QUICKLY updating your credit report? - Posted by IB (NJ)

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Posted by Adam-NY on September 10, 2003 at 14:02:41:

acc. to sec 611(a)(2)(A) of the Fair credit reporting act, the credit bureaus have to mark a disputed item in dispute within 5 working days, which means the item can’t be shown or has to be marked ‘in dispute’ to anybody, that pulls the report (The tradeline will show up, though, if you pull your own reports), otherwise they’re in violation for knowingly giving out false information.

---------->This is completely wrong. Section 611(a)(2)(a) states nothing of the sort. It has to do with the credit reporting agency notifing the original creditor within 5 days of the dispute. The tradeline only gets supressed on Equifax. Trans Union and Experian do not supress the tradelines. The creditor is suppose to notify the CRA to mark the tradeline as in dispute.

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Don’t worry about the possibility of the tradeline disappearing, if the creditor doesn’t respons. If it’s an account, that you use, then it will go back the next time they report a balance. It’s not a big deal.

Michaela

----->Just becareful, sometimes the removal of a tradeline will DECREASE your FICO score.

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QUICKLY updating your credit report? - Posted by IB (NJ)

Posted by IB (NJ) on September 09, 2003 at 23:27:11:

Hi Gang. I’m in the process of paying off some debts (credit cards and home equity loan used to do wholesale flips). I need to lease a new car (the ol’ 95 Cherokee is dying a slow and painful death) but see that my credit score is only 660 due to being a little over leveraged. Paying off the money I borrowed would raise it back up to the 700’s. I plan on paying off this debt this week. Is there a way I can get the lenders I pay off to report the payoffs immediately? I’d like the payoffs to be reflected in my credit score in a couple of weeks when I start shopping for the car. Thanks in advance.

BTW, my credit reporting service, privacy guard, has a neat little feature where you can access your credit report instantly online. Once it comes up you can use the ‘what-if’ simulation tool and manipulate the accounts on the report to see how your credit score would be affected. For instance, I used the ‘what-if’ tool to see what would happen if I paid off 5 accounts leaving 3 open and it added 44 points to my score. Pretty cool tool for anyone who thinks this would come in handy. You can get more info. at privacyguard.com

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Adam is right… - Posted by Gib

Posted by Gib on September 10, 2003 at 17:02:23:

Adam gave you good advice. Don’t dispute account balances or you risk losing the tradeline completely. Maybe it would re-appear the next reporting cycle as Michaela said, but that sure wouldn’t help you in the SHORT term.

Disputing balances would be counter productive anyway. You want it updated quickly. Most credit card companies update once a month. The credit reporting agency is allowed 30 days for disputes. It could actually take up to 29 days LONGER to get your balances updated if you dispute them.

Gib

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Re: QUICKLY updating your credit report? - Posted by michaea-ATL

Posted by michaea-ATL on September 10, 2003 at 07:20:25:

Neither the credit card sompanies, nor the credit bureaus have an interest in you improving your score. they make more money, if your score is ow, subsequenttly they report new debt fairy quicky, but may take months to report, if you pay things off.

Go ahead an pay and then immediately put queries in with all 3 credit reports in regards to the balance on those particular accounts.

That does 2 things:

  1. The whole tradeline(s) won’t show during the time, that the credit bureaus are investigating.

  2. The credit card companies are then forced to report the correct balance within 30 days or sooner.

Michaela

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Re: QUICKLY updating your credit report? - Posted by Adam-NY

Posted by Adam-NY on September 10, 2003 at 05:57:10:

I hate to say it but most creditors report once a month. You might try calling them and seeing if they will do you a favor by updating it right away.

On a side note, do not go by the credit score that Privacy Guard gives you. It is what we call a FAKO score. If you want to get your real FICO score go to myfico.com. There you can get your what most lenders go by.

By my experience that my Privacy Guard Equifax FAKO score was 40 points than lower than my FICO score. You could have a 700 FICO without knowing it.

If you need anymore help feel free to email me. Leave out the -nospam-.

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Re: QUICKLY updating your credit report? - Posted by Marc NJ

Posted by Marc NJ on September 09, 2003 at 23:58:52:

IB the only way I know that will work immediately is when my friend (a loan Broker)did for me after he reveiwed my loan app. He took the current creditors payoffs proof, inwhich I supplied and sent them directly to the credit reporting companies, and had my credit score reflected the score changes within days if not that day, if I recall correctly…
I hope this helps, this L/B is up in No jersey, so contact me if u need to.
marc NJ

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Re: QUICKLY updating your credit report? - Posted by Adam-NY

Posted by Adam-NY on September 10, 2003 at 11:15:10:

Neither the credit card sompanies, nor the credit bureaus have an interest in you improving your score. they make more money, if your score is ow, subsequenttly they report new debt fairy quicky, but may take months to report, if you pay things off.

—> Very true. Most credit card companies will update your credit reports every month as long as the account is open. They usually will update a few days before they print your next statement. If you know when this is you could send your payment to post before they send the update.

Go ahead an pay and then immediately put queries in with all 3 credit reports in regards to the balance on those particular accounts.

—> I would NOT recommend this. It may seem like a way to do it but each time you dispute something it can take up to 30 days to investigate. You also risk losing the whole tradeline. If the original creditor does not respond for some reason, the credit reporting agency could delete the entire tradeline. If you dont mind losing the tradeline then you might take the chance. I have had clients do this and lose the entire tradeline.

