topic Re: Can anyone explain this ? in Rebuilding Your Credit

Can anyone explain this ?

BM1990 — Sun, 21 Apr 2024 21:19:58 GMT

I have a Capital one chargeoff, that has been been paid off and has stopped reporting since 07/2020. Almost 4 years ago . All of a sudden I get a Myfico alert saying that my scored has changed. So I look and see that my Equifax score has dropped 26 points for a recent late payment ! So I'm wondering how could this be, I haven't missed a payment on anything in the last 4 years. It seems as if they updated it for some reason! And it's reporting as a recent late payment. Anyone know why this could be ?

Re: Can anyone explain this ?

Gunnerboy — Sun, 21 Apr 2024 21:31:58 GMT

Log into your Cap1 mobile app or desktop account. Anything showing?

Re: Can anyone explain this ?

BM1990 — Sun, 21 Apr 2024 21:54:29 GMT

@Gunnerboy wrote:
Log into your Cap1 mobile app or desktop account. Anything showing?

Honestly, the account is so old and has been paid off for so long, I don't even think I have access to it anymore on Capital Ones website. I've just checked myannualcreditreport for Equifax, and I see no new recent lates. All derogs are "Paid and Closed", reporting zero balances. Only thing I see is this particular account being updated for April 2024. I don't know why. However, I did put in a Transunion dispute for this same account for an EE , maybe that had something to do with it? Would a TU dispute have any effect on Equifax?

Re: Can anyone explain this ?

JoeRockhead — Sun, 21 Apr 2024 22:05:16 GMT

You just answered what happened. The account was nowhere near eligible for an exclusion yet. so your dispute triggered TU to verify the account's accuracy and in turn got updated.

This is why it's never a good idea to dispute accurate information.

Re: Can anyone explain this ?

BM1990 — Sun, 21 Apr 2024 22:53:56 GMT

@JoeRockhead wrote:
You just answered what happened. The account was nowhere near eligible for an exclusion yet. so your dispute triggered TU to verify the account's accuracy and in turn got updated.

This is why it's never a good idea to dispute accurate information.

Do I have any options? It reporting as a fresh late payment doesn't seem like accurate reporting to me.

Re: Can anyone explain this ?

CYBERSAM — Sun, 21 Apr 2024 22:34:30 GMT

@BM1990 wrote:
@JoeRockhead wrote:
You just answered what happened. The account was nowhere near eligible for an exclusion yet. so your dispute triggered TU to verify the account's accuracy and in turn got updated.

This is why it's never a good idea to dispute accurate information.
Do I have any options? It reporting as fresh late payment doesn't seem like accurate reporting to me.

You have to dispute this new reporting to Equifax. Way too early for EE. Most likely they would remove the new update but not the original.

Based on my experience, Cap1 is very forgiving. Now if you open a new CC with Cap1 and make payments monthly for 6-12 months that it would qualify for CLI, Cap1 tend to delete any old paid CO that you have with them!

Good luck.

Re: Can anyone explain this ?

GreatLife — Sun, 21 Apr 2024 23:19:58 GMT

@BM1990 wrote:
@Gunnerboy wrote:
Log into your Cap1 mobile app or desktop account. Anything showing?

Honestly, the account is so old and has been paid off for so long, I don't even think I have access to it anymore on Capital Ones website. I've just checked myannualcreditreport for Equifax, and I see no new recent lates. All derogs are "Paid and Closed", reporting zero balances. Only thing I see is this particular account being updated for April 2024. I don't know why. However, I did put in a Transunion dispute for this same account for an EE , maybe that had something to do with it? Would a TU dispute have any effect on Equifax?

Apparently submitting a dispute to one CB results in the lender verifying their information then sending updates to all CB's that will eventually be reflected on your CR's.

Re: Can anyone explain this ?

BM1990 — Sun, 21 Apr 2024 23:23:16 GMT

@CYBERSAM wrote:
@BM1990 wrote:
@JoeRockhead wrote:
You just answered what happened. The account was nowhere near eligible for an exclusion yet. so your dispute triggered TU to verify the account's accuracy and in turn got updated.

This is why it's never a good idea to dispute accurate information.
Do I have any options? It reporting as fresh late payment doesn't seem like accurate reporting to me.
You have to dispute this new reporting to Equifax. Way too early for EE. Most likely they would remove the new update but not the original.

Based on my experience, Cap1 is very forgiving. Now if you open a new CC with Cap1 and make payments monthly for 6-12 months that it would qualify for CLI, Cap1 tend to delete any old paid CO that you have with them!
Good luck.

Should I call, or dispute online ?

Re: Can anyone explain this ?

CYBERSAM — Sun, 21 Apr 2024 23:37:31 GMT

@BM1990 wrote:
@CYBERSAM wrote:
@BM1990 wrote:
@JoeRockhead wrote:
You just answered what happened. The account was nowhere near eligible for an exclusion yet. so your dispute triggered TU to verify the account's accuracy and in turn got updated.

This is why it's never a good idea to dispute accurate information.
Do I have any options? It reporting as fresh late payment doesn't seem like accurate reporting to me.
You have to dispute this new reporting to Equifax. Way too early for EE. Most likely they would remove the new update but not the original.

Based on my experience, Cap1 is very forgiving. Now if you open a new CC with Cap1 and make payments monthly for 6-12 months that it would qualify for CLI, Cap1 tend to delete any old paid CO that you have with them!
Good luck.
Should I call, or dispute online ?

You can try to call first! If the account is paid/settled then they can not update as new. Also they can not report 2 collection for one account. Clearly there was a mistake from Equifax based on what you have shared so far.