Any FAQ's on how to dispute a derogatory statement on credit report?

[MrSpock]

Hello all,

When my wife and I went to apply for a home loan a few months back I learned that there is an unpaid collection from PG&E in California for approx $189 from back in 1999.  After doing some research I found out that my mother had opened the account in my name without telling me about it and never paid the final bill when she moved out of the house.

The amount is small enough that I considered just paying it to get it taken care of, but this will not immediately help my credit score and I do not want it to be hanging over my head for the next 7 years.  Are there any good FAQ's or tutorials on how to dispute this type of thing?  Would it be quicker / easier to offer to pay the collection if the the company agreed to remove it from my credit report?

Any help offered is greatly appreciated.

Thanks!

MrSpock

[Tuscani]

Dispute it as "not mine".

[MrSpock]

"Thanks" for the advice, but I'm hoping for something a little more comprehensive. Like to start, WHERE do I send my dispute letters? To whom should they be addressed? How long does this process typically take.  Is there anything I can do up-front to reduce unecessary lag-time going back and forth between me and the credit bureau?

[Tuscani]

Check out the Scoring 101 thread.

You need to dispute with each bureau. You can do this directly with the bureau (online) or via the links provided on your myfico.com reports.

The bureau has 30+5 days to respond. If they can't prove it is yours (and they shouldn't be able to here) they will delete.

Message Edited by Tuscani on 06-13-2007 06:51 PM

[Anonymous]

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@Tuscani wrote:

Dispute it as "not mine".

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It also has to be close to falling off as well.

[Anonymous]

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MrSpock wrote:

When my wife and I went to apply for a home loan a few months back I learned that there is an unpaid collection from PG&E in California for approx $189 from back in 1999.  After doing some research I found out that my mother had opened the account in my name without telling me about it and never paid the final bill when she moved out of the house.

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Since this is from 1999, it's too old to be reported. Dispute it with the CRAs as too old to be reported.

In addition to Credit Scoring 101, read Credit Reporting Time Periods.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=6834

[MrSpock]

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Noah_Bodie wrote:

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MrSpock wrote:

When my wife and I went to apply for a home loan a few months back I learned that there is an unpaid collection from PG&E in California for approx $189 from back in 1999.  After doing some research I found out that my mother had opened the account in my name without telling me about it and never paid the final bill when she moved out of the house.

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Since this is from 1999, it's too old to be reported. Dispute it with the CRAs as too old to be reported.

In addition to Credit Scoring 101, read Credit Reporting Time Periods.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=6834

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That's what I thought as well, but even though the collection is from 1999, the reporting date to the credit bureau is 20003?  Also, several people have told me that the "7-year" rule only applies to items that have been paid. Thus if an item is not paid off, the company can continue to report the item against your credit report every few years to keep it from falling-off.  Is this true?

[Anonymous]

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@MrSpock wrote:

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@Anonymous wrote:

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@MrSpock wrote:

When my wife and I went to apply for a home loan a few months back I learned that there is an unpaid collection from PG&E in California for approx $189 from back in 1999. After doing some research I found out that my mother had opened the account in my name without telling me about it and never paid the final bill when she moved out of the house.

---

Since this is from 1999, it's too old to be reported. Dispute it with the CRAs as too old to be reported.

In addition to Credit Scoring 101, read Credit Reporting Time Periods.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=6834

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That's what I thought as well, but even though the collection is from 1999, the reporting date to the credit bureau is 2003? Also, several people have told me that the "7-year" rule only applies to items that have been paid. Thus if an item is not paid off, the company can continue to report the item against your credit report every few years to keep it from falling-off. Is this true?

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It does not matter if they reported it yesterday. It is all about the DOFD "Date of first delinquency" They can not report 7 years after DOFD

People told you wrong. This applies to paid and unpaid.
They can try to report and you can sue.

It is very common for CA's to not report immediately.

Message Edited by Timothy on 06-14-2007 07:52 AM

[MrSpock]

OK... Thanks for all the help. I will give your suggestions a try...

[Anonymous]

Was the account opened in '99 or did it go bad in '99, could make a huge difference.