I was hoping to get some guidance from the experts... I have an auto loan with a local credit union, have been making faithful payments since 2014, just have about a year left on the note.. Anyway, I noticed that TU was showing I had a 30 day late back in 2015 (I have never missed a payment). I called the CU and they said they had never reported a late and to dispute it with TU. I wrote a dispute to TU indicating the false late, provided a copy of the payment history the CU sent me as proof. I refreshed my reports yesterday and I had a significant score drop... The entire tradeline was gone! I don't see how they would get "hey delete this account" from "there is a late payment showing that wasn't late". What do I need to do to get TU to reinsert this? Thanks!
Accounts may be removed for four primary reasons.
1. The account reached 7 to 7.5 years from initial account delinquency, and remained delinquent.
Exclusion of the monthly delinquencies or a charge-off will result, if the account remains delinquent, in removal by the CRA of the entire account in order to comply with FCRA 605(a)(5); or
2. The consumer filed a dispute that involved the legitimacy of the account per se, and the furnisher/CRA could not verify or correct the reporting, and thus the account was deleted based on the dispute resolution under the FCRA; or
3. The furnisher (in this case, the creditor), upon receipt of the dispute, did not either verify or correct, but simply chose to obviate the dispute by reporting voluntary deletion of the entire account (or information that was under dispute).
4. The account has been closed for approx 10 years.
Sine the first delinquency occured in 2015, then scenario 1 was not involved.
Since no Notice of Results was received from the CRA stating that they could not verify, and thus were deleting as an outcome of the dispute, that elimates scenario 2.
The account has not been closed for 10 years, so that eliminates scenario 4.
That leaves scenario 3 as the likely reason for the deletion.
That means the deletion was likely not done by the CRA, but rather reported by the creditor.
I would call the creditor and inquiry as to whether they responded to the dispute, or chose to voluntarily delete, thus rendering the dispute moot.
I have found that TU will sometimes remove a tradeline while the account is in dispute, and then reinsert it when the dispute process has been resolved.
I had AU account, BoA, for 16 years, with one 30 day late 4 years ago reporting. After dispute, TU removed the entire line like I never had it. EQ is still reporting. And it was a year ago. I have not contacted TU because it did not affect my score.
I had the same thing happen a few weeks ago. I had a paid in full auto loan fall off. never missed a payment.
that caused a 19 point drop on my TU......really stunk TBO....
Again, there is a substantive difference between an account being removed from your TU credit report and the issue of who/why it was removed. It may have been deleted by a voluntary reporting by the creditor as opposed to any deletion determination by the CRA.