Disputes causing reporting dates to change and lowering FICO score

[Anonymous]

I have been disputing adverse items on my credit report.  Each time I do and the cra's verify the data and do not remove the item, the "date reported" for that item changes (i.e. changes to the current month).

I signed up for Privacy Assist from BofA, and their analysis of my credit score says for one of the reasons my score is lower is that the "most recent derogatory item" is less than one month old.   I BK'd in July 07, and the only items showing dates after that are the items I included in bk but disputed.   Since the reporting date changed, it appears it is negatively affecting my score.

I know these are FAKO's (and so probably is the analysis), but does FICO use "date reported" too, or do they use the last activity date, i.e. the 'included in bk' or bk filing date?

I have been told that FICO uses last reporting date in its scoring.  What can be done to fix this?

[Anonymous]

I think it's highy likely you are sweating about a non-problem. Don't trust a FAKO score analysis. 

Before I found this website, I was using 'Identity Guard' FAKO and they were saying I had recent lates based upon the reporting dates. I pulled my 3 credit reports here at MyFICO and not a single one of those same recent reporting dates were considered lates. I had wasted my time filing several needless disputes thanks to Identity Guard's bad information.

My advice, learned the hard way, is to ONLY dispute info that you see on a credit report you buy from here at MyFICO or a printed copy from one of the actual CRAs. The reports from MyFICO analyze the major factors that are both hurting and helping your score.

[Anonymous]

A couple more pieces of advice....

Make certain all of your bankruptcy accounts are listed as 'Bankruptcy' status and they stop reporting, EVEN IF you are still paying. The 'Date Of Last Activity,' DOLA for short, should be no later than the date you FILED your bankruptcy. My mortgage company continud to report payments and I thought it was a good thing. It's not, even though it seems like it should be positive. I gained ~75 points when the mortgage company removed the post-BK payments.

Also, make sure none of your old "Paid As Agreed" accounts have been deleted or falsely are reported as part of your BK. Any old credit reports you may still have will help you here, always retain them for reference.

[Anonymous]

So, was your mortgage included in the BK or not?  If not and you continued to make payments to keep the property, are they reporting it in good standing since you discharge?

My situation:  my mortgage was not included in my BK and was NOT discharged.  I continued to make payments and have been making payments on time since my discharge.  I have found out (through my FICO reports) that they have not been reporting my mortgage in good standing.  It is still listed as "part of bankruptcy" and they even list it discharged as of 12/2006. 

I have contacted them and they have not / will not report it correctly.  I have suggested that I can stop paying now since they are reporting it as charged off.  *laughing*

Any ideas?

BK discharged 02/2005

Ex  670

Eq  688

TU  679

[Anonymous]

banks like giving you the impression that your scores are low to charge you higher rates

[missy42]

I feel your pain Boscoe.  I just discharged in August and I've seen my scores drop as all my creditors are now reporting I was late 60,90 or 120 days.  I was never late just filed Chapter 7 and once it was discharged and closed they started reporting lateness.  I can't even dispute online anymore with Experian or Trans Union because Experian will say it's already been investigated and I have to mail in any other additional information which I've done and I'm waiting to see if anything changes.  As for TU, once you dispute it online you have to wait for them to complete the investigation and then I've disputed the same ones over and over and over again.  It seem like a never ending cycle, but I'm determine to continue.  BTW I'm sara4 on bk forum which is where I remember you.  Best of luck to you and me as we continue to get our reports cleaned up and hopefully get a deceit cl one day soon.

[Anonymous]

Hey Missy/Sara - yes I remember you from before.  I kept the same name so those who come here know who I am.....

I am going to request myfico scores very soon.  Have not done so, but want to know what might be holding my score back other than the bk and the 'almost' foreclosure.

How is your credit repair coming along?

[Anonymous]

Tigersfan- I'm impressed with your scores now!  I'm one year discharged and I still have poor scores even with a no late with a car payment since Aug 2004.  Please give me advice on how to improve my score.  I can't get a credit card (denied), but a friend in good standing will ad me as an additional cardholder.  Will this help?  I need inputs, please.  Thank you so much for all your attention.

[Anonymous]

___________________________________________________________________________________
giraffe5 wrote:

So, was your mortgage included in the BK or not?  If not and you continued to make payments to keep the property, are they reporting it in good standing since you discharge?
 
My situation:  my mortgage was not included in my BK and was NOT discharged.  I continued to make payments and have been making payments on time since my discharge.  I have found out (through my FICO reports) that they have not been reporting my mortgage in good standing.  It is still listed as "part of bankruptcy" and they even list it discharged as of 12/2006.
 
I have contacted them and they have not / will not report it correctly.  I have suggested that I can stop paying now since they are reporting it as charged off.  *laughing*
 
Any ideas?
_________________________________________________________________________________

Yes, my mortgage was part of the bankruptcy. We did not reaffirm it, but do continue to pay it. (Long story... Our idiot attorney never returned calls or letters inquiring about reaffirmation and the time to due so ran out. We filed under the old BK law 4 just days before the BK law came in Oct 2005.) I don't know how a reaffirmation would report to the CRAs.

The mortgage company WAS reporting our payments, but the fact they did so and also continued reporting the account balance was hurting our scores. The whacky FICO score formula treat ANY payment reported after BK as lates. It also considers any balance shown on an account after BK as past due.

I don't understand your mortgage situation as you describe it. ALL debts you have at the time of filing BK must be included as BK creditors, per federal BK law. Even those you intend to keep paying. -- Are you sure your mortgage was not included in your BK? I can't see any competent attorney leaving it off. Perhaps you think the mortgage wasn't included because it's not on your UNSECURED BK creditor list???

[Anonymous]

__________________________________________________________________________________
Maloucali wrote:

Tigersfan- I'm impressed with your scores now!  I'm one year discharged and I still have poor scores even with a no late with a car payment since Aug 2004.  Please give me advice on how to improve my score.  I can't get a credit card (denied), but a friend in good standing will ad me as an additional cardholder.  Will this help?  I need inputs, please.  Thank you so much for all your attention.
__________________________________________________________________________________

My current scores are greatly due to a 27 year credit history and many positive accounts from prior to the BK filing. I did get a $3K Cap One card 3 months post-BK and a $750 (since increased to $1150 in two steps without me asking) HSBC card a month later.

As far as improving your scores, make sure your credit reports are correct. Mine were loaded with misinformation.... Accounts not being reported as 'BK' status and showing balances that actually were discharged will ravage your scores. Also, time is your friend, as a BK hurts your scores less as time passes.

Do you have any 'paid as agreed' accounts from before you filed?

Unfortunately,  being added as an additional cardholder by a friend will no longer help your score. The scoring formulas changed very recently regarding that. The banks felt it was being abused.