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Can Someone Help Me With This???

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Valued Contributor

Can Someone Help Me With This???

I'm in the process of a home loan...and when I pulled my myFICO EQ report...I saw some things that made we wonder...I have this account that shows a lot of lates..can someone explain this for me:

myFICO EQ report:
American Thrift & Loan
Status as of: May 2008 (I recently paid it off)
Date Opened: Aug 2003
DOLA: May 2004
Activity: 33 90+ lates from May 2006-Jan 2008

EX report received with dispute results:
American Thrift & Loan
Date of Status: Apr 2008
Date opened: Aug 2003
Reported since: Apr 2007
Account history: Charge Off as of Apr 2007 to Feb 2008 (how can this be?)

myFICO EX report shows account activity: 11 90+ lates from May 2007-Mar 2008

EQ report received:
American Thrift
Date Opened: Aug 2003
Date Reported: May 2008
Date closed/Major Delinquency: Apr 2008
DOLA: May 2004
Date of last payment: Apr 2008

I am confused by all of this..I don't know which is correct...I wrote a GW to the company..but have not sent it off yet...I don't know what to go by...this is a joint installment account with my father...he included it in his bankruptcy...so I never paid...only disputed..but it always came back as verified...I called one day..and was told bankruptcy paid..all but one payment...WHAT!!!...this account is listed as a Charge Off/Collection...I don't see where all these lates come from...

Message Edited by slyhouse08 on 05-21-2008 02:23 PM
Message 1 of 4
3 REPLIES 3
Moderator Emeritus

Re: Can Someone Help Me With This???



slyhouse08 wrote:
I'm in the process of a home loan...and when I pulled my myFICO EQ report...I saw some things that made we wonder...I have this account that shows a lot of lates..can someone explain this for me:

myFICO EQ report:
American Thrift & Loan
Status as of: May 2008 (I recently paid it off)
Date Opened: Aug 2003
DOLA: May 2004
Activity: 33 90+ lates from May 2006-Jan 2008

EX report received with dispute results:
American Thrift & Loan
Date of Status: Apr 2008
Date opened: Aug 2003
Reported since: Apr 2007
Account history: Charge Off as of Apr 2007 to Feb 2008 (how can this be?)

myFICO EX report shows account activity: 11 90+ lates from May 2007-Mar 2008

EQ report received:
American Thrift
Date Opened: Aug 2003
Date Reported: May 2008
Date closed/Major Delinquency: Apr 2008
DOLA: May 2004
Date of last payment: Apr 2008

I am confused by all of this..I don't know which is correct...I wrote a GW to the company..but have not sent it off yet...I don't know what to go by...this is a joint installment account with my father...he included it in his bankruptcy...so I never paid...only disputed..but it always came back as verified...I called one day..and was told bankruptcy paid..all but one payment...WHAT!!!...this account is listed as a Charge Off/Collection...I don't see where all these lates come from...

Message Edited by slyhouse08 on 05-21-2008 02:23 PM

If one payment was left due, that is where all the lates came from. They can mark you late each month until you pay it.
 
As for being a charge off and showing lates.........I don't know about that.
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Message 2 of 4
Highlighted
Valued Contributor

Re: Can Someone Help Me With This???

That's what I mean...it says it was charged off...Apr 2007...affected by a natural disaster...
Message 3 of 4
Moderator Emeritus

Re: Can Someone Help Me With This???

It can continue to report monthly "CO" up to the point where it is paid, settled, or sold. In this case, it was paid this spring and could have continued up to that point.
 
However, the damage may not be as bad as you think. Creditors will look at when the account was first charged-off. Even though your EX MyFICO report is reporting that it is charged-off monthly and lates are added, when you app for something creditors would likely see the initial CO date.
 
DW just asked for a CLI on her shiny new BofA Amex. She has 2 accounts (CapOne included) that report CO every single month up to last month. To our surprise, BofA said that the account is fine because her CO occurred a few years ago. However, I foolishly disputed a Verizon acct of hers that initially was CO'd in 2004. Verizon updated its status as of last September, when I disputed it. BofA read that as a recent CO (9/07) and denied the CLI in part to that.
 
 
Message 4 of 4
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