I just read on someone's post that if a CRA verify's a dispute that it lowers your score...is that true?
No, it does not "ding" your score when you verify with the CRA's. Although, if your creditor updates with additional negative information your score will most likely be impacted. An example of this would be when a creditor adds late pay information to a tradeline that was already a Charge Off.
1*I just read on someone's post that if a CRA verify's a dispute that it lowers your score...is that true? necessary No, it does not "ding" your score when you verify with the CRA's. Although, if your creditor updates with additional negative information your score will most likely be impacted. 2*An example of this would be when a creditor adds late pay information to a tradeline that was already a Charge Off. aletes ======================== 1*How could it do that? 2*There can't be late pays on a charge off can there?
I have read something similar to that. I think the theory goes that once the CRA verifies, a new notation is made on your report that says "DATE LAST VERIFIED...OCTOBER 3, 2003", and the THEORY is that this becomes the new date of deliquency. Certainly that is in NO WAY permitted by the FCRA, using the date last verified as the new date of delinquency. But I have read one or two complaints where people believed the date verified became the new date of delinquency. Knowing how messed the CRA's are, I wouldn't completely rule this slight possibility out.
How could it (a creditor) update your tradeline with additional negative info after charge off? When the CRA verifies the tradeline they frequently contact the creditor to verify, but they don't check every piece of data on the tradeline. Some "law abiding/evil" creditors actually check exactly what they have submitted to the CRA's (from their own records) and will send an update via Bullseye or UDF. On two of my charged off tradelines, I have had the DOLA updated (corrected to the actual DOLA) and lates added (for dates leading up to the charge off). Sometimes creditors just send an update for good measure, just in case the CRA has the wrong info. There can't be late pays on a charge off can there? There can be late pays for dates prior to the charge off, but not for dates after the charge off. And a charge off with late pays can hurt a FICO score more than just a charge off. It doesn't make sense, but it is true. Logic would indicate that by default a charge off is already late and that the late pays are not relevant, but the FICO scoring formula does not seem to have that logic.
