Credit score dropped 34 points (from 732 to 698)

[Anonymous]

I had a charged off account that was reported as a CO back in 2016. Since then, I fixed my credit but didn't do anything about the account and just let it go. 

my credit score was at 732 start of may. 

Then I had a "stupid" idea to dispute the account with Experian. 

the dispute was conpleted showing the account was mine. But something else happened. Now, the account shows CO status for every month for the last 4 years. 

Prior to the dispute, the account showed CO status as of June 2016. 

with CO status for every month in the last 4 yrs, my score dropped to 698. 

Is it normal for a CO account to show CO status for every month? Anything I can do?

[Horseshoez]

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@Anonymous wrote:

I had a charged off account that was reported as a CO back in 2016. Since then, I fixed my credit but didn't do anything about the account and just let it go. 

my credit score was at 732 start of may. 

Then I had a "stupid" idea to dispute the account with Experian. 

the dispute was conpleted showing the account was mine. But something else happened. Now, the account shows CO status for every month for the last 4 years. 

Prior to the dispute, the account showed CO status as of June 2016. 

with CO status for every month in the last 4 yrs, my score dropped to 698. 

Is it normal for a CO account to show CO status for every month? Anything I can do?

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Disputing valid information is N-E-V-E-R a good idea, it falls under the realm of "Poking the Bear", and my friend, you done poked the bear and found out why it's a bad idea.

At this point pretty much the only thing you can do is to try and pay it off in exchaged for removing it from your report (this may or may not be possible depending upon who holds the debt these days).  Worst case, pay it in full and let it age; your scores will eventually come back up.

[Anonymous]

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@Horseshoez wrote:

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@Anonymous wrote:

I had a charged off account that was reported as a CO back in 2016. Since then, I fixed my credit but didn't do anything about the account and just let it go. 

my credit score was at 732 start of may. 

Then I had a "stupid" idea to dispute the account with Experian. 

the dispute was conpleted showing the account was mine. But something else happened. Now, the account shows CO status for every month for the last 4 years. 

Prior to the dispute, the account showed CO status as of June 2016. 

with CO status for every month in the last 4 yrs, my score dropped to 698. 

Is it normal for a CO account to show CO status for every month? Anything I can do?

---

Disputing valid information is N-E-V-E-R a good idea, it falls under the realm of "Poking the Bear", and my friend, you done poked the bear and found out why it's a bad idea.

At this point pretty much the only thing you can do is to try and pay it off in exchaged for removing it from your report (this may or may not be possible depending upon who holds the debt these days).  Worst case, pay it in full and let it age; your scores will eventually come back up.

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Yep, this. 

What was the valid reason for disputing it?

If there was no valid reason for the dispute, this is simply a good dose of self inflicted harm that you imposed on yourself.   Basically all you did was notified them that they weren't updating it as a CO monthly so they fixed that for you. Now, you will be scored like you have a fresh derogatory account. 

[Anonymous]

It was not a smart idea to dispute it.

The reason I did that because although the account was charged off, it was still showing a balance of 23k. I had done some research (obviously in the wrong places) that mentioned that charged off accounts should show a balance of $0. 

[Horseshoez]

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@Anonymous wrote:

It was not a smart idea to dispute it.

The reason I did that because although the account was charged off, it was still showing a balance of 23k. I had done some research (obviously in the wrong places) that mentioned that charged off accounts should show a balance of $0. 

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Do you have the ability to settle with the current owner of the debt?  If so, a "Pay for Delete" agreement is the best possible outcome as it will erase it from your credit history.

[OmarGB9]

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@Anonymous wrote:

It was not a smart idea to dispute it.

The reason I did that because although the account was charged off, it was still showing a balance of 23k. I had done some research (obviously in the wrong places) that mentioned that charged off accounts should show a balance of $0. 

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Only if you paid it off and/or it was sold to a third party CA. Otherwise, no, that's incorrect.

[Anonymous]

My Experian scores dropped 114 points with no change in Experian credit report.

Fico 8 Bankcard down 30 pts, Fico 8 Auto down 48pts, Fico 8 Mortgage down 36 pts

My WellsFargo credit card activity reports to Experian and WF draws from Experian credit scores.

All bureaus are frozen so not identity theft, and no change to credit report so WF not posting

detrimental information. So looks like an inside job at WF. Also when I started this account,

there where checks from Des Moines and Las Vegas. Why is the home of the Mafia doing a

pull on my credit record? The drop happened overnight between July 26, 2021 and July 27, 2021.

Credit utilization was 3.86% ($190). Never paid late, utilization always 5% or lower. My Fico 8

had been 792 for 4 months, and now overnight 724. Other bureaus had me at 802. Building credit

for 31 months and now everything is gone. I am over 70 and will not recover in my lifetime.

God says vengeance is his, but I will be called as a witness. Wells Fargo! everlasting justice

will chase you down. God knows who did this, there is nowhere to hide in this universe.

[jrwa81]

Yep, I had to learn this the hard way as well.  NEVER dispute accurate information with hopes that you might get lucky and it'll get deleted.  Nine times out of ten, it will get you nowhere and it can cause the exact sort of problem you are dealing with.  You defintely woke up a sleeping bear by disputing it.   Don't feel bad, though.  I just recently learned this as well.   I have done disputes on the willy nilly in the past just to see what would happen, but I've now learned that this never a good idea.

[Joobie]

All bad my friend. Yes they report CO every month until it falls off of your credit report or you pay it in full.

[Red1Blue]

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@Anonymous wrote:

I had a charged off account that was reported as a CO back in 2016. Since then, I fixed my credit but didn't do anything about the account and just let it go. 

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Some thing similar happend to me also. Who is the name of the creditor?