03-10-2009 09:03 PM
I had a card and it was charged-off in September 2005. Each month the creditor reports it each month as a charge-off. I disputed with experian and it came back as verified.
I mailed multiple certified letters to request an investigation according to the FCRA Section 623 which specifically states they have 30 days to conduct a formal investigation. My Experian Score was always significantally lower than TU and EX.
My question is, The manner in which this is being reported as a charge-off when techincally it was charged-off in Sept 2005 is this hurting my Fico score?
03-10-2009 09:08 PM
Welcome to the forums!
Are you talking about your EQ score? Yes, this is hurting your scores. Every time a charge-off or collection updates, it can tank your FICO scores. Original creditors and collection agencies are allowed do this, but it still stinks.
I'm not really sure you have anything to dispute. Also keep in mind when you dispute, the CO will update too. How did you word your dispute? Its true CRAs have 30 days to complete their investigation.
03-10-2009 09:21 PM
Thanks for the welcome.....
With the Experian dispute, I checked the box to dispute all info since there were multiple things wrong and typed in detail on the web form all of the corrections to be made.
In my certified letters to Capital One the original creditor who is reporting this account, I spelled everthing out. In the balance history, you will see increases in the balance of typically 25-29 a month you would think for interest, then on occasion, you see 149, 222, 374 added to the balance for no reason at all. I sent them a copy of the report with a deatiled 2 page letter of all of the issues I have with their reporting of this account and asking for an investigation based on the FCRA 623. I received no response. Mailed out another certified letter now it is another 30 days since they received the second one and still no response at all.
03-16-2009 06:55 AM