Understanding FICO® Scoring

[ASAP2]

Me being impatient,  decided to dispute an installment account so it could show my balance being halve way paid for. Instead of updating the balance, Those pricks at Transunion deleted the account which has always been in good standing and had aged to 10 months. I noticed my score dropped 60 point's. What should I do?

[LAX]

Message Edited by LAX on 09-14-2008 10:37 PM

[Brammy]

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ASAP2 wrote:

Me being impatient,  decided to dispute an installment account so it could show my balance being halve way paid for. Instead of updating the balance, Those pricks at Transunion deleted the account which has always been in good standing and had aged to 10 months. I noticed my score dropped 60 point's. What should I do?

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You should have started with the creditor and had them update it.  When you enter a disoute and the creditor doesn't respond the account is deleted from your report.  Ask the creditor to rereport the acount wit its current payment history.   There are some things that aren't worth disputing.

[ASAP2]

Well, this was for the sake of a conventional mortgage loan and they wanted all installments to be under 50%. Thanks for the feedback though!

[TheNewWorldMan]

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DEADBEATS_ARE_THIEVES wrote:
It should reappear when they update. Disputing accounts just to get the balance to update is abuse of the system.

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And, IMHO, so is not updating an account in a timely manner to reflect positively when a debt is paid down.

I don't know the specifics, so I don't know if in fact the creditor failed to update in a reasonable time frame, but that door swings both ways.

[rosychild]

I have a bigger problem than that-so, this should make you feel better--- my company's laptops were stolen. We all received a notice (2 months later) that this happened, and our identity was being compromised-their advise was to CLOSE all your ACCOUNTS--and open NEW ONES !!!! Of course, I did do that-MY credit score was REDUCED 116 points-because of this !!! My problem has JUST begun!!! Try to straighten this MESS out !!!! The whole credit score thing is a bunch of bull-but we have to go by their rules !!!!!!!! It's RIDICULOUS!!!!!!!!!!

[ASAP2]

Sorry to here that

[TheNewWorldMan]

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rosychild wrote:

I have a bigger problem than that-so, this should make you feel better--- my company's laptops were stolen. We all received a notice (2 months later) that this happened, and our identity was being compromised-their advise was to CLOSE all your ACCOUNTS--and open NEW ONES !!!! Of course, I did do that-MY credit score was REDUCED 116 points-because of this !!! My problem has JUST begun!!! Try to straighten this MESS out !!!! The whole credit score thing is a bunch of bull-but we have to go by their rules !!!!!!!! It's RIDICULOUS!!!!!!!!!!

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Why did they tell you to close the accounts? Why not just issue new cards with a new number, and cancel the old cards?

I would contact the company...I can't believe the only answer to this was closing the accounts completely. I had an ATM card stolen once, I didn't have to cancel anything except the card.

[BMax]

I had the exact same problem with a credit card and the balance never updated. I disputed it directly with TU and low and behold, the acct was deleted! I called the creditor and they were no help. I even called TU and they said it's up to the creditor to begin reporting it again. It never happened.......

Looks like neither of us will make that mistake again.

[yoreljm]

I sucks how easily positive accounts are delete!