topic WRONG INFO ON MY CREDIT REPORT in Understanding FICO® Scoring

WRONG INFO ON MY CREDIT REPORT

Anonymous — Wed, 07 May 2008 18:53:58 GMT

My equifax was 724 it dropped down to a 636 in one day due to errorenous info. The strange thing is that it did not affect my experian or transunion those are both in the 730's. The account was paid off in 2003 but is now showing as bad debt/In collections in the comments field. Has this happened to anyone else?

Re: WRONG INFO ON MY CREDIT REPORT

Anonymous — Wed, 07 May 2008 20:55:10 GMT

I found out what it was. A car loan i had that was paid off 5 years ago is just now showing as collections. I contacted the company and I am having this removed

Re: WRONG INFO ON MY CREDIT REPORT

Anonymous — Wed, 07 May 2008 21:00:22 GMT

If in fact it is a TRUE complete error the lender or CA should be able to have it removed with in hours with a phone call to CRA. I think this qualifies. Push the lender to take fast action.

Re: WRONG INFO ON MY CREDIT REPORT

RobertEG — Thu, 08 May 2008 06:59:52 GMT

I totally agree with your advice, pizza, with one minor suggestion. Yes, going directly to the CA and getting them to remove the baddie directly by notice to the CRA is the most expeditious procedure. However, the CA is under no legal obligation to do this. The legal dispute procedure under the FCRA is by notice of dispute to the CRA reporting the entry, who when has 30 days to resolve it by contacting the creditor. Yes, a convoluted procedure, but it is the only procedure that legally forces action on the dispute. So I would just suggest that, in addition to working with the CA, a dispute letter also be immediately filed with each CRA reporting this account, and trigger the FCRA procedure.

My personal experience leads me to say this. I had a collection appear on my report about a year and a half ago that was from some medical collection agency, for a bill that I did not recongnize, and never incurred. I played around with phone calls to this CA for a few months, and just got the run around. They simply would not put the effort into investigating it unless forced to do so. So I filed a formal dispute with each CRA, and it was resolved within two months.

Message Edited by RobertEG on 05-07-2008 11:56 PM

Message Edited by RobertEG on 05-07-2008 11:59 PM