topic Re: Wish I had known sooner in General Credit Topics

Wish I had known sooner

Anonymous — Thu, 03 Dec 2015 21:32:50 GMT

Went to my credit union today to apply for a credit card. I was denied for an unsecured card which means I will have to get a secured card.

The lady at my credit union with whom I spoke informed me that after 90 days of a delinquent revolving account not being reported I can dispute it and have it removed from my credit report entirely (referring to my old credit union where I had a credit card that I defaulted on).

What makes me upset is that I paid it many months ago, it is still being reported, and I called them this week to make sure that they would report it. Had I known sooner I would have just disputed it.

Might it still be too late to dispute it and try to have the negative score removed from my credit report or am I too late?

Re: Wish I had known sooner

98Supra — Thu, 03 Dec 2015 21:39:48 GMT

@Anonymous wrote:
Went to my credit union today to apply for a credit card. I was denied for an unsecured card which means I will have to get a secured card.
The lady at my credit union with whom I spoke informed me that after 90 days of a delinquent revolving account not being reported I can dispute it and have it removed from my credit report entirely (referring to my old credit union where I had a credit card that I defaulted on).

What makes me upset is that I paid it many months ago, it is still being reported, and I called them this week to make sure that they would report it. Had I known sooner I would have just disputed it.

Might it still be too late to dispute it and try to have the negative score removed from my credit report or am I too late?

I believe you should still be able to dispute it if it has already been paid. Does it appear in your credit reports today?

Re: Wish I had known sooner

Anonymous — Thu, 03 Dec 2015 22:03:44 GMT

Yes it still shows on my credit report and it was paid in May of this year.

Re: Wish I had known sooner

98Supra — Thu, 03 Dec 2015 22:06:55 GMT

@Anonymous wrote:
Yes it still shows on my credit report and it was paid in May of this year.

Have you made any efforst to dispute it with the 3 CB's? If so, I would go ahead and dispute it as soon as possible since it's already been paid off.

Re: Wish I had known sooner

Anonymous — Thu, 03 Dec 2015 22:48:02 GMT

Even though I already contacted them and they told me that they would ahead and change how they were reporting it?
I have never disputed anything with a CB before. Is it difficult and how do I go about doing so?

Re: Wish I had known sooner

B335is — Thu, 03 Dec 2015 23:20:00 GMT

You have to go to each CB's website and dispute directly with them. Some people do it online, others prefer to dispute via certified mail. I've had positive results both ways, but if you just google the respective CB with dispute it should populate a direct link.

Re: Wish I had known sooner

Anonymous — Thu, 03 Dec 2015 23:30:42 GMT

Would you advise that I dispute it to all three CB's?

Re: Wish I had known sooner

RobertEG — Thu, 03 Dec 2015 23:56:18 GMT

The lady at my credit union was misinformed.

There is no such provision in either the FCRA or the CRA Credit Reporing Manual that previously accurate reporting must be deleted if updated reported is not made within any period of time.

If the account was accurately reported as being delinquent, there is no basis for deletion of the delinquency other than showing that it is inaccurate.

Creditors are not required to update each month, and lack of reporting does not render previously reported information inaccurate.

The only requirment for updated reporting is if currently reported information has been determined to now be inaccurate.

Re: Wish I had known sooner

Anonymous — Fri, 04 Dec 2015 00:27:54 GMT

It is no longer delinquent though so wouldn't that make it inaccurate ?

Re: Wish I had known sooner

Pway — Fri, 04 Dec 2015 00:32:18 GMT

If I read this correctly, the account was deliquent when you paid it off correct. So there would be no basis to dispute. I am sure it reads on your reports paid in full, deliquent or something like that. Just because you paid the account and it was deliquent does not mean they will remove the deliquent status as it is reporting correctly.

Re: Wish I had known sooner

B335is — Fri, 04 Dec 2015 00:44:23 GMT

Front line employees aren't always the most reliable source for how credit reporting works. So if it was delinquent and you just paid it at a later date, those delinquencies will continue to report as such, but the account status will note that it is paid.

If that's the case, you will need to start sending goodwill letters to that lender pleading for the lates to be removed.

Re: Wish I had known sooner

Anonymous — Fri, 04 Dec 2015 00:49:00 GMT

That is correct I paid it in full. But my FICO credit report shows that it is still a revolving account and the printed credit report that I got from my credit union shows that I still have a balance for that old credit card under revolving accounts.

Am I still being misinformed?

Re: Wish I had known sooner

B335is — Fri, 04 Dec 2015 04:00:12 GMT

If the balance is reporting wrong then you have a legitimate dispute and they should update it. Is it still reporting as an open account or what?

Re: Wish I had known sooner

Anonymous — Fri, 04 Dec 2015 04:48:01 GMT

It must be because it still claims that there is a balance on the account.

Re: Wish I had known sooner

RobertEG — Fri, 04 Dec 2015 06:02:55 GMT

Reporting of a delinquent account is as follows:

Each delinquency is retaned under the Payment History Profile, for up to at least 24 months.

While the account is delinquent, it's current status shows the level of last reported delinquency.

The current status is only a snapshot as of the last reporting, and retains no prior historical information.

Thus, an account that is returned to good standing then has a new current status of pays as agreed if still open, or paid if closed.

The level of dleinquency prior to the current status is retained in a code called the Payment Rating, and would still show the highest prior level of delinquency, even if the account was returned to pays as agreed or paid current status.

It thus depends upon whether you are referring to the Curent Status, Payment History Profile, or Payement Rating, when discussing any status code.

There is no requirment that a prior delinquency, and certainly not the entire account, be deleted based on the creditor's lack of reporting for 90 days.

The only requirments are that the current status be updated to no longer show delinquency if the account is returned to good standing.