topic Re: Inaccuracies in Rebuilding Your Credit

Inaccuracies

Anonymous — Thu, 07 Jan 2021 14:40:39 GMT

i was an authorized user (at the time the cardholder asked for me to only be able to speak with them about billing, I never knew I was an AU until it was on my credit report) on an account that defaulted.I know the exact Date of First Delinquency and noticed on my credit report they’re showing payments made for a little over a year after that date, but for the actual cardholder the date is different. What do I do about that?

Re: Inaccuracies

blindambition — Thu, 07 Jan 2021 16:19:45 GMT

You just need to contact CRA and ask for account removal. Not your account, and legally not your responsibility.

Its a different story if account is a joint account. Asking lenders to correct inaccuracies would be best recourse, before attempting any disputes.

Re: Inaccuracies

Anonymous — Thu, 07 Jan 2021 16:39:07 GMT

@Anonymous Agreed, easy enough to just remove an AU. I do have a question tho.

One bureau does not count AU derogatories against the AU's score and I believe its Equifax. Can you confirm EQ is higher/didn't take the loss for the lates while the others did? Or do you have other issues that make it unable to determine?

Negative reason codes? How recent is late? Thank you for contributing.

Re: Inaccuracies

Anonymous — Thu, 07 Jan 2021 16:48:28 GMT

@blindambition wrote:
You just need to contact CRA and ask for account removal. Not your account, and legally not your responsibility.
Its a different story if account is a joint account. Asking lenders to correct inaccuracies would be best recourse, before attempting any disputes.

Thanks for the information!

Re: Inaccuracies

Anonymous — Thu, 07 Jan 2021 16:52:36 GMT

@Anonymous wrote:
@Anonymous Agreed, easy enough to just remove an AU. I do have a question tho.

One bureau does not count AU derogatories against the AU's score and I believe its Equifax. Can you confirm EQ is higher/didn't take the loss for the lates while the others did? Or do you have other issues that make it unable to determine?

Negative reason codes? How recent is late? Thank you for contributing.

This account is only showing on my Equifax. My EQ is not higher. I do have 2 collections that make it indeterminable. The account is marked as a charge off. The actual date of last delinquency is early 2017. However on my Equifax it is showing mid 2018 which is incorrect.

Re: Inaccuracies

RobertEG — Thu, 07 Jan 2021 17:51:20 GMT

Date of first delinquency is not established by or related to the date of any last payment.

DOFD is the date of the initial delinquency in the chain of delinquencies. Later payments, regardless of whether they are only partial,and thus the account remains delinquent, or are for the full delinquency amount, thus returning the account to a non-delinquency status, do not reset or otherwise change the DOFD.

Thus, as I understand the scenario, the issue is not with the reported DOFD, but rather with the accuracy of a later reporting of a change in account balance resulting from a subsequent payment of some amount??

If there is a discrepancy between the reported dates of any payment that is shown in the AU account vs that of the original creditor, you could technically dispute its accuracy with the CRA.

FCRA 611 permits the dispute of accuracy of any item of information of record in a consumer's credit file.

However, the issue becomes moot if you simply remove the AU from your file/report, which removes any inaccuracy in reporting and any derogs reported on the account.

Re: Inaccuracies

Anonymous — Thu, 07 Jan 2021 17:59:00 GMT

@RobertEG wrote:
Date of first delinquency is not established by or related to the date of any last payment.
DOFD is the date of the initial delinquency in the chain of delinquencies. Later payments, regardless of whether they are only partial,and thus the account remains delinquent, or are for the full delinquency amount, thus returning the account to a non-delinquency status, do not reset or otherwise change the DOFD.
Thus, as I understand the scenario, the issue is not with the reported DOFD, but rather with the accuracy of a later reporting of a change in account balance resulting from a subsequent payment of some amount??

If there is a discrepancy between the reported dates of any payment that is shown in the AU account vs that of the original creditor, you could technically dispute its accuracy with the CRA.
FCRA 611 permits the dispute of accuracy of any item of information of record in a consumer's credit file.

However, the issue becomes moot if you simply remove the AU from your file/report, which removes any inaccuracy in reporting and any derogs reported on the account.

