topic Re: Score went down after dispute comment was removed in Rebuilding Your Credit

Score went down after dispute comment was removed

JGWantsAHouse — Sun, 22 May 2011 23:19:10 GMT

In preparation to apply for a home loan, I contacted Wellsfargo to remove the dispute comment from 9/2010. I got a score watch alert today that my score went from 645-637 because they removed it. Well looks like I'm definitely going to have to wait a few more months before I apply!

Re: Score went down after dispute comment was removed

llecs — Sun, 22 May 2011 23:40:44 GMT

Unfortunately, FICO will remove certain components from scoring during a dispute like payment history and balance and CL. If it is a payment history issue, then GW obviously, but if related to the balance and CL, then paying it off would result in a score bump to where it was before (assuming all else is equal).

Re: Score went down after dispute comment was removed

JGWantsAHouse — Mon, 23 May 2011 00:31:43 GMT

It was a car loan with many many latest in the fifty something months that I was paying them. I didn't have a very good experience with them while I was a customer so I haven't GW them yet..The last late was at 30 day in 2009. I paid 2 payments at once and must have accidentally applied the second one to the principle instead of the next payment. They corrected it for me but still reported me 30 days late...hence the dispute.

I'm not optimistic about GW success with them so I'm hoping my score will recover in a few months.

Re: Score went down after dispute comment was removed

CS800 — Mon, 23 May 2011 02:10:47 GMT

I disputed several accounts but after 3 months, in the comments sections they still say 'Consumer disputes this account information'

Question is how long will this stay in the comment?

Re: Score went down after dispute comment was removed

John060675 — Mon, 23 May 2011 02:21:51 GMT

CS800,

That is a great question. I have two "disputes" that are still showing up 10 months after they came back verified. Each month I have been waiting for them to disappear, but they will not.

Re: Score went down after dispute comment was removed

CS800 — Mon, 23 May 2011 02:40:25 GMT

The other thing the dispute are on closed and PIF accounts. I wonder if when they come off if it will lower my score.

Re: Score went down after dispute comment was removed

MBOhio2 — Mon, 23 May 2011 15:24:54 GMT

I have "dispute" comments on accounts that I disputed in 2005... seriously. Sometimes those dispute comments stay indefinitely and you have to jump through tons of hoops in order to get them removed (many mortgage lenders require they be removed for mortgage approval). For more info on this, do a search on the mortgage board - there are lots of helpful posts there, like this one:

http://ficoforums.myfico.com/t5/Mortgage-Loans/Best-Way-to-Remove-quot-Account-In-Dispute-quot-for-Mortgage/m-p/869484/highlight/false#M75036

Re: Score went down after dispute comment was removed

JGWantsAHouse — Mon, 23 May 2011 15:37:36 GMT

After I searched on the mortgage board I found that I just needed to call the company to have the remark removed. I knew that simply calling the CRAs would take a lot of time. I called Wellsfargo on Friday, and Equifax deleted it on Sunday. I’m still waiting on TU and EX.