topic Re: Incorrect Credit Reports (Good and Bad) - Strategy? in General Credit Topics

Incorrect Credit Reports (Good and Bad) - Strategy?

Anonymous — Thu, 15 Jan 2009 00:55:41 GMT

So here is my story in a nutshell. My wife and I just got married (in Nov) and are looking into purchasing our first house. She has stellar credit, I have built mine up to around average after some serious transgressions back in college. The only negative items appearing on my credit report is two 90 day late payments on a student loan back in 2004.

Right before we were married, my wife added me as an authorized user on her AMEX card and to my suprise when I pulled my credit reports, I had a nice line of low utilization revolving credit dating back to 2002 boosting my scores. After my college years, I cancelled all of my credit cards and rebuilt my credit using installation loans exclusively. Unfortunately, only two of the credit reports are indicating the AMEX account and as this is the only revolving credit account on my CR, I think its playing a big impact. On the flip side, only two of the CRs are indicating the late payments on the student loan, while the 3rd shows no late payments on that account. My FICO scores are as follows:

TU: 766 (Includes AMEX account, excludes late payments)

EX: 717 (Includes AMEX account, includes late payments)

EQ: 700 (Excludes AMEX account, includes late payments)

We are going to need both salaries to afford a home in our area and our down payment is in the 5-10% range so PMI is going to be required. Many insurance companies are requiring a 720 median score so I am concerned about my score of 717. What should my next step be?

Contact AMEX and ask that they report the account to all three credit agencies (Including EQ)?

Write my student loan provider and submit a good faith letter seeing if they will stop reporting the old late payments in recognition of 4 years of timely payments?

I would appreciate some advice from all the experts out there. Thanks so much.

Re: Incorrect Credit Reports (Good and Bad) - Strategy?

llecs — Thu, 15 Jan 2009 01:19:04 GMT

KBVT wrote:
Contact AMEX and ask that they report the account to all three credit agencies (Including EQ)?

Write my student loan provider and submit a good faith letter seeing if they will stop reporting the old late payments in recognition of 4 years of timely payments?

You nailed it. Have your DW call Amex (doesn't always work, though) and fire off some GWs for the SL.

Re: Incorrect Credit Reports (Good and Bad) - Strategy?

Anonymous — Thu, 15 Jan 2009 01:24:00 GMT

Any concerns about brining up the account with the student loan company and accidently having them review the incorrect information that TU has? I don't want the late payments to show up just because I rocked the boat.

Re: Incorrect Credit Reports (Good and Bad) - Strategy?

llecs — Thu, 15 Jan 2009 01:26:02 GMT

It is possible, but unlikely. I would search around in here for the SL lender to see how they have responded to requests in the past (disputes, GWs, PFDs, etc.)