Be very careful. I just had a meeting with a credit expert and I've found a very scarey deal. When you "update" your Experian file it may not reflect on your creditor's copy of your file. Let me give you an example. I had a perfect account, several years ago, show a 30+ late. I was always on time. I disputed, they removed the derog history. Done and Done. I thought. The account still shows on my report (it shows open and it's closed) but other than that I think the account is fine based on my report. On my mortgage preapproval this account shows up in "derogatory accounts". It looks perfect on their report too... but it's in the derog section. He says that happens a lot with Experian. They clean up what we see but it's still coded derog so it still hurts our scores and we don't even know it. His suggestion: when dealing with Experian if you have a derog tradeline, try to get it removed completely. They're incompetent, or their system is screwed, or they're committing fraud by not telling us if our accounts are still hurting us. One or the other. Just be careful.
What is the method of it getting removed "completely". Also there is another current running post that touches the same issue.
Since the FCRA requires that the bureaus investigate and resolve your disputes within 30 days, they will sometimes remove the negative information temporarily until they get the information verified as true. Then they will put back any information verified to be true. According to the FCRA, they can do this, but they have to notify you in writing. This has happened to me.
KristyW...so did you send them the letter about you failed tonotifyme within five days or how did you fight them about it?
Actually, what happened is I challenged a late on my credit report. The CRA deleted it because the original creditor didn't get back to them within the allotted 30 days (per the FCRA). Then the creditor (First USA, BTW), came back after the 30 days and "verified" it to the CRA, who then put the late BACK ON my report and sent me a new credit report reflecting this. It was a 60 day late, which really frosted me, since I wasn't late. I then dealt directly with First USA, mailed them all the copies of my canceled checks to them for the previous year (which cost me bank fees - grrrh!), and a threat to take further legal action if they didn't do anything about it. They then relented and corrected my listing. I didn't feel like going any further with it, though I may have been able get them for defamation of character, my bank fees back, etc. Total time took about 90 days, and a lot of stress.
this is different from a reinsertion. different completely. Let me illustrate. On my report I see: XYZ Company Date open 9-01 DLA 05-01 High credit 3199 IN $0 $0 $0 Account transferred or sold. Ok, so on my report it looks perfect. On the Residential Mortgage Report it also shows all this, with an R1 rating no less. There's nothing under Time Past Due (all 0s). Paying Record 99 mos. Everything LOOKS perfect even on my lender's report. BUT, it's listed NOT under OPEN accounts, NOT under Closed Accounts, but under Derogatory Accounts. SO, the account looks perfect, my broker could see no reason why it' under derog... except that Experian never completely removed the derog coding. Hence, my scores have been reflecting a derog when there is no such thing. It's a glitch in Experian's system he thinks (he's seen it before). He thinks sometimes when they do think they've permanently deleted derog history... the notation leaves but the coding stays. and we never know it by looking at our reports but our scores suffer. His conclusions in dealing with Experian is to have the tradeline removed completely. Or, if you have the history positively corrected, have another mortgage report run to check. Course, the mortgage run costs me $14 and an inquiry across the board, but it's the only way to see what's really happened to the account. By the way, this is the same Experian that codes previously delinquent student loans (but that are now either current or closed completely) with I5s. Another glitch that they stand behind. I'm adding this to the lawsuit. It's wrong to not disclose to the consumer there's an issue. I see perfect, lender sees crud. This is wrong and the rep today defended the I5 issue knowing the scores pick it up as a current derog. ugh. This is such a different issue that's why I've posted all of it in different ways on 2 posts. It's important for people to understand what might be going on if they think they have artificially low scores. They really might have a glitch hitting them too and they'll never see proof on the reports the CRAs send to them but you can bet your creditors are paying attention to all these errors.
Marie, Momof3 mentioned a similar issue a while ago re a collection account that was deleted from her husband's report in October, but was still present on the residential mortgage report in March. I think you're absolutely right to sue the pants off them. Christine from Bayhouse.Com lived for situations like yours. You should e-mail her and share your story. She'd probably help you free of charge if you felt you wanted some assistance. As for me, the Beacon I get from Equifax is always different from what the lender 's Beacon is, and it may be some glitch in their system as well. Good luck,
