FICO score from Score Watch is extremely low. Question

[DiamondDan73]

My Score watch FICO is extremely low. Is it a true FICO or is it a FAKO? 

One of the reasons is I have a CO with my last payment on 01/2008. I disputed the account 6 times in the past four years and each time they verify the account they add a CO to my report. So it says on under the reason my score is so low, I have 6 late payments over 60 days late. The CO's are counting as a major delinquency and effecting my score.

Does this sound right to anyone with any experience in this area? Can they mark an account as a CO more than once? I thought that a Charge Off is a one time thing. Can this be fixed with a simple letter? I'm afraid that if I dispute it I'm going to get another CO.

Thank you in advance for any help.

[atarvuzdar]

SW through myFICO provides a FICO score.

If you dispute the tradeline and the account comes back verified and they add a CO on another month to the same tradeline then this is appropriate for them to do. It looks like you may be forcing them to continue to report whereas if you stopped disputing they may not continue to report (and, thus, adding more CO references to your report).

If, however, they are adding a new account to your credit report altogether (so that now you have 6 accounts, rather than 1 account with continual monthly CO references) then this is inappropriate and you should contact the original creditor to have them remove 5 of those accounts.

Good luck!

[DiamondDan73]

Thanks for the response. They are adding a CO to the same account. My question is if the account is charged-off and closed then sold to collection agency, wouldn't the reporting have to stop from the OC?

[LS2982]

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@DiamondDan73 wrote:

Thanks for the response. They are adding a CO to the same account. My question is if the account is charged-off and closed then sold to collection agency, wouldn't the reporting have to stop from the OC?

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This is a good question for RobertEG, maybe this should be moved to the rebuilding forum.

[Anonymous]

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@DiamondDan73 wrote:

Thanks for the response. They are adding a CO to the same account. My question is if the account is charged-off and closed then sold to collection agency, wouldn't the reporting have to stop from the OC?

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No, they do not have to stop reporting.  The OC has to stop reporting a balance if they have sold it to a collection agency, but it will still report a charge-off status, and this is accurate.  My suggestion is to stop disputing it unless it is incorrect.  You could try sending them GW letters intead, although with all your frivolous disputes, I don't know how much goodwill they will have.

Keep in mind, no matter how many times they update the charge-off status, it will still go away within 7.5 years of your date of first delinquency.

[guydiver]

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@Anonymous wrote:

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@DiamondDan73 wrote:

Thanks for the response. They are adding a CO to the same account. My question is if the account is charged-off and closed then sold to collection agency, wouldn't the reporting have to stop from the OC?

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No, they do not have to stop reporting.  The OC has to stop reporting a balance if they have sold it to a collection agency, but it will still report a charge-off status, and this is accurate.  My suggestion is to stop disputing it unless it is incorrect.  You could try sending them GW letters intead, although with all your frivolous disputes, I don't know how much goodwill they will have.

Keep in mind, no matter how many times they update the charge-off status, it will still go away within 7.5 years of your date of first delinquency.

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+1.  My CO was listed when it was charged off, and again when I finished paying it off to the CA.  The CA deleted, but the OC(Cap1) continued to report to the bitter end.

[DiamondDan73]

Thank you for the help. I will try the GW approach and see what happens.

[DiamondDan73]

I did have a second question to this. Since the debt is past the SOL and they are continuing to report the CO' after the SOL, wouldn't that be considered continued collection activity? I live in California and it is a violation of the California FDCPA to "even attempt to collect on a debt that is past the SOL".

[JohnPTEX]

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@DiamondDan73 wrote:

I did have a second question to this. Since the debt is past the SOL and they are continuing to report the CO' after the SOL, wouldn't that be considered continued collection activity? I live in California and it is a violation of the California FDCPA to "even attempt to collect on a debt that is past the SOL".

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That to me is just accurate information that the OC is reporting - it was a CO - they are not colecting a debt as it shows you do not owe a debt - it should just say CO and $0 balance - they can do that until the 7+ years are up