topic Re: Sears Credit Card-Deragotory payment status? in Rebuilding Your Credit

Sears Credit Card-Deragotory payment status?

Anonymous — Wed, 31 Mar 2021 14:07:55 GMT

I have now lost 7 more much needed mortgage points because Sears has updated the payment status to Deragotory "credit line closed/not paying as agreed" only reporting this way on Experian. Can someone please help me understand how this is accurately reported on a closed zero balance account? It had some lates last year but was brought current in December. I've been given this Citi case manager who swears it is accurate

Re: Sears Credit Card-Deragotory payment status?

gdale6 — Wed, 31 Mar 2021 15:20:20 GMT

If it never went to CO status and you paid it off then the status is not correct. Fico will calculate score from date of last update so that is why it went down. File a CFPB complaint on them for it.

Re: Sears Credit Card-Deragotory payment status?

Anonymous — Thu, 01 Apr 2021 11:17:20 GMT

Well right after speaking to the Case Manager I sent Citi Executive Services an email with proof of the inaccuracies using their correspondence which showed I had a "Current" payment history for an account that I closed. Today it has been updated on my Experian credit report. My score went up as well but I won't say it is all attributed to this as other things took place that factored into the score increase.

Re: Sears Credit Card-Deragotory payment status?

Anonymous — Thu, 08 Apr 2021 16:25:44 GMT

Oh well, looks like they put it back to derogatory so now I am filling a complaint with CFPB.

Re: Sears Credit Card-Deragotory payment status?

Anonymous — Wed, 14 Apr 2021 19:37:18 GMT

The CFPB was of no help really. Sears just came back and said they were accurately reporting. I added my response and CFPB closed the complaint. I also initiated a complaint against Experian because it is only reporting like this on their credit report. I checked the Experian glossary at http://www.experian.com/assets/access/arf7-glossary.pdf and it shows the payment status should be reported as "current with late 6 times" rather than derogatory-closed not paying as agreed. I don't know what else to do to get this fixed aside from getting a lawyer but it should not be this hard or even come to this in my opinion.