I am currently in escrow to close a home in Ca on Feb 5th. Everything was going great and thr lender said I had to remove a dispute from an account that i paid in dec 2010. the account in question is from Verizon and it was charged off before I paid it. I did however end ip settling with Verizon but do not remember dispiting the account. I sent a letter to Verizon saying I am longer disputing this account please remove this dispute from my credit. Verizon did remove the dispute but as of 1-21-2013 there is a new statement on Equifax with the comments "bad debt & collection & skip". The new statement sjows a $0 balance like the other statement and also says paid charge off.
I am sorry if I am rambling but basically my lender said this can keep me from obtaining a loan because homepath has red flagged this you update. I have talked to Verizon and Equifax and neither of them said they can remove it. Any help is much appreciated.
Today I spoke with my lender and she was able to clarify the situation much more. So the account that was in dispute with Verizon was paid in dec of 2010 and last reported on January of 2011. When Verizon removed the dispute and sent an automatic update to the credit bureaus equifax deleted the old account reporting date of January 2011 and reported it for January 2013. So now it looks like a have a new derogatory account which is having an adverse effect on my credit.
What I did is wrote a letter stating my position and explaining the error that equifax made and gave proof that these account was satisfied. My lender is using a rapid restore company to remove the incorrect information so that the loan can process. I will not know the results of the restore until Monday or Tuesday so I am keeping my fingers crossed and hoping for the best outcome.
I am currently going through a rescore as well. How did your situation turn out?