Friggin Cap1 was incorrectly reporting an OLD acct that was in BK as PAID AFTER CHARGEOFF. I called them last week and complained. They pulled a hard inquiry on all 3 reports and coded it as COLLECTION. I lost 25 points on TU and the 2nd reason code is TOO MANY COLLECTION INQUIRIES! This is total bullsh%t! I've disputed with TU so we'll see what happens.
I don't get it.. I thought a hard inquiry was a hard inquiry - are you saying that a collection inquiry is worse than an inquiry from applying for credit? I didn't even know there was such a thing as a collection inquiry! 25 points? My gosh. How completely and utterly awful. Ozzy.
Get this!!!! When I applied for my home loan. My EQ score dropped 22 points! It was my first Hard inq. since 7/2001! My TU and EX score went down 12 points.
Maybe Cap1 has found a way to deter disputes. They change the tradeline to reflect a more damaging status, punish us further by taking away even more FICO points via the hard inquiry. Talk about adding insult to injury!
If this is a vindictive action, isn't that against the law? And if it's common practice, is there a lawsuit? If not, shouldn't there be?
How does one determine a collection inq from the others? The CR's don't appear to denote a "collection inq".
Have you sent CAP1 a written dispute/validation? If so, could this constitute continued collection activity after dispute? just thinking out loud......
Butch... I have to correct you on this for at least Experian - they definitely have a "Collection Inquiry" notation - I have one from Asset Acceptance that I am working to get dropped ... and it dinged me about 20 points, as opposed to the normal 5-10 for other inquiries. Scoob
Only way I was able to tell whether it is a regular inquiry or a collection inquiry was by looking at the "Comments" section. It said something to the effect of Collection Purpose, instead of Permissible Purpose.
Breeze.... You are right and I told Cap1 as much via telephone the other day. They said they had no control over how it's coded so I called her a liar to her face and demanded that it be removed or I would be filing a lawsuit for violating the BK order by continuing collection activity. She said she is submitting a request to the CRAs for removal of the INQ and that it may take the CRA up to 60 days to update.
