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Score decrease from change to a charged off account?

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atlastontheroad
Established Contributor

Score decrease from change to a charged off account?

Please help me understand this Scorewatch alert:
 
My score dropped 10 points today as the result of a change to an account that was charged off in 2004, DOLA per EQ 4/3/08 was 8/2003.  Was PIF to CapOne, no CA involved.
 
Last activity Aug, 2003.  Per ScorePower report of 4/3/08, it was 120+ past 2/04 and "ok" 3/04 (IOW: I payed it off in March, 2004)
 
No activity from 8/2003 and todays SW messages read:
  • You have a serious delinquency (60 days past due or greater) or a derogatory description on your credit report.
  • You’ve recently missed a payment or the date of your most recent payment is unknown.
  • You have multiple accounts showing missed payments or derogatory descriptions.
  • You've made heavy use of your available revolving credit.

I have paid everything on time.  I haven't missed a payment on the card referenced, it's closed.  My multiple accounts showing missed payments don't include this accountthat was referenced in the SW alert.

Finally, I've paid down UTI from 85% to <50% and when this month's payments post, to less than 30%.

It's the 18th of the month and I'm tempted to pull a report but would like some opinions first: What the heck could have changed on a charged off that is paid off some four months before it should fall off?

Stymied, frustrated, don't want to waste the money on a new report before I see a real decrease in UTI. 

Ideas?  Opinions?  Help?

atlast....feeling pretty helpless right now

 
Ficos 2/17/08: TU 551 EQ 534 EX 587
Ficos 2/12/09 TU 695 EQ 715 EX 715
Fico...4/15/10....drumroll.....EQ 743
Message 1 of 6
5 REPLIES 5
BlueBayou
New Contributor

Re: Score decrease from change to a charged off account?

This morning I got the same SW alert saying an account has changed and it was regarding my 2001 Cap1 Chargeoff. They have really messed up my account this time.

It says that I missed a payment 2 months ago. However, thats not correct. Equifax or CrapOne don't know for sure, changed the reporting to a Reposession/Foreclosure also wrong/not true. And it shows that the account was current during 2006 until 06/2007 then R/F for 5 months, then current in December and back to R/F Jan/Feb. It shows current March 08. No payment has been made on this account since 12/2001. Date of Last Activity still reports 12/2001.

I am in the process of sending a FAX to Equifax to hopefully get it reported correctly.  Account is supposed to be deleted in 11 or 12 of 2008.

This is awful as it is reporting as if I have current late payments. 

I wonder if anyone else got this weird Equifax reporting?

Message 2 of 6
atlastontheroad
Established Contributor

Re: Score decrease from change to a charged off account?



BlueBayou wrote:

This morning I got the same SW alert saying an account has changed and it was regarding my 2001 Cap1 Chargeoff. They have really messed up my account this time.

It says that I missed a payment 2 months ago. However, thats not correct. Equifax or CrapOne don't know for sure, changed the reporting to a Reposession/Foreclosure also wrong/not true. And it shows that the account was current during 2006 until 06/2007 then R/F for 5 months, then current in December and back to R/F Jan/Feb. It shows current March 08. No payment has been made on this account since 12/2001. Date of Last Activity still reports 12/2001.

I am in the process of sending a FAX to Equifax to hopefully get it reported correctly.  Account is supposed to be deleted in 11 or 12 of 2008.

This is awful as it is reporting as if I have current late payments. 

I wonder if anyone else got this weird Equifax reporting?



 
Did you find someone at CapOne recovery (or whatever they call it, internal collections, etc) to talk to?  If so, could you share that information with me?
 
I'm almost afraid to pull another report because Equifax has been not-so-responsive to disputes.
 
Thanks.
 
atlast....
Ficos 2/17/08: TU 551 EQ 534 EX 587
Ficos 2/12/09 TU 695 EQ 715 EX 715
Fico...4/15/10....drumroll.....EQ 743
Message 3 of 6
BlueBayou
New Contributor

Re: Score decrease from change to a charged off account?

I really don't think that this is a Cap1 problem at the moment.  I do think it is Equifax's Fico reporting.  Back in March 2007 this same thing happened to my account and then it went back to the normal reporting until Feb 2008.    I am actually trying what a member on Credit Boards did to get their Cap1 deleted and/or corrected.  At Credit Boards, if you type in:  a new method to disputing, by jack1212, it will give you a little more insight as to how you may be able to get yours corrected, possibly deleted, since it's paid.
 
One other thing I remember sometime back in early 2007,  I had another Cap1 joint account with my son that ended up being charged off and I paid 3 payments for a settled in full notation.  It was supposed to drop 03/2007 and it was having the same type of reporting glitch.  Chargeoffs were being reported after it was paid.(it was paid back in 2000)   I called Equifax to request deletion and she told me they deleted all negative reporting and it is showing up as a good/closed account now.  I still watch that one like a hawk!!
 
Before calling Cap1, I would call Equifax and tell them the reporting is all screwed up.   Make sure they know when it was paid off and that it is severely hurting your score.   I don't think that you need to pull another report at the moment. 
 
I have been trying to Fax Equifax for a an hour now and it keeps coming back as unanswered.  I have so many issues that I basically needed to have them written.  I need to look for a different Fax #. 
 
 
Message 4 of 6
atlastontheroad
Established Contributor

Re: Score decrease from change to a charged off account?



BlueBayou wrote:
I really don't think that this is a Cap1 problem at the moment.  I do think it is Equifax's Fico reporting.  Back in March 2007 this same thing happened to my account and then it went back to the normal reporting until Feb 2008.    I am actually trying what a member on Credit Boards did to get their Cap1 deleted and/or corrected.  At Credit Boards, if you type in:  a new method to disputing, by jack1212, it will give you a little more insight as to how you may be able to get yours corrected, possibly deleted, since it's paid.
 
Before calling Cap1, I would call Equifax and tell them the reporting is all screwed up.   Make sure they know when it was paid off and that it is severely hurting your score.   I don't think that you need to pull another report at the moment. 
 

Well, I called Cap1 and they confirmed the dates: DOLA, date last reported.  They're sending me a copy of the account, the nice CSR at Recovery confirmed that DOFD would be 180 prior to DOLA in so many words.  It was nice to hear "it was paid off more than four years ago."
 
Which puts me back to DOFD = 2003.  So, I'm going to wait and see for a couple of weeks, until I get the documents from Cap1 to back up any dispute to any change to this account.  It's slated to fall off of TU 5/08; the TU CSR told me "Just call back the first week of May if it's not gone."  EQ, probably fall off 8/08.  I hope I don't have to fight for it but if I do, I'll have the ammunition.  If it's EQ's reporting, I will see that when I pull my monthly report in two weeks. 
 
I did briefly look at the CB stuff and have to admit, I'm just not as fond of the company there as here.  There are some good folks, but there are also some ethics that trouble me.  YMMV.
 
Thank you much for the info, I hope yours gets cleaned up quickly.
 
atlast....still looking for credit Zen
Ficos 2/17/08: TU 551 EQ 534 EX 587
Ficos 2/12/09 TU 695 EQ 715 EX 715
Fico...4/15/10....drumroll.....EQ 743
Message 5 of 6
BlueBayou
New Contributor

Re: Score decrease from change to a charged off account?

Atlas;
 
That's really great!   I would still call Equifax to confirm they have the same info!!
Message 6 of 6
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