topic Help!!!!!!!! My score dropped 24 points for disputing in General Credit Topics

Help!!!!!!!! My score dropped 24 points for disputing

Anonymous — Thu, 05 Jul 2007 14:21:32 GMT

EQ. I disputed Capital One as it being listed in my ch 13 BK discharged. My BK will drop off my report in Aug. 2007. I also disputed two lates to JC Penny back-one in 2000, and 0ne in 2001.

I also disputed three Bank Of America as it is listed in ch 7 BK. I never filed a ch 7, just 13. I know that ch 7 can stay on for 10 years. I didn't want to wait until Aug. to see if they dropped so I wouldn't have to wait two or three months to then dispute them.

I lost 24 points for disputing Cap One and JC Penny. They are calling them-reinvestigation. I have before disputed Crapital One, but never JC Penny. I wasn't penalized for disputing the three B of A.

Why did my score drop for disputing? I lost 11 more points earlier in the last week as well for using my CC's on vacation. Thats a total of 35 points. I have already set up payments online for this months payments on CC's to get them back down. Will I get the 11 points back when those balances are paid back down?

Fico scoring doesn't seem to mind taking your points, but they don't seem to want to give them back as fast.

Thanks for your input.

Re: Help!!!!!!!! My score dropped 24 points for disputing

Anonymous — Thu, 05 Jul 2007 14:27:08 GMT

And right there, you've learned rule number 1.....kidding!

But it's very true.

Re: Help!!!!!!!! My score dropped 24 points for disputing

Anonymous — Thu, 05 Jul 2007 14:39:23 GMT

But why would I lose 24 points for disputing? What has Fico scoring got to do with my disputing?

Re: Help!!!!!!!! My score dropped 24 points for disputing

Anonymous — Thu, 05 Jul 2007 14:40:09 GMT

I just went through that in June and I am sorry to hear that happened to you. It just proves my point in that disputes will drop your score. I asked if this could happen on the forum but was told that it should not drop, but it did. I don't mean 24 points, I mean over 50 points just when I needed to refi this month. Can't win... When in dispute with the bureaus, do those accounts that you are disputing not show up and the points that you had for those accounts, don't count anymore? I am confused too.

Re: Help!!!!!!!! My score dropped 24 points for disputing

MidnightVoice — Thu, 05 Jul 2007 14:40:38 GMT

If I understand correctly, items being disputed are not used in score calculations while they are in dispute. This can have some weird effects

Re: Help!!!!!!!! My score dropped 24 points for disputing

Anonymous — Thu, 05 Jul 2007 14:54:42 GMT

myhearts07,

Yes they both are reporting-are you joking-LOL. Crap One will report till the day you die, if they get get by with it. I sent GW to JC Penny. They told me to dispute the two lates from 5 years ago, and they wouldn't verify.

midnight voice,

I didn't think desputes would effect fico scores either, however fico alert email said score drop 24 points. I checked it out and it said the drop was over reinvestigation on Crap One, and JC Penny. So apparently my scores were effected in fico scores. Doen't seem fair.

Re: Help!!!!!!!! My score dropped 24 points for disputing

MidnightVoice — Thu, 05 Jul 2007 14:59:02 GMT

cbjn1103 wrote:

midnight voice,
I didn't think desputes would effect fico scores either, however fico alert email said score drop 24 points. I checked it out and it said the drop was over reinvestigation on Crap One, and JC Penny. So apparently my scores were effected in fico scores. Doen't seem fair.

If they are not using the disputed itwems in their calculations, then the calculations can change.

When the dispute is resolved they will recalculate

Re: Help!!!!!!!! My score dropped 24 points for disputing

Anonymous — Thu, 05 Jul 2007 15:08:26 GMT

midnightvoice

If they are not using the disputed itwems in their calculations, then the calculations can change.

When the dispute is resolved they will recalculate

Yes, I understand what you mean by that. The only way that that would effect me would be JC Penny, as it really doesn't have a great impact on the neg on the lates being five year ago, plus the fact, the acount is a good older credit history with many CLI's and no lates in a very long time. But for Crap One, if they were counting that one in my score...LOL, that would go up in stad of down if it weren't being included in my score. It is a very serious delingent account with a CO

Re: Help!!!!!!!! My score dropped 24 points for disputing

Anonymous — Thu, 05 Jul 2007 15:18:30 GMT

My disputes have been done. TU deleted 3 accounts, Ex deleted one and I have not heard a word from Equifax, ever. My scores have not updated at all. They are still ridiculously low, so I don't know if they have rescored me with based on their findings or not. Will let you know when I get new reports.

Thanks

Re: Help!!!!!!!! My score dropped 24 points for disputing

Tuscani — Thu, 05 Jul 2007 15:24:43 GMT

There are some things FICO will not calculate while a TL is in dispute. Remember, collections and public records do not apply and are never exempt while in dispute. So yes, disputes can certainly impact your scores (both negatively and positively). The final impact is going to depend on the dispute results.

