topic Re: Small Equifax Victory in General Credit Topics

Small Equifax Victory

smallfry — Wed, 11 Mar 2009 23:31:48 GMT

I have a child support tradeline listed only on my Equifax report. Shouldn't be there in the first place but that's another story. I have disputed it 3 times in the past 2 years. No luck having it changed or removed. It is listed in "Other" accounts and until I opened the results of this latest dispute it was always listed as Open. Now it is listed under Other accounts but as of March 9 it is Closed. Other than not having to go through extra rigamarole proving I don't have that much of a monthly child support obligation on a mortgage what advantage do you think I have gained? I would imagine the line itself will remain on the report until 2019. Open date is May 2005 so it actually doesn't hurt AAofA doesn't help but doesn't hurt.

Re: Small Equifax Victory

Anonymous — Thu, 12 Mar 2009 00:04:47 GMT

@smallfry wrote:
I have a child support tradeline listed only on my Equifax report. Shouldn't be there in the first place but that's another story. I have disputed it 3 times in the past 2 years. No luck having it changed or removed. It is listed in "Other" accounts and until I opened the results of this latest dispute it was always listed as Open. Now it is listed under Other accounts but as of March 9 it is Closed. Other than not having to go through extra rigamarole proving I don't have that much of a monthly child support obligation on a mortgage what advantage do you think I have gained? I would imagine the line itself will remain on the report until 2019. Open date is May 2005 so it actually doesn't hurt AAofA doesn't help but doesn't hurt.

Not sure exactly but I know 3 people who have those listed on their reports ranging from 283/mo to 860/mo and as far as I know, it has not affected them AT ALL. they have lots of credit, good credit, good scores, they can get whatever they want and that has never come up as an issue. who knows, maybe they got lucky or something.

ADD: The one with 860/mo also has an arrear that created not because he hadn't paid but because his ex decided to file now and they backdated it so ended up as arrears. Even though he was paying her 1k a month in cash, the <self blip> decided to screw him because he just got married and bought a house and she just got divorced with her husband and lost her house, so vindictive, the kid is 16 and he doesn't even want to live with her and she has 2 more kids with the new husband, anyway. The judge said since we can't prove cash, although lots of anectodal evidence exists, he has no choice but to put him in arrears and order a judgement but he will reduce it greatly based on the fact that he KNOWS the woman is lying, even though he can't prove it. Anyway with all that, he just bought a house 2 weeks ago without a problem and a good rate too and he only put down like 1/2 of 1% or something ridiculously low like that just for closing stuff, ended up to be a 100% financing for a 327k home. No sure what is going on that is hurting you, sorry to hear it is though.

Message Edited by Guardian on 03-11-2009 05:04 PM

Re: Small Equifax Victory

Anonymous — Thu, 12 Mar 2009 00:01:10 GMT

I would almost be willing to bet you have gained nothing.

What is Not in Your Credit Score

Any items reported as child/family support obligations or rental agreements.

Re: Small Equifax Victory

Anonymous — Thu, 12 Mar 2009 00:08:14 GMT

@Anonymous wrote:
I would almost be willing to bet you have gained nothing.

What is Not in Your Credit Score

Any items reported as child/family support obligations or rental agreements.

Ok, figured that too but wasn't sure. Thanks for the link.

Re: Small Equifax Victory

smallfry — Thu, 12 Mar 2009 00:12:58 GMT

I had no problem getting large lines from NFCU and Penfed with the line reporting open. Score wise I am pretty sure nothing has changed but I would imagine a mortgage lender seeing a $4400 child support obligation might be willing to lend a little less don't you? Now since it is reporting as closed they gotta figure I have no obligation right? At any rate closed sure reads a lot better than open to moi.

Re: Small Equifax Victory

Anonymous — Thu, 12 Mar 2009 01:10:26 GMT

smallfry wrote:
I had no problem getting large lines from NFCU and Penfed with the line reporting open. Score wise I am pretty sure nothing has changed but I would imagine a mortgage lender seeing a $4400 child support obligation might be willing to lend a little less don't you? Now since it is reporting as closed they gotta figure I have no obligation right? At any rate closed sure reads a lot better than open to moi.

