tristacjc wrote:
Thanks for the replies. I am still confused, however. These are not derogatory accounts we're talking about. I don't have a single blemish on my credit history. They were just two accounts I closed with zero balances, but are still showing as open years later. I just don't get why my score went down several points for simply disputing inaccurate info which is my right under the FCRA. Downgrading a person's score simply for doing the right thing (ensuring for everyone's sake that my credit report is accurate) basically negates my rights under federal law by discouraging me from ever disputing info again. This just doesn't seem right, especially when credit scores are supposed to be based on account history. My dispute in itself is no reflection on my credit worthiness. I have never heard of a score being affected by a dispute in and of itself.
Disputing was a bad idea. It was a good thing that the account was listed as "open". Under FCRA, it would have been deleted 10 yrs from the point it was closed. Keeping the status as "open" prolongs the account on your CR and improves your history and FICO score with each passing year.
Disputing may also lead the creditor or CRA to delete the account off your CR too and it would be impossible to get back.
When you dispute, as mentioned already, this account history is removed from your FICO score during the dispute period. The FICO formula is blind to this account, including the history. Becasue the account was a good account for you and it is one of your older accounts, FICO will not include or consider its age. Because it was older than your avg. acct history, you avg. age dropped causing a score drop.
If this account(s) is verified, your score will go back to where it was before. If verified and changed to "closed" it will fall off your CR sooner than before, 10 yrs from the date it was closed. If deleted, your score will stay the same.
