How accurate is True Credit?

Anonymous · ‎07-17-2008

Hey everyone,

I updated my TC scores and have a deliquincey that showed up on a account that is paid as agreed and closed since last year. it's showing up on my EX report, the other 2 reports are fine. Well i went to dispute this with EX and put the dispute reason as "Paid in Full"; so i hit the submit button and a box popped up stating "this account is already listed as paid in full on your report". But according to my TC reports it is showing deliquent., Thanks anyone.

Anonymous · ‎07-17-2008

Is it reporting as late in the payment history? If so, this is why it is marked as a delinquent account.

Anonymous · ‎07-18-2008

A neg can go back 7 years on a paid in full $0 bal account.

Anonymous · ‎07-18-2008

I understand the late going back that far, but since i paid the account as agreed and closed it shouldnt that be the status of it? not 120 days late as it is reporting now? 2 CR are reporting "current" except one is reporting 120 days late.

Message Edited by JDizzle on 07-18-2008 01:59 PM

Anonymous · ‎07-18-2008

I have run into some similar issues, where things are flagged as lates even if they have been paid. I am interested to know the answer...

Anonymous · ‎07-18-2008

I disputed it with EX because it's been listed as current every other time i checked the report, except when i checked it yesterday. Also the reasons listed to improve is 1 account(s) showing not current..blah!

RobertEG · ‎07-19-2008

A delinquency is scored in FICO based on the date and severity of the account delinquency.

FICO scoring is based upon what is in your CR.

But the FCRA mandates how long this neg stuff can remain.

The FCRA regulates what can be reported to those pulling your CR, and thus what can be scored by FICO.

Later payment or non-payment of an account after a delinquency, placing by the OC of the account into chargeoff or collection, or closing of the account, are all activities after the delinquency that are NOT factors that control subsequent credit scoring. "Paid in full" does not affect your CR.

The FCRA permits any prior delinquency, regardless of your or the creditors activity after the delinquency, to normally remain in your CR for a max 7 1/2 years from the date of the delinquency.

After that, it is illegal for them to report it.

So, paying or not paying has not affect on your Fico.

Closing the account ellimates your prior CL, and thus hurts your %util. It does not erase the prior credit history or delinquencies. No advantage to closing the account.

So, bottom line, and very siimple. Whether you paid it or closed it, it is still a legitimate entry in your CR for 7 years after your account delinquency.

Message Edited by RobertEG on 07-19-2008 12:25 AM

Anonymous · ‎07-19-2008

sidewinder wrote:

~~Is it reporting as late in the payment history? If so, this is why it is marked as a delinquent account.~~

I was thinking of "derogatory", not delinquent. Only if it is currently reported as late, should it be marked as delinquent. This may mean, currently as in the last month reported.

I correct myself.

Message Edited by sidewinder on 07-19-2008 06:57 AM

Anonymous · ‎07-19-2008

RobertEG wrote:

A delinquency is scored in FICO based on the date and severity of the account delinquency.

FICO scoring is based upon what is in your CR.

But the FCRA mandates how long this neg stuff can remain.

The FCRA regulates what can be reported to those pulling your CR, and thus what can be scored by FICO.

Later payment or non-payment of an account after a delinquency, placing by the OC of the account into chargeoff or collection, or closing of the account, are all activities after the delinquency that are NOT factors that control subsequent credit scoring. "Paid in full" does not affect your CR.

The FCRA permits any prior delinquency, regardless of your or the creditors activity after the delinquency, to normally remain in your CR for a max 7 1/2 years from the date of the delinquency.

After that, it is illegal for them to report it.

So, paying or not paying has not affect on your Fico.

This depends on how it is reporting. If it is reporting as a TL, paying will likely help your score. If listed in the collections portions, it will likely not help. A closed revolving account with a balance is included in util. A closed revolving account with a $0 balance is not included.

Closing the account ellimates your prior CL, and thus hurts your %util.

It doesn't always hurt your util, sometimes it helps your util.

It does not erase the prior credit history or delinquencies. No advantage to closing the account.

So, bottom line, and very siimple.

Whether you paid it or closed it, it is still a legitimate entry in your CR for 7 years after your account delinquency.

TrueCredit's definition of "delinquent" is :

Delinquent The number of accounts on your credit report that are currently
past-due for payment.

A paid in full account can not be currently past-due for payment.

So, it should be listed as "derogatory" not as "delinquent"

Message Edited by RobertEG on 07-19-2008 12:25 AM

Anonymous · ‎07-21-2008

sidewinder wrote:

sidewinder wrote:
~~Is it reporting as late in the payment history? If so, this is why it is marked as a delinquent account.~~

I was thinking of "derogatory", not delinquent. Only if it is currently reported as late, should it be marked as delinquent. This may mean, currently as in the last month reported.

I correct myself.

Message Edited by sidewinder on 07-19-2008 06:57 AM

See that's what i thought, but according to my CR it is marked as deliquent even though it's current and paid off. Just out of the blue they marked it as reporting late for this month, and when i seen i had a deliquent account i knew it was a mistake because everything is current.

So annoying, i wonder if it's better to call them and give them a peice of my mind rather than disputing which takes up to 45 days to fix their stupid mistake.