We filed a Bk that was discharged last January 06. In April 06 I pulled our reports and found that our car loan (open since 8/04 and never late and still open) was reporting as closed and included in BK. I disputed and it came back verified. I began working on this then and then life happened and it got put on the back burner. Now we want to buy a car and need this to report correctly. Not only because it shows that we've been paying on this loan, on time for 2 1/2 years but also because it's a huge knock to our score without it on there. I tried to dispute it again and it says that it's already been verified as is not disputable. I call my OC and they say that when it was disputed in April 06, they sent back information that the account was open and current and never late. What is my next step?
Work with the OC. The best answer is to work with the original creditor on this matter. They are the ones responsible for correct error free reporting and if their reports are in error it is up to them to correct it and keep after it until it is reporting correctly. I've seen that take as much as 3 or 4 months and phone calls to the OC at least 1 a month. Even banks have trouble getting them to report correctly sometimes. All you can do is keep after the data furnisher (OC in this case) but don't make too much of a pest of yourself. In short, don't take a chance of angering them by calling too many times.
You need them to put into writing the exact way that it should be reporting. You then will need to send a copy of the letter to the CRA. The CRA will send a letter saying that they can't use your letter as verification, but (hopefully) they'll re-open another investigation of the tradeline. If they refuse to do so, you'll have to get ready to sue for violating the FCRA for failing to utilize documentation provided by the consumer to properly investigate a dispute. Another benefit of the letter is that you can show it to the bank for proof of how it should be reporting...
Thank you for your replies. The OC continues to say that their only recourse is to give the CRA the correct info each time it's verified. I tried to call Experian directly to see if I could get somewhere that way and they are closed today. The OC did offer to mail me a payment history and the account information. I will forward that to Experian.
Okay, so apparently they did let me dispute it because it was included in my investigation results email today and magically it's reporting right. I pulled my score just out of curiosity - my EXP score jumped 83 points!!! Just by fixing that one account. I am a happy camper.
