Hi all. So my oldest credit card account has reported my account closed due to bankruptcy and this has caused my scores across all 3 bureaus to drop significantly. I disputed this with the bureaus and the dispute came back as valid and verified by the data furnisher.
I then contacted the bank and it took hours on the phone to finally get to the right department and a supervisor realized their error and reopened my account. The supervisor stated they would be submitting a manual change request to the bureaus to have this information updated and corrected however they said to allow 30 days for this to happen.
I am worried that my other creditors may see this when they do a review and I could start losing accounts, having limits reduced or some other negative action taken due to this temporary mistake.
Is there anything I can do to prevent this? Will other creditors be able to tell that in fact I have not filed bankruptcy? Will they wait another month or act immediately as soon as they see this information? Would calling them do any good?
Thank you so much for any advice on this matter....what a dang mess.
Perhaps add a consumer statement to each bureau? You'll need to remember to remove the statement after the problem is cleared up.
Thank you so much. I didn't know I could do that.
Before I saw this comment I decided to dispute the account with all 3 bureaus and I put in the comments of each one that the problem is being corrected.
I am hoping the dispute doesn't cause delays or problems since the dispute process is what started this mess to begin with. I am hoping the supervisor made detailed notes on my account so that whomever gets the disputes will realize it was a mistake instead of going off their internal system. I was just afraid of other creditors closing etc and hoped that with dispute in progress they wouldn't act
I sure hope this gets resolved. What a mess.
This is clearly a unique mistake. If the lender listed it in their account notes then it is highly possible other banks will ignore it. The biggest concern is if an actual BK gets listed on your report. This is because all of your existing creditors are required to be included in the BK process. It would be kind of concerning to a creditor if you did not talk with them before you filed. As for what the others will do. It depends on the lender. Some will notice and bookmark it. Some will miss it completely for some time. And the worst will notice and start the decoupling process aka abuse. I would definitely encourage the bank to fix the reporting and hopefully it will outrun your other lenders concerns.
Thank you for the insightful reply @zerofire. I've been getting alerts from multiple credit monitoring services all telling me a trade line bankruptcy has been reported and that my score has significantly decreased.
The disputes are not yet showing on any of my reports but I'm hopeful that when they do my creditors will be able to see that the info is being disputed and will be corrected within 30 days according to the creditor that is mis reporting.
There are several cardsI have that I use often and I am worried that they are being alerted of this situation so I hope your right about most banks ignoring the info. Regardless I will continue to worry until this is resolved. I was getting ready to do my semi annual CLI requests this month but I will for sure be holding off until my credit is restored.
I just don't want to lose any of my accounts. Ive worked hard building up my limits and building good relationships with all of them and losing even one would be a major blow for me. So I'm just waiting and hoping and I'll update this post when the info gets corrected and if anything bad happens before it does.
Disputes on the reports take a minimum 60 days and more commonly 90 days. That also assumes that the lender getting the dispute is cooperating. You already noticed that some lenders are happy to do auto confirmation of bad info without looking twice.
Good luck finding one. I am looking for one and cannot find one locally. Your more likely to have to go pro se and represent yourself in these kinds of cases.
Update. They have updated all reports and removed the bankruptcy info as well as restored my payment history and changed my status to current. Eq and Ex both show account open and TU is showing all correct info except under status still saying account closed. It looks like they just forgot to change that one part on this one report. Scores have been restored.
My statement cuts in a week and if my TU account status doesn't change back to open after they report a balance then I'll go another round with them and see if they can get that corrected. But I've spent hours dealing with this mess and really hope I don't have to call them again. We will see.
Thank you to everyone who gave me advice on this issue I really appreciate it.
