After having Experian investigate one of my accounts, they updated it on my report to "no status" (instead of charge-off, paid collection, etc). Has this happened to anyone else? I'm wondering how this figures into my score.
I have got to tell you, I don't trust that notation. I had an account that had been "corrected" of it's previous derogatory credit history and so it looked ok to me and was in my positive area. then when a mortgage broker pulled it... it still looked positive but it was in the derog secton of his report. meaning, they'd left the derog coding and it was still dinging my credit score. What to do? I don't know. but I thought I would warn you. Experian is notorious for not correcting tradelines correctly. By the way, is it an original creditor account or a collection account? a collection account by its very nature is derog... but the original creditor account may be neutral now which is better than derog. the only real way to tell is to have a friend who's a mortgage broker pull you and see what's what.
Thanks for the info. It's an original creditor, and it's currently listed in the negative section of my report. I just thought it was interesting that it was previously listed as an "unpaid collection" and after Experian verified it, it changed to "no status". It doesn't quite make sense to me.
Well, if it's really an original creditor account that did go derog then I'd leave it for now. Unrated, we believe, is neutral and won't hurt you. (or even if it is somewhat negative it shouldn't be as bad as a directly derog notation).. We think. I no longer take common sense and apply it to credit bureaus. However, in thinking about this, I've got to tell you I don't see how it makes any sense. If the orig creditor didn't verify then it should be removed completely and coded to not reappear via monthly updates. If the original creditor did verify, then it would have stayed negative??? So in what scenario does the account stay but in an unrated status??? IF you'd negotiated payment with the creditor and there were issues with the account... then you might negotiate unrated as a settement compromise. But for the cra to just do that... is odd. The only thing I can think of is, in theory, if you dispute a part of a tradeline like balance, history, dates etc and the creditor doesn't verify then the cra is supposed to just correct that part of the tradeline in your favor... but normally they delete the whole thing which is how we get our perfect accounts but with 0 balances deleted when we ask for a balance update... but if they updated this in your favor it should go positive... maybe this is just a compromise on the cra's part to look like they did the right thing when they only mitigated the issue... any thoughts out there???
I have the same problem. Asset Acceptance is doing this to me. So far it's on Experian & Exqifax. I haven't gotten the results from TransUnion yet. I posted on this but I guess I didn't get the point across. It was confusing to me and I posted it the same way. I only got 1 response. I agreed with Marie, if they cannot verify then they should update it after 30 days right? I haven't sent out the estoppel yet. So I'm hoping they will delete after that. I know they don't plan to validate. I doubt they have any proof. I don't know what to do at this point. So far, all I have planned is the Estoppel letter next week and take it from there. Maybe file suit with that CRAs if they don't soon....any suggestions???
same thing happened with me with a ca after i sent the validation letter. I have not sent the estopple, but i will be soon.
I had sent the 30-day validation letter, then the estoppel letter to this creditor ... no response. So I forwarded all this info with copies of the certified return receipt about a month ago. I have yet to hear back from Experian on how they handled this. My hope is that it will come off completely - and I won't have to worry about this "no status" wierdness anymore. Thanks for all the input guys.
