I've been working on a paid in full collection account (last activity date 4/2000) for over a month now. I disputed online with Equifax as not-mine. I have been pulling my reports online from Privacy Guard daily and my EQ Fico score consistently stayed on 718. I just pulled my report this evening and it dropped to 666 (yeah, I know ugly number)!!! The account is still marked as "CONSUMER DISPUTES - REINVESTIGATION IN PROGRESS ". My score remained at 718 even with that remarks, but the Payment Status used to say "Not more than 2 payments past due". Now it says "At least 120 days or more than four payments past due" and my score dropped 52 points!!! One violation that I see is that they marked the account OPEN even though it's been closed for over 2 years. You think I can get a deletion on this violation if I send them a nutcase letter? Do you see a better strategy that might result in a deletion? By the way, this is the same acct. I disputed with TU as "not-mine" and it came back verified but it says "Settled; less than full balance" and "Payment after charge off / collection ". Again, this is a PAID IN FULL collection account. The Original Creditor is reporting not the CA. I am tired of this account. I really want it off of my CR. acck.
One follow-up question is that does the Account Status (Closed or Open) affect FICO score? i.e. If this account was marked as CLOSED instead of OPEN, would the score be higher? Just trying to see if it makes a difference.
To answer your question, yes the status of the account does matter to the FICO scoring system. This is usually more important for current revolving accounts, since the credit limit/credit used ratios are affected (closed accounts would lower your available credit). I'm not quite as sure about your account, since it is derogatory. I may have missed this in your post, but is this account currently open and in good standing, or is this account past due, charged off, etc? This will make a big difference in how to proceed from here. EDIT: Ok, I was lazy and didn't read your post thoroughly. Sorry! Since this account is a paid in full collection, then the account should be reporting as closed (settled/paid in full, paid, etc.). It is possible that either the CA mis-reported the account on purpose in response to your dispute, or the credit bureau updated the account erroneously as a result of your dispute. Your FICO score probably dropped because in some way, this account now looks more recent than it did before, or it appears as a currently open derog instead of a paid/settled old derog. You definitely need to address this situation and get it corrected.
Thanks! I am not about to give up on this account yet. I will still work on a deletion! I will send EQ a letter requesting a re-investigation immediately for reason of inaccurate information without actually admitting the account is mine. I'll research on this but maybe a procedure request is better. Thanks again!
If you already disputed the account with the CRA, it would seem that the OC has committed several violations of the FCRA... I would go for the procedures request (more evidence??) and prepare an ITS to the original creditor. Hint: the OC is the information furnisher and the violations are under fCRA 1682 (b) I believe..... ( I am a little slow today)
That's my plan to send procedure request to the CRA. But I was going to send the nutcase letter at the same time to the OC. Should I wait for the evidence from the CRA and then just send the intent to sue letter to the OC without sending a nutcase first? Nutcase is subtle that it does not specifically say you want to sue them but you would/could.
just in a bumping mood this evening. Thank you all for all your help! Even though OC verified with EQ and made my score worse, I got a deletion from EXP (same account!).