Re: Help!!!!!!!! My score dropped 24 points for disputing

Anonymous — Thu, 05 Jul 2007 15:39:58 GMT

Thanks, myhearts07.

You have been a big help by letting me know that this has happened to you as well. Not that I am glad that it happened to you. But it relieves me to know that this is common practice. However, it shouldn't be common practice. I don't think it should effect a person's score either way, regardless of wheter the dispute is valid or invalid until the investigation is verified. If the dispute is verified to be valid, and it is fixed appropriately then it should increase your score, if it is verified as invalid/or reported correctly, then your score should remain the same.

I think what midnightvoice said makes a lot of sense. It could be that they are not including the accounts while while in dispute in my scoring. If I lost JC Penny positive report, I would most likely lose a lot of points. It is one of my oldest credit reporting histories and has a big positive effect I am sure in my score. But on the other hand......Crap One, if it isn't included in my credit score at this time then it would most likely increase my score. But on the other hand, Crap One is a old account and has less impact on my score than if it were new.

I am going to keep my fingers crossed that maybe what midnightvoice said is the way it works, and once it is investigated and settled then maybe I will get those 24 points back.

Re: Help!!!!!!!! My score dropped 24 points for disputing

Anonymous — Thu, 05 Jul 2007 15:43:34 GMT

Thanks Tuscani, I knew I could count on you to jump in here.

The Crap One is a collection.

The JC Penny is not a collection. It has a great positive impact on my score.

Re: Help!!!!!!!! My score dropped 24 points for disputing

Anonymous — Thu, 05 Jul 2007 18:02:34 GMT

I would wait for the results of the dispute to be final. As others have pointed out, disputes can do weird things with your scores while they are in progress.

Re: Help!!!!!!!! My score dropped 24 points for disputing

Anonymous — Thu, 05 Jul 2007 18:18:21 GMT

I'm not surprised. It's one of the credit secrets that lenders and credit card companies fail to tell you....and yes, even FICO.

If you dispute an account, particularly an old account, it WILL drop your score. It can take months for you to recover.

I went to one of those vulture mortgage lenders early last year at Wells Fargo who told me first that he just wanted to get me into a home...and to make myself look better to the underwriters, to just "dispute everything on my credit report" in hopes that the inaccurate information would just drop off. It didn't. Instead, my score fell 28 points, putting me out of range for a mortgage that wasn't 10 percent interest with three points. At that point, he didn't want to work with me any more....So now I'm renting.

Personally, I wanted that WF lender hogtied and placed on a C-17 over Baghdad....and pushed out into enemy territory. Then perhaps he would have known somewhat about how I felt about not only his bad advice, but his abandoning me after it just made things worse.

Get a lawyer and dispute directly with the company....not the credit agencies, unless you just want to spend the next year getting back on track.

Re: Help!!!!!!!! My score dropped 24 points for disputing

Anonymous — Thu, 05 Jul 2007 18:42:53 GMT

Disputing supposedly won't cause your FICOs to drop. Now that we've got that outta the way.

I know from experience that disputed items might cause your FICOs to change. I disputed an adverse TL, and my EQ FICO climbed. When it came back verified, my EQ FICO drop. Talked to others who've experienced the same thing.

Anything reporting inaccurately should be disputed as inaccurate. If it's showing BK7, but you filed BK13, dispute it.

Check out my Considering Bankruptcy? thread
http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=17383

MyFairCredit BK forum has a number of good reads on BK and credit reporting. Those guys are mostly lawyers posting, and they really seem to know the caselaw and statutes.

Message Edited by Noah_Bodie on 07-05-2007 11:42 AM

Re: Help!!!!!!!! My score dropped 24 points for disputing

Anonymous — Thu, 05 Jul 2007 20:50:06 GMT

Noah,

You are correct about my fair credit. I have gotten a lot of info from them. I even received an email with direction on what to do about my BK& Judgment situation. Since I was in BK protection, the automatic stay was violated when they filed that judgment against me. So I need to file a motion to vacate the judgment.

I also had a lender drop me just recently because of my scores dropping due to disputes. If it takes months to get my score back up and I am screwed!!! I will have to get a second job just to pay the mortgage on my home or try to put it on the market ..... D**n fico scores.

Trying to do right.

Re: Help!!!!!!!! My score dropped 24 points for disputing

Anonymous — Thu, 05 Jul 2007 21:36:27 GMT

Thanks everyone for your advice. I am going to wait until the disputes are finished to see what happens. Hopefully I will get my 24 points back, but I don't look for that to happen. I figure I will get half of those points back. Fico Scoreing system doesn't seem to work in the consumers favor.

I will update this post when I get the dispute results back.

Re: Help!!!!!!!! My score dropped 24 points for disputing

Anonymous — Thu, 05 Jul 2007 22:40:21 GMT

HELP on this whole thing then...my score blows period on EQ & EX and it shows right on the CRs that I (consumer) disputed an account reporting TWICE - so it appears I owe double the debt (this is the one I"m fighting); anyway, is it the fact that I dispute or are they really counting the double debt?

Thanks!