month and I have not had any late's, for over two years now.  

New Contributor
Posts: 57
Registered: ‎01-09-2011
0

Re: score drop from online dispute

Thanks again for all the replies

I did read a lot more on disputes I guess its very common that score will go down while item is still being disputed only thing I can figure is once its marked dispute in progress fico score drops. While all my fako scores soar 60-70 points. I just hope that if this is deleted that it don't get reported again and show up in the future on my reports. It has been almost 2 months and I never got anything in writing about this debt from NCO and First premier bank after prolly 15 calls letters and emails. So at this point I really didn't see any other way to resolve this.


Starting Score: 570
Current Score: 666
Goal Score: 720


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Established Member
Posts: 20
Registered: ‎02-15-2011
0

evenRe: score drop from online dispute

[ Edited ]

Well, this was interesting; I received an alert from EQ this a.m. that my score had gone up.

 

I checked in with my SW and my score had returned to where it was (668), after only about sx days.

 

The alert explanation was that the TL had been [cleared] of the dispute and the balance was now corrected.

 

I have a lot of faith in the FICO system and I appreciate EQ expediting this process.  I thought for sure, that I would be in the tank for at least a month.

 

I am now paying down my remaining accounts by at least 10% each month, so I hope to see a continued uptick of my EQ score.

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