how long does it take my FICO score to come back up after an error on the credit report?

[Anonymous]

Long story short an old BK account was re-reported to my TU credit report with a closed date of 2009 for some reason when it should have read 2004. This dropped my TU score from 670 to 583!!!

Now I disputed it and TU fixed the "closed date" as 2004, but my credit score hasn't moved. After reviewing all my negative accounts, this is the only problem I could find on my report that would have resulted in a score decrease. Even in the explanation part of myfico, where it tells you what is holding your score back, it says I have a missed payment in the last month. I have nothing of the sort and was have never been delinquent on ANY account since 2004. Equifax has no problem with this and my score didn't drop with them.

I am not a big fan of TU anyway. Shame most creditors I have run across use them like they are the holy grail of reporting agencies. Always seem to have a problem with TU.

Message Edited by maxedout on 03-06-2009 11:18 AM

[llecs]

If there was a positive change, then your score would have changed the moment TU updated.

For the missed payment comment, you may want to look to see if you have any COs. Something negative updated within the past month and that would be your culprit.

[Anonymous]

I received the updated report from TU and they changed the "date closed" back to 2004. I do see in the "pay status" that it lists "payment after charge off/collection".

How in the world can this be affecting my FICO when it is protected in BK from 2004? Nothing should have changed here. 

[llecs]

Something else is happening. Try laying your FICO reports side-by-side to look for changes.

Aside from any changes for all of your accts, what did it say before it changed to "pmt after CO/collection"?

[Anonymous]

It said "unrated". Nothing else shows on my report as derogatory. I have looked through my derogatory accounts and they are the same.

[llecs]

Do you have any other CO'd accounts?

If not, changing from unrated to CO (paid) would certainly tank your scores. When it said "unrated", are there any comments in the comment field like CO/collection or anything like that?

[Anonymous]

The odd thing here is the report sent to me from TU after the investigation, reported what I said earlier about the account being a "charge off/collections" but then when I pulled my account today it only said "unrated". The remarks just say "chapter 7 bankruptcy".

After pulling an older report from 9/08, the remarks were still "chapter 7 bankruptcy". The only difference on that old report is that I had a high balance of 184 reported and now on the updated investigation report it shows zero.

Just so you know, this account was sold to a collections agency who doesn't report. Now I am in contact with my lawyer regarding a violation of not only bankruptcy laws (I filed chapter 7 and this debt was included on the discharge) but also the fair credit reporting act. As it stands now, my score is 583 (TU) which is worthless; a drop from 670 IIRC. Even more disconcerning is that I had 48+ months of on time payments for ALL creditors that TU now doesn't acknowledge because of this.

The only thing I can think is dinging my report is the inital charge off reported in december of 2008 (subsequently a "unrated" now??) and that the FICO is taking that into consideration because it is so recent. The last update date on my old report was 08/2008. The new update on my latest report is 12/08.

I am officially stumped.

So just for clarification here is synopsis of the 2008 report against the investigation results report and also the latest report pulled yesterday 3/6/09. Discrepancies are bolded.

09/2008 (no problems since 2004)

Loan Type: Charge account   Balance: blank                 Pay status: unrated

Remarks: <Chapter 7 bk>     High Bal: 184                    Acct. Type: Revolving

Date removed est: 01/2011   Credit Limit: 1,400              Responsibility: individual

                                          Date updated: 08/2008       Date Open: 12/99

                                                                                  Date paid: 02/2004

Results sent to me from investigation by TU and file update 2/28/09 (after major drop in score noticed)

Loan Type: Charge account    Bance: blank         Pay status: Payment after CO/Coll

Remarks: <Chapter 7 bk>      Date verified: 12/2008    Acct type: revolving 

Date of removal est: 01/2011   High balance: 0            Responsibility: individual

                                            Credit limit : 1,400           Date open: 12/99

                                             Date closed: 04/2004

                                             Date paid: 02/2004

Here is the 03/06/09 (report you can request after a tradline is investigated)

Loan Type: Charge account    Balance: blank             Pay status: Unrated

Remarks: <Chapter 7 bk>      High Bal: 0                  Acct. Type: Revolving

Date removed est: 01/2011     Credit Limit: 1,400        Responsibility: individual

                                            Date verified 12/2008     Date Open: 12/99

                                                                               Date paid: 02/2004

                                                                               Date closed: 4/2004

Now does anyone see why I am stumped. I firmly believe it has something to do with the "date verified" as the FICO takes the latest "bad" update and dings you based on how recent that was.

Message Edited by maxedout on 03-07-2009 03:20 AM

Message Edited by maxedout on 03-07-2009 03:23 AM

Message Edited by maxedout on 03-07-2009 03:23 AM

Message Edited by maxedout on 03-07-2009 03:26 AM

[Anonymous]

bump. If anyone can help it would be MUCH appreciated.

[llecs]

Maxedout, the change in the reported date would have done it. FICO is reading it as a newer baddie. Any updates to any baddie (COs, CAs) is equivalent to the kiss of death for a FICO score.

The removal of the history is SOP for the CRAs if included in BK. I'm no expert on BKs and could be wrong, but I recall several posting that they had lates reporting and that it can be fixed if you show the acct was IIB. You may want to ask in the BK board for confirmation.

BTW, you summed it up nicely:

"I firmly believe it has something to do with the "date verified" as the FICO takes the latest "bad" update and dings you based on how recent that was."