You are correct, a lender may be happier seeing that closed as opposed to open.

Re: Small Equifax Victory

Anonymous — Thu, 12 Mar 2009 01:27:46 GMT

@smallfry wrote:
I had no problem getting large lines from NFCU and Penfed with the line reporting open. Score wise I am pretty sure nothing has changed but I would imagine a mortgage lender seeing a $4400 child support obligation might be willing to lend a little less don't you? Now since it is reporting as closed they gotta figure I have no obligation right? At any rate closed sure reads a lot better than open to moi.

I was going to say this earlier but was afraid it would be misunderstood and I didn't want to offend anyone. But to offer it in the good faith spirit of sharing, I was going to say that maybe the presence might be looked upon badly or the person might pass judgement, which happens based on automatic assumptions which are often wrong, but otherwise shouldn't affect you in the actual model of relavance. This obligation is no different than any other obligation you have and a home has its own protection of being used as collateral, so...

Re: Small Equifax Victory

smallfry — Thu, 12 Mar 2009 02:22:13 GMT

Guardian you totally lost me with your last response. Equifax was reporting that I had a $4400 monthly child support obligation. I never paid that much in the first place secondly since NJ law requires that you had to be in arrears of over 1K for the event to even be placed on the report it was to say the least a very frustrating experience watching them E-Oscar verify incorrect info every time. Bottom line this has to free up $4400 of monthly income for me in any mortgage lender's eyes correcto? That's a lot of money.

Re: Small Equifax Victory

Anonymous — Thu, 12 Mar 2009 02:30:07 GMT

@smallfry wrote:
Guardian you totally lost me with your last response. Equifax was reporting that I had a $4400 monthly child support obligation. I never paid that much in the first place secondly since NJ law requires that you had to be in arrears of over 1K for the event to even be placed on the report it was to say the least a very frustrating experience watching them E-Oscar verify incorrect info every time. Bottom line this has to free up $4400 of monthly income for me in any mortgage lender's eyes correcto? That's a lot of money.

I'm sorry, I had a feeling that would happen. One of the friends I told you earlier, a lender pulled the report and ACTUALLY looked at it and she was like, oh you owe for child support huh? and he asked why does that matter and she said, well if a father can't take care of his child and owes for this and that, then we can't really count on them to do right by us, a stranger can we? It was mostly a personal judgement and sly jab which was totally unfounded as he has NEVER been a bad father and this was as explained earlier due to totally crap reasons but the person LOOKING at the report held it against him. He took his business elsewhere and they ran his report and his scores were good and didn't even come up. So that's what I meant that if someone LOOKS at it and decideds to be ignorant about it, then it might carry some negative but by itself it shouldnt' hurt you. Did I clear that up or still clear as mud?

Re: Small Equifax Victory

smallfry — Thu, 12 Mar 2009 02:50:27 GMT

Guardian I never took any offense and I can see that you understand the dilemna I was facing. It made it appear that I was in arrears due to the fact it was placed on the report at all. TU and EX thankfully never had the line on my reports ever.

Re: Small Equifax Victory

Anonymous — Thu, 12 Mar 2009 02:56:34 GMT

@smallfry wrote:
Guardian I never took any offense and I can see that you understand the dilemna I was facing. It made it appear that I was in arrears due to the fact it was placed on the report at all. TU and EX thankfully never had the line on my reports ever.

Yeah, I have dealt with it through friends and I am quite familiar with how it affects people but its also a touchy subject with very heated positions on it and that's why I was trying to be careful about it and decided to leave out in my second post but I am happy that you understood my intentions were sincere in bringing it up. Try not to worry too much about it, since it is closed, even if someone sees it, it comes across as a fulfiled obligation and if not then it won't affect you. Either way my friend, you should be fine. Don't worry about it too much and don't let it get to you, it sucks but it will pass.