"Statement" under Account on EX Credit Report

Anonymous · ‎02-13-2015

At the bottom of my least favorite Charge Off account on EX it says: Your Statement: Completed investigation of FCRA dispute - consumer disagrees.

I am getting ready to apply for a mortgage in the next couple months and I was told that I should remove any statements I have on my file. (I do not understand why.. maybe someone can enlighten me?) SO, I called up Experian and asked them to remove "My statement". They told me that it is not "My" statement, but it is a statement that the Creditor put and that they can not delete it.

#1. WHY would it say "YOUR statement", when in fact, it is NOT "My" statement?!

The Supervisor told me that Mortgage Lenders will request that all statements are removed because those accounts will not show up in the scoring model with a statement on it.

So here's the question... If the account will be excluded from the scoring because of a statement, then WHY would I want to remove this statement?! Does that mean my score will DROP once that statement is off there, since it's a charge off?

I really hope I did not just screw myself over by requesting the statements to be removed from my accounts..

EX said they have to send a request to the Creditor to "change" the statement.

This is getting so very confusing to me. I am SO CLOSE to having all the bad accounts off my reports and now it's just the little things that are really in my way.

gdale6 · ‎02-13-2015

@Anonymous wrote:
At the bottom of my least favorite Charge Off account on EX it says: Your Statement: Completed investigation of FCRA dispute - consumer disagrees.
I am getting ready to apply for a mortgage in the next couple months and I was told that I should remove any statements I have on my file. (I do not understand why.. maybe someone can enlighten me?) SO, I called up Experian and asked them to remove "My statement". They told me that it is not "My" statement, but it is a statement that the Creditor put and that they can not delete it.
#1. WHY would it say "YOUR statement", when in fact, it is NOT "My" statement?!
The Supervisor told me that Mortgage Lenders will request that all statements are removed because those accounts will not show up in the scoring model with a statement on it.
So here's the question... If the account will be excluded from the scoring because of a statement, then WHY would I want to remove this statement?! Does that mean my score will DROP once that statement is off there, since it's a charge off?

I really hope I did not just screw myself over by requesting the statements to be removed from my accounts..
EX said they have to send a request to the Creditor to "change" the statement.

This is getting so very confusing to me. I am SO CLOSE to having all the bad accounts off my reports and now it's just the little things that are really in my way.

While in dispute some attributes of the account are excluded from Fico scoring, so by removing all the comments the mortgage lender can get a tru Fico 04 score on you with all attributes being scored.

Anonymous · ‎02-13-2015

Since it's a Charge Off, does that mean my score right now (before the statement possibly gets removed) will most likely be higher than it will be if/when the statement is removed?

gdale6 · ‎02-13-2015

@Anonymous wrote:
Since it's a Charge Off, does that mean my score right now (before the statement possibly gets removed) will most likely be higher than it will be if/when the statement is removed?

A very good possibility.

Anonymous · ‎02-13-2015

UGH.

Two steps forwards, three steps back. I can't seem to get ahead!

gdale6 · ‎02-13-2015

@Anonymous wrote:
UGH.
Two steps forwards, three steps back. I can't seem to get ahead!

If you can get into DCU and get checking/savings or savings/cc combo they will give you a free monthly Fico 04 score based on your EQ.

RobertEG · ‎02-13-2015

It is conclusion of the dispute, not the presence of a consumer statement, that affects scoring.

The comment indicates that the dispute is concluded, and thus there is no pending dispute.

Once a dispute is concluded by a finding contrary to the consumer, the FCRA provides the consumer the right to place a comment of record in their credit file, and reqires the CRA to include that comment in credit reports they issue. You are correrct that the furnisher of the disputed information does not place comments in your file explaining whether you agree or dispagree, aor stating what you believe. They simply investigate and report their findings back to the CRA, and the CRA makes the final determination.

See FCRA 611(b) and (c), which define the filing and treatment of consmer comments.

If you did not file such a comments aftr conclusion of the disptue and the CRA refuses to remove an indication that you did, I would file a formal complaint with the CFPB.

However, I would speculate that this is all form over substance, as I know of no situations where mortgage lendors require the deletion of any consumer comments.

Anonymous · ‎02-13-2015

Thanks Robert. I even requested to speak to the Supervisor at EX after the representative told me that they can't delete that statement. I argued the point that it states it is "My" statement and that I did not ever make any such statement. She said "Well then you are saying that you agree with the account details"? I told her that I do not agree with the account as it is reporting, but I did not make that statement, nor did I ask for any statment to be posted on that account. That's when she told me that it was a statement put there by the creditor and that I would have to contact them to ask for them to remove it. I told her that I am looking at my credit report right now and it clearly states "YOUR STATEMENT", which is not accurate.

In fact, I told her that I am still in dispute with the Creditor through CFPB, so THEIR statement is not even accurate.

Gdale6: I tried to get into DCU a couple times last year but they declined me. I think my credit is a bit better now, but I'm afraid to add any new inquiries before applying for the mortgage. What about "Equifax 3-Bureau Credit Report and Scores"? Will that give me the Fico scores that the mortgage lender will get?

RobertEG · ‎02-13-2015

So I guess she feels that creditors verify the accuracy of their reporting, and then take it upon themselves to explaain why/how the consumer disagrees?

Rediculous.

Anonymous · ‎02-13-2015

She also told me not to bother disputing through CFPB because they just do the same thing that EX does, which is just send everything over to the Creditor. I just always thought that when you give the credit bureau additional relevant information, that they actually look at it. But I'm sure you all know they don't. This is all new to me. I basically told her the whole story about the CO and how it's not even the OC reporting it and that I have PROOF with the lease contract that I signed and also have PROOF that I do not owe them any money. She told me that I should just "escalate it with the creditor". (As if I haven't already contacted the creditor about this) I have tried everything with this account and now they are being real a-holes and updating every month (after not updating anything for 3 years) ON TOP OF the newly added statement of "mine" that they took upon themselves to place on my file.

Maybe I should file a complaint with CFPB regarding EX not removing a statement that shows as mine. Now it has turned into a matter of principal for me. I've pretty much given up hope on this account, unless I want to shell out some money and take legal action.. but that really isn't something I can afford to take on right now.