topic Re: Worth it to fix this incorrect reporting? in Understanding FICO® Scoring

Worth it to fix this incorrect reporting?

gorgon — Mon, 10 Dec 2018 18:26:41 GMT

Comenity decided to report a paid and closed account with them as IIB. It was closed several years ago in good standing. They also correctly reported one I actually included in my bankruptcy as such. From a score perspective, would it even be worth it to call and ask them to report the old account correctly as Paid and Closed?

Re: Worth it to fix this incorrect reporting?

Anonymous — Mon, 10 Dec 2018 19:05:18 GMT

How many years has it been since the card was closed, according to the report? (You describe it as "several.") Closed accounts fall off the report 10 years after closure, so if it will be falling off soon that may be worth thinking about.

When will the BK fall off the report?

I have no especial expertise in BK issues, but my guess is that a report with a BK and four accounts IIB (say) scores the same as a BK and five accounts IIB.

Re: Worth it to fix this incorrect reporting?

gorgon — Mon, 10 Dec 2018 21:12:40 GMT

@Anonymous wrote:
How many years has it been since the card was closed, according to the report? (You describe it as "several.")

Closed 6/2015

Re: Worth it to fix this incorrect reporting?

gorgon — Wed, 12 Dec 2018 13:08:34 GMT

Dug a little deeper and found they coded the payment status as "Late" on Equifax even though every month's box is green. I hate Comenity.

Re: Worth it to fix this incorrect reporting?

Anonymous — Wed, 12 Dec 2018 13:25:41 GMT

What source are you using to track/monitor your report(s)?

Re: Worth it to fix this incorrect reporting?

gorgon — Wed, 12 Dec 2018 13:35:24 GMT

@Anonymous wrote:
What source are you using to track/monitor your report(s)?

CCT

Re: Worth it to fix this incorrect reporting?

Anonymous — Wed, 12 Dec 2018 13:36:56 GMT

I mean, if you are sure you were never late on an account and that account is showing you as late, I'd certainly suggest getting the incorrect reporting removed.

Re: Worth it to fix this incorrect reporting?

gorgon — Wed, 12 Dec 2018 13:41:37 GMT

The only worry that has popped into my head since my OP was that they could potentially delete the account all together and throw off my AAoA.

Re: Worth it to fix this incorrect reporting?

gorgon — Wed, 12 Dec 2018 13:51:26 GMT

Re: Worth it to fix this incorrect reporting?

Anonymous — Wed, 12 Dec 2018 17:11:21 GMT

Generally speaking, the removal of a negative account is better for your file than keeping it due to age of accounts factors, especially AAoA. If you were talking AoOA and an account that's 20 years old with a negative item present and your next oldest account was (say) 6-7 years old, perhaps that would be the lone exception... but that's considering oldest account, not average age. This is similar to the argument of adding an old AU account from an immediate family member that's at very high utilization on a profile that's at currently low utilization. Sure you get the benefit of the older account, but at the expense of the utilization hit.

If this isn't your oldest account, AoOA isn't factor here. Have you determined your before/after AAoA if the account were to be removed?

Re: Worth it to fix this incorrect reporting?

gorgon — Wed, 12 Dec 2018 19:05:21 GMT

So would I call Comenity to dispute, or the CRAs?

Re: Worth it to fix this incorrect reporting?

Anonymous — Wed, 12 Dec 2018 21:35:10 GMT

Your first step would be a simple phone call to the creditor. If that doesn't work, initiate a dispute. If it's incorrectly reported and you weren't in fact late (but your CR says you were) I think a front-line CSR from your creditor would be able to resolve/re-report it [correctly] in prompt fashion.

Re: Worth it to fix this incorrect reporting?

gorgon — Thu, 13 Dec 2018 15:32:31 GMT

Comenity was no help. Filed disputes with the CRAs. Uploaded my BK7 filing as a supporting doc. Surely they will side with me...

Re: Worth it to fix this incorrect reporting?

gorgon — Thu, 03 Jan 2019 16:49:54 GMT

Got an email yesterday that Equifax is still working on my dispute.

Got an email from Experian this morning that my dispute was complete and the updated report was available. Looked at the report and absolutely nothing has changed. That was helpful..

Re: Worth it to fix this incorrect reporting?

Revelate — Thu, 03 Jan 2019 19:04:48 GMT

Not sure on the score penalty of IIB, actually I think it isn't a problem basically suggests this tradeline got caught up in the BK when it comes to underwriting.

Will state if you have a BK on it, and other accounts IIB, the impact on your score by removing it is going to be a handful of points if any, and at that point I'd keep the history personally depending on the thickness of my file.

Not sure this is really worth worrying over frankly.