@thankfulheart wrote:
One of my Cap1 cards NEVER updates on EQ for some reason. No one can figure it out. I disputed it this month ("incorrect balance") as I paid it off and wanted my score and report to accurately reflect the balance. When it did update after the dispute, it updated with my CURRENT balance, not the balance from the last statement. Then, both TU and EX also updated with the same balance. So...if I pay my cards off mid-cycle and dispute the balance, will that force updates, therefore improved scores without having to wait for statements to close? Hmmmmmm.
The final decision is yours of course but just be aware that disputing can have unintended consequences.
1) Disputing can cause your score to drop. A dispute removes certain aspects on OC TLs per FICO like your balance or CL and that can negatively impact your score if it actually helped your util.
2) Disputing can lead to the early demise of an OC TL. While that may sound good if you have a CO or a TL with a bunch of lates, if that TL was one of your oldest or helped your AAoA, then it's depature can possibly drop your score if the history helped more than the baddie hurt. Also, some OCs will automatically remove the negative aspects at the 7 yr mark and it could have reported as a positive for a while longer.
3) Disputing can lead the OC or CA to report worse than what they were before. If an OC wasn't reporting every late or if the OC/CA had not updated in a while, then they can update their reporting and that can cause your FICO scores to drop.
4) Disputing will almost always lead to increased collection activity if the debt is unpaid, including increased letters, calls, or increased risk of being sued.
5) Disputing makes it harder to get a PFD or GW accepted. I recall calling for a GW for Verizon once and they said that since I disputed an accurate account then they wouldn't grant the GW (though I don't they they'd accept it anyway).
6) Disputing can lead to a fraud alert in some instances if you dispute as "not mine" (I'm sure it depends on the OC/CA).
7) Disputing takes too much time. Sending a GW or calling in a GW if paid or a PFD if unpaid takes a week tops. A dispute can take up to 30-45 days.
8) When disputing, you typically only have one shot before being labeled a "frivolous disputer" by the CRAs (EX in particular).
9) A dispute comment can lead to a mortgage denial. YMMV on the lender.
10) A dispute can lead to a split file (primarily EQ).
