HSBC reporting question

[fixitquick]

I have an HSBC account on my reports with the following info:

Opened - 07/2005

DOFD - 04/2009

High balance - $733

Balance - $0

Charged off / Purchased by another lender (CA is not reporting)

I sent a GW letter a couple of weeks ago.  No response (yet), but got a SW update that an account had changed.

According to the SW, the following changes were made:

Previously reported:

Balance - $0

Past due - $0

Status - Bad debt, placed for collection

Last activity - 5/1/2009

High credit - $433

Description - Account trasnferred or sold / Charge off account / Amount in high credit is original charge-off amount

Newly reported:

Balance - $0

Past due - $0

Status - Bad debt, placed for collection

Last activity - 5/1/2009

High credit - $400

Description - Account trasnferred or sold / Charge off account / Real estate mortgage / Amount in H/C column is credit limit

Now clearly, this was not a mortgage, but a credit card.  Is this grounds to dispute?  Think that if I do, it'll get the account removed?

Any advice is appreciated.

[RobertEG]

It appears that the creditor charged-off the account when it was above its account CL of $400.

The original reporting clearly identified the "high credit" amount as the amount of the debt at time of their charge-off.

They have apparently now updated their reporting to provide the CL as opposed to the amount of debt they charged-off.

I dont see a clear error, as they reference different things. As a matter of fact, their new reporting is, in my opinion, more favorable to the consumer, as it does not now disclose that the debt exceeded the account credit limit.

Regardless, any dispute over an inaccuracy in reporting does not compel, even if correct, the deletion of the disputed information.

The furnisher always has the first option of simply correcting their prior reporting in the manner asserted by the consumer to be correct.

Deletion is only compelled in those situations where the furnisher either does not correct the information or fails to verify the accuracy  of their prior reporting.

[bahbahd]

I waited too long after the CapOne acquisition of HSBC to send HSBC GW letters. The recent addition of the CL to the HSBC CO accounts on your credit report seems to be happening after the CapOne polices have been enacted over at the HSBC offices. Earlier this year people were having successes with GW deletions and whispers of "we don't GW/PFD, but if you dispute we won't verify." This seems to be no longer the case. I sent GW delete letters and my accounts were instantly updated with more information, the CL included.

[fixitquick]

Pardon my ignorance, but what is the significance of the CL reporting? It doesn't seem to be effecting my utilization (score didn't go down with this SW).

Any suggestions on how to proceed with this?

[bahbahd]

I don't think it matters at all since the account is showing $0 balance. Some of the CapOne cards continue to report a balance as they don't always sell when they CO. So, by having the CL there of say $500 and CapOne/HSBC reporting that your account now is CO w/ balance (reporting KD every month) of $2,000, well, this kills your utilization and inflicts the most damage to a persons CR and score.

[Shogun]

I agree with RobertEG in most parts of his post.  However, since most financial matters deal with minor details, technically this has information posted in error on it hence you do have a reason to dispute.