That does 2 things:

  1. The whole tradeline(s) won’t show during the time, that the credit bureaus are investigating.

—> This is ONLY true with Equifax. The other credit reporting agencies do not supress the tradelines.

  1. The credit card companies are then forced to report the correct balance within 30 days or sooner.

----> Maybe, maybe not. They may respond to the dispute but then again they may not. You risk the possibility that the entire tradeline will be deleted. Don’t take this chance unless you are willing to lose the tradeline.

If I can be of any help feel free to email me. Leave out the -nospam-.

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Re: QUICKLY updating your credit report? - Posted by IB (NJ)

Posted by IB (NJ) on September 10, 2003 at 09:27:43:

Thanks Michaela.

But I’m not sure I understand you when you say “The whole tradeline(s) won’t show during the time, that the credit bureaus are investigating.” Could you elaborate? Thanks.

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Re: QUICKLY updating your credit report? - Posted by IB (NJ)

Posted by IB (NJ) on September 10, 2003 at 09:26:22:

I’ll give that a try and will visit myfico.com once I pay off these debts. Thanks.

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Re: QUICKLY updating your credit report? - Posted by IB (NJ)

Posted by IB (NJ) on September 10, 2003 at 09:25:32:

Hi Mark. What did you use as proof? A statement? Letter from the cc company? Thanks.

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Re: QUICKLY updating your credit report? - Posted by michaela-ATL

Posted by michaela-ATL on September 10, 2003 at 12:13:17:

It’s true, that most companies update monthly, but you’d be surprised how often they skip that month when you’re paying your balance down. They’re not required to report monthly. Subsequently, I wouldn’t want to just sit back and rely on them doing it.

—> I would NOT recommend this. It may seem like a way to do it but each time you dispute something it can take up to 30 days to investigate. You also risk losing the whole tradeline. If the original creditor does not respond for some reason, the credit reporting agency could delete the entire tradeline. If you dont mind losing the tradeline then you might take the chance. I have had clients do this and lose the entire tradeline.
--------------------------------------------------------that’s not a big deal, if this is an open account, then it will be back on the report the next time the creditor reports a balance.

—> This is ONLY true with Equifax. The other credit reporting agencies do not supress the tradelines.
-------------------------------------------------------The Fair Credit Reporting Act Sec. 611(a)(2)(A) governs the credit bureau to mark the tradeline in dispute within 5 working days, which usually means, that the tradeline won’t even show, during inquiries (except your own), since the credit bureaus do not want to leave themselves open to violations (even though, they do many times - I’ve successfully sued them over violations)

michaela

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Re: QUICKLY updating your credit report? - Posted by michaela-ATL

Posted by michaela-ATL on September 10, 2003 at 12:18:46:

acc. to sec 611(a)(2)(A) of the Fair credit reporting act, the credit bureaus have to mark a disputed item in dispute within 5 working days, which means the item can’t be shown or has to be marked ‘in dispute’ to anybody, that pulls the report (The tradeline will show up, though, if you pull your own reports), otherwise they’re in violation for knowingly giving out false information.

Don’t worry about the possibility of the tradeline disappearing, if the creditor doesn’t respons. If it’s an account, that you use, then it will go back the next time they report a balance. It’s not a big deal.

Michaela

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Re: QUICKLY updating your credit report? - Posted by Adam-NY

Posted by Adam-NY on September 10, 2003 at 13:10:27:

that’s not a big deal, if this is an open account, then it will be back on the report the next time the creditor reports a balance.

---------> It can be a big deal. Some tradelines help your FICO score. If you get one deleted your score may tank. I know of someone who disputed something on her mortgage and it ended up being deleted. His FICO score dropped 50 points. It may not be worth it to dispute the balance and risk deletion.

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The Fair Credit Reporting Act Sec. 611(a)(2)(A) governs the credit bureau to mark the tradeline in dispute within 5 working days, which usually means, that the tradeline won’t even show, during inquiries (except your own), since the credit bureaus do not want to leave themselves open to violations (even though, they do many times - I’ve successfully sued them over violations)

----->You are wrong. There was no other way to say it. Credit reporting agencies(CRA) are not required to place tradlines(TL) in dispute. The creditor is the only one who is required to do this. While Equifax does it they are not required to do it. Equifax is the only CRA that supresses the TL which will artifically increase your FICO score.

The Fair Credit Reporting Act section 611(a)(2)(a) states:
(A) In general. Before the expiration of the 5-business-day period beginning on the date on which a consumer reporting agency receives notice of a dispute from any consumer in accordance with paragraph (1), the agency shall provide notification of the dispute to any person who provided any item of information in dispute, at the address and in the manner established with the person. The notice shall include all relevant information regarding the dispute that the agency has received from the consumer.

This section says nothing about the CRA marking the TL in dispute. What it says is that within 5 days of receiving your dispute they must notify the creditor of the TL which you disputed of your dispute.

I am currently suing one of the 3 major CRA’s in Federal court. I was denied a mortgage among other things based on their reporting. I also run a credit counseling service(not advertising).

If you need anymore help feel free to email me. Leave off the -nospam-.