Ok, I need help with credit drop after dispute....

[happyhome40]

I initiated a dispute through equifax regarding an account that I didn't recognize. The results came back that the account was indeed mine. It was a lease vehicle that had damages that I paid off back in 2009. After the dispute, the creditor updated my account. Now my credit report says that I've missed a payment in the last two months. May score dropped experian score dropped from 704 to 677, eq drop from 668 to 657. What can I do about this? I haven't had a late payment on anything in almost four years. How do i get them to change this erroneous update? I feel like I'm just doing all this crap in vain. I have worked so hard to fix my credit and then this crap happens. Please advise, Monica

[llecs]

Is it paid or unpaid?

[happyhome40]

It's paid. My credit report reflects that it's paid with a zero balance. Last activity is April 2009.

[llecs]

Guessing here, but is it a baddie that now reflects as a paid CO? If so, paid or unpaid, the damage of a CO is the same. The dispute could have updated the reporting date and that could have a negative score impact.

Since it reflects as paid, send a GW letter asking them if they wouldn't mind deleting.

On the flip side, the score(s) you posted might not be FICO scores, unless you had a lender pull them. Consumers no longer have access to their Experian FICO score without the help of a lender or a few select CUs.

[happyhome40]

Actually, I didn't realize it but I thought the score on myfico was an experian. I pulled a score from equifax.com for nothing. My score here is eq 677 and from the equifax website was 658. Which is right? If you are correct then my last late payment will show 2 months ago and I have to start all over? This will definitely affect my ability to get a va loan.

[llecs]

The score from equifax.com could likely be a FAKO score. They sell their own score called an "Equifax Credit Score" and it's for educational purposes only. That could explain the score difference. They also sell a FICO, but they don't readily promote it.

You wouldn't have to start over. It's a charge-off, right? A lender would look at the DOFD of the debt and can easily determine that by looking at the full 7-yr history. I wouldn't be concerned. But I would send out a herd of GW letters months before applying.

[happyhome40]

Thanks so much. This is disheartening though.

[IOBA]

happyhome40 - Hang in there...I think at times, we all feel discouraged by a creditors (ours or not) action.

[RobertEG]

Presumably, the CRA, as part of their dispute process, obtained verification of the delinquency from the creditor, but that is not assured.

While the creditor is "required" to report back to the CRA during the dispute process, if they dont, the CRA must still conclude its reinvestigation of the dispute, and report its results to the consumer.

To get the issue clearly before the creditor, along with ALL of your supporting doucmentation, and without CRA meddling through their e-OSCAR process and reinvestigation rights, I would suggest sending a direct dispute to the credtior under FCRA 623(a)(8).

Make them conduct their investigation and verify directly to you the accuracy of the disputed information.  You may get the same result, but a specific statement to you that they have in fact conducted a full, reasonable investigation and found the information accurate would be important should you pursue the matter, such as by bringing your own civil action against the creditor.