Once this account went delinquent there were no subsequent payments, even in partial, made. The balance remained the same. My EQ report and the liable cardholders report both show the same balance. Except mine shows “on time payment” for a little more than a hear after any last payment was received.

Just so I understand, are you saying due to the discrepancy we could dispute? Since im

showing as the AU would the dispute only be on my report or mine as well as the liable parties report?

Re: Inaccuracies

RobertEG — Thu, 07 Jan 2021 18:17:56 GMT

Only for information of record by the CRA as it relates to your credit file/report.

"FCRA 611. Procedure in case of disputed accuracy [15 U.S.C. § 1681i]

Reinvestigations of Disputed Information
Reinvestigation Required
In general. Subject to subsection (f), if the completeness or accuracy of any item of information contained in a consumer’s file at a consumer reporting agency is disputed by the consumer and the consumer notifies the agency directly, or indirectly through a reseller, of such dispute, the agency shall, free of charge, conduct a reasonable reinvestigation to determine whether the disputed information is inaccurate and record the current status of the disputed information, or delete the item from the file in accordance with paragraph (5), before the end of the 30-day period beginning on the date on which the agency receives the notice of the dispute from the consumer or reseller."

Re: Inaccuracies

Anonymous — Thu, 07 Jan 2021 18:32:04 GMT

@RobertEG wrote:
Only for information of record by the CRA as it relates to your credit file/report.

"FCRA 611. Procedure in case of disputed accuracy [15 U.S.C. § 1681i]
Reinvestigations of Disputed Information
Reinvestigation Required
In general. Subject to subsection (f), if the completeness or accuracy of any item of information contained in a consumer’s file at a consumer reporting agency is disputed by the consumer and the consumer notifies the agency directly, or indirectly through a reseller, of such dispute, the agency shall, free of charge, conduct a reasonable reinvestigation to determine whether the disputed information is inaccurate and record the current status of the disputed information, or delete the item from the file in accordance with paragraph (5), before the end of the 30-day period beginning on the date on which the agency receives the notice of the dispute from the consumer or reseller."

Thanks for this. Im still learning the ropes, but what would this dispute look like? Obviously citing FCRA 611, but basically “I’m disputing this account based on inaccuracy”? Do I give detail on the inaccuracy?

Re: Inaccuracies

RobertEG — Thu, 07 Jan 2021 20:59:56 GMT

The dispute process requires you to clearly identify the information that you assert to be inaccurate, and provide sufficient information to permit the furnisher and CRA to conduct an investigation. Documentation supports assertions, and the better the documentation, the clearer becomes the reason why it is asserted to be inaccurate.

FCRA 611(a)(3) permits any dispute that does not provide sufficent information to permit investigation to be dismissed without any need for investigation on the grounds that the dispute is "frivolous or irrelevant." That is a subjective determination, and you want to avoid dismissal, so yes, clear identifcation supported by some rationale is necessary.

Re: Inaccuracies

Anonymous — Thu, 07 Jan 2021 22:46:29 GMT

@RobertEG wrote:
The dispute process requires you to clearly identify the information that you assert to be inaccurate, and provide sufficient information to permit the furnisher and CRA to conduct an investigation. Documentation supports assertions, and the better the documentation, the clearer becomes the reason why it is asserted to be inaccurate.

FCRA 611(a)(3) permits any dispute that does not provide sufficent information to permit investigation to be dismissed without any need for investigation on the grounds that the dispute is "frivolous or irrelevant." That is a subjective determination, and you want to avoid dismissal, so yes, clear identifcation supported by some rationale is necessary.

In this scenario I’m not sure what factual evidence id have besides pointing out that the actual cardholders payment history differs from mine (AU). Is that sufficient? Would a print out detailing this be sufficient?

Re: Inaccuracies

RobertEG — Fri, 08 Jan 2021 09:11:53 GMT

The fact that there is a difference is kinda self-evident, and is supported by documentary copies of the two credit reports.

However, the final issue is one of which of the two is asserted to be inaccurate.

Upon referral to the creditor, you could choose to rely only on a showing of difference, and leave it to the creditor to determine which is accurate, and which is, accordingly, inaccurate.

However, a more complete dispute might also provide account/payment records showing which is considered by you to be inaccurate.

Again, the more complete the documentation, the more support you have for a showing of what specifically is inaccurate.....