I've been diligently working on my credit for many years and just last week, finally got all three scores in the 800s. My happiness was short-lived. On 11/18/19, I got an alert that something in my reports had changed and saw that my TU score took a 58-point hit.
It was a mortgage that was paid off when I refinanced my home in March of 2109. BofA had changed the reporting of it from "pays as agrees" and "paid in full" to "120+ days past due".
A day later, EQ score took 63-point dive. The status here went from "pays account as agreed" to "at least 120 days or more than 4 payments past due."
I called BofA and they was told that they can see that it is paid in full, and that there aren't any late payments. The said that they see no delinquency and that they would forward it to their credit team.
I then called TU and filed a dispute. The CR at TU told me the history of that account shows no late payments.
I filed an online dispute with EQ.
This mortgage was never reported to EX, so that score has remained unchanged.
Neeless to say, I'm irate and probably not thinking very clearly. Have I taken all the right steps? Is there anything I've missed at this point? My concern is that my other banks/creditors will see this adverse account when soft pulling my credit and start to lower my credit lines. What recourse do I have here?
As I understand the posted scenario, you have contacted the creditor, and they agree that reporting of delinquency was inaccurate, and that they are going to corrrect.
It appears that a dispute, while technically proper until they have actually corrected, is premature in view of the statement from the creditor that they agree, and are going to file correction with the CRA.
If the primary intent at this point is to take additional action against the creditor in order to claim damage for the inaccurate reporting, note that the FCRA protects creditors from any civil action seeking damages for inaccurate credit reporting until the consumer has first filed a dispute, and obtained an investigation and verification from the credtior that the reporting has been found to be accurate. At that point, the consumer has the right to file a civil action seeking damages for their unreasonable finding in the the dispute.
However, until then, the consumer cannot seek civil damages for their having initially reported inaccurate information to the CRA.
See FCRA 623(c).
The purpose of the bar against private civil action seeking damages for inaccurate reporting per se is that such a right would have a drastic negative impact on willingness of creditors to make voluntary credit reporting to the CRAs. The FCRA thus bars such civil actions until the consumer has first filed a dispute and obtained verification of the accuracy of the disputed reporting.
I would advise simply waiting a reasonable period for them to make the promised corrrection.
I'd be livid also. Since, you've mentioned concern of other creditors taking adverse actions against you I suggest you continue to monitor your accounts. If anything happens you can deal with it then. I'd personally get an estimated date of completion from BofA and follow up with them regularly. I'd also keep a record of my calls to them and who I spoke with, just in case you need to escalate beyond the first level reps. Hopefully this gets resolved soon.
Thanks for your input. My intent is not to seek damages, I just wanted to make sure that I'd done all I can on my end to ensure that this is taken care of in a timely manner. I am just so angry at BofA that I didn't feel I could think clearly enough to handle the situation completely and correctly.
I'd be livid also. Since, you've mentioned concern of other creditors taking adverse actions against you I suggest you continue to monitor your accounts. If anything happens you can deal with it then. I'd personally get an estimated date of completion from BofA and follow up with them regularly. I'd also keep a record of my calls to them and who I spoke with, just in case you need to escalate. Hopefully this gets resolved soon.
Yeah...livid is just the beginning. I've been working on my credit for years and monitor it like a hawk. It was I was stunned when I saw it and did a literal double take. I couldn't believe what I was seeing and it came out of nowhere and right when I was contemplating another refi.