Hello all, In July '05 I racked up 5+ inquiries none of which yielded new credit accounts. After reviewing my credit file I found many discrepancies and open collection accounts. Since then, I've managed to have ~6 discrepant accounts deleted and 2 collection accounts showing as "Paid". However, my cred. score is being lowered due to the # of inquiries in the last 6 mos. My initial thought was to submitt a 100 word personal statement to the CRA's and have them send out and updated copy of my credit file to all creditors that had requested my info. Do any of you have experience doing this? Do you recommend me taking this route? Do you know of any resource that offers sample statements. I thank you in advance for your time.
I just submitted a dispute today w/ EQ. I don't know how it will turn up since the inquiries are valid?
Equifax deleted a slew of inquiries I disputed. It's not whether they are valid, but are these creditors going to actually expend the energy to bother validating something so trivial?
That's great I've been reading of a lot of cases where EQ has just deleted the inquiries, I hope I won't be the exeption. Do you have any experience w/ EX or TU? Also, what are your thoughts on the 100 word personal statement? Is it worth submitting?
What do you expect your personal statement to accomplish? If the lenders you applied to get it, at this point they are unlikely to just automatically reconsider your application. That would probably require you specifically requesting reconsideration, or submitting a new application.
Re: Re: ? advice on 100 word statement I haven't seen anything back regarding Experian or Transunion with regard to the inquiries. I really didn't have a huge # of them, so it was just thrown into the letter as an afterthought. 100 word statement, as someone else mentioned, isn't going to change the score, and probably won't be considered by a potential creditor who is going to look at numbers. I was looking at Experian's online form where they allow you to add a 100-word statement via the internet. They allow you to choose from a selection of pre-written statements.....each of which does nothing but admit that you were delinquent on your debts. (I was late because of losing job, because of divorce, bankruptcy was because of medical bills, etc.) If Transunion continues to refuse to properly validate my BK, I'm going to send a 100-word statement that "Be advised that the BK is erroneous; Transunion refuses to investigate it as required by law." LOL!
Re: Re: ? advice on 100 word statement Did you in fact file bankruptcy, and is it correctly noted on your reports? If not, what is it worth it to you to get an incorrect BK notation removed? How much is it affecting your scores?
Re: Re: Re: ? advice on 100 word statement Yes, I did have a BK. But, dammit, Equifax removed it!!!!!
Re: Re: Re: ? advice on 100 word statement As you can probably guess, your results may vary. You are dealing with a system that is sloppy and error-prone, and does not always follow its stated procedures. But if the report is in fact correct, you might not get very far in court. More important is how fast your scores can recover post bankruptcy. If you have negative collection tradelines that were actually IIB, but are not showing IIB, they may be dragging down your scores. I have no specific experience in this area, so you may want to ask others who have been thru BK how fast they became lendable.
Re: Re: Re: ? advice on 100 word statement Yeah, I was wondering how much it actually affects the scores. Also, with the one report where I got the BK removed, but there are still IIB notations, I wonder if it still results in the same hit to the score...
