Last month, I disputed two 5-year old COs (one pd for less than full amount and one sold to a JDB, which was later settled, again for less than full amount) with the OCs as "not mine". Suddenly, my FICO dropped 40 points on all three bureaus. I pulled my merged report from PG and found that every month to the present was being reported as a CO. I'm waiting for the credit reports to come back from the credit bureas as I recently disputed these two COs as well as a bunch of bogus information as "not mine". So I am confused about what screws up your FICO. I believe the account information for the two old COs was VERIFIED in April '04, but I have a hard time belieiving that the accounts were re-aged and reported as charged-off in April '04. Can anyone shed some light on how this would lower a FICO score? (the debt has only gotten older and, therefore, less relevent). How can an OC legally report a CO? Clearly, in the month that the account was legitimately charged off, they can legally report that info. However, can they legally continue to report every subsequent month as "charge-off"? Doesn't this violate FCRA 623(a)(5)? TIA, Jeff
Now if the board would let you delete posts that timed out but created an empty thread, we'd be all set.
The date of importance is Date of Last Activity - DOLA. You don't see that on PG, pull your individual detailed reports to get that, or call them to get your written reports. If you have a written report w/an older DOLA, you have them on re-aging.
I don't believe it was a change in DOLA. My TU now reads: scumbag bank#1 PAID PROFIT AND LOSS Updated: 04/2004 BALANCE $0 ... Closed: 08/1999 Status as of 04/2004: PAID CHARGE OFF scumbag bank#2 PURCHASED BY ANOTHER LENDER Updated: 04/2004 BALANCE $0 ... Closed: 03/1999 Status as of 04/2004: 120 DAYS PAST DUE MAXIMUM DELINQUENCY OF 90+ DAYS OCCURRED IN 04/2004 This appears to have tanked my FICO. IS THIS LEGAL? The accounts were paid or settled with the JDB wthin a year of the closed date, and this update appears to be the only cause of my dropped FICO.
