Is it worth disputing late payments from 2003 on an account that is paid off?

Question

I have paid off an account in late 2005 but I had some late payments that were more than 90 days late in late 2003. Is it worth going back at this point to dispute those? Unfortunately, being young I wasn't the wisest with financial record keeping so I don't really have a way of tracking those to see if I did pay them or not and if they were missed, it would not have been intentional. My credit is between 610-650 (depending on the bureau) and I am hoping to get it to about 700 by next year. I have not had any late payments since 2003 and I am working hard at increasing the available credit ratio.

I called up the creditor just to see what would happen and they said they can't do anything because it is closed. I looked back over my records and found that what happened was that at that time I had tried going with a debt consolidation thing (I know, huge mistake but at the time I didn't - I was in college full time and thought that one due date would be so much easier to remember than a few and it turned into a huge headache). I got letters from the bank saying I was late on payments and the debt company said I couldn't send them payments directly. I'm thinking the next course would be write to the credit bureaus? Answers have been great so far. Thanks. I read up on some of the links recommended and they look great.

Answer 1

I just bought a house. So yes go to experien (or wherever) and dispute your little heart away. They probably won't respond. If they don't respond - you win.
I had many things resolved this way and bumped my credit score by nearly 100 pts.
Good luck.

Answer 2

If this is the only negative on your credit report, and you still are in the low 600's, then there must be something else wrong with your history.

You may want to consider buying your score from http://www.myfico.com and they will also send you a detailed explanation of what may be wrong with your credit score, and how to improve it.

In this case, it won't hurt to "play the game". Echo makes a good point, but if this item is hurting your score just by having a couple of late payments, I think having it deleted would help you.

The dispute process does not "correct" or change your report. Only the creditor can do that. But if they do not respond back to the credit agency investigation the report will be deleted.

You can also go one step further and demand that the creditor "validate" the debt and show their records are correct. Many times, once a debt has bee paid the files are put away. It's quite difficult and expensive for companies to dig out these records, and they just might say "the heck with it" and not respond.

See the link below for more on this, plus some sample letters.

Answer 3

Definately dispute it. They have to reply to the credit bureau's dispute or remove it from your record within a certain number of days. What do you have to lose? The more adverse accounts that are removed the higher your score. Also time with current payments will add points so keep up on them. Those payments from 2003 will be on record until 2009 if they are not removed.

Answer 4

One problem with disputing lates on a 'closed' account is running the risk of losing the whole tradeline - history and all.

You would have to look over your reports and see if you want to take the risk of losing that account.

If you have a lot of great history with other accounts, losing that may not hurt to bad or for to long.

If you have a thin file it will take a lot longer for the scores to recover.

Answer 5

I would say yes but only if you have proof... ie checks or images of the checks ( they should have an imprint on the back stating when they were cashed by said company..) otherwise it would just be your word against theirs...

Answer 6

it relatively is form of surprising. i've got responded this question dozens of situations...i comprehend those different responders have examine it. They for sure at the instant are not inspired with my suggestion...possibly you would be. comprehend this certainty. once you pay off a debt, each and every of the creditor is had to do is teach "paid" on your credit checklist. however the detrimental counsel approximately cost off's, late money and delinquencies will nevertheless be there, and it will nevertheless be a detrimental mark on your credit. In different words, you paid off your debt, notwithstanding it won't help your credit one bit. And this is the extra severe area. whilst a debt is first placed on your credit, the scoring formulation supplies it an relatively extreme score. yet as this debt gets older, it does not seem as undesirable, so the formulation supply is a decrease score. once you pay off your debt, it relatively is going to become a contemporary interest and your credit will now reflect it as a sparkling debt. In different words, you pay off the debt, and your score unquestionably gets worse! don't think me? There are countless loan officers who submit here that have examined it is precisely what occurs. So what's my component? except you get the creditor to delete the article out of your credit checklist, paying it off will haven't any result (or unquestionably worse) on your checklist. So what to do? positioned all your money owed so as of precedence. initiate with the latest money owed and touch the series agent to barter a cost plan. they'll artwork with you extra willingly in case you pay the debt in complete. they might grant you a settlement of 30%-50% off the debt, yet you will would desire to pay all of it in complete. yet insist that they agree IN WRITING to DELETE the get right of entry to out of your credit checklist. in the event that they gained't artwork with you, forget approximately approximately them and circulate directly to the subsequent debt. on your component is the certainty that they not often sue for money owed of below $500. the wear and tear is now accomplished, you haven't any longer something to lose with the aid of no longer paying the debt. yet on their area, they won't in any respect carry jointly a dime except they artwork with you. The undesirable area...in case you attempt to guard a loan or super own loan, you won't have the different determination. The loan officer will insist the debt be paid. yet purely keep in mind that except it relatively is deleted,your score will nevertheless reflect the detrimental counsel.

Answer 7

This is totally worth it. It takes lots of time and follow up, but if you can get it off your report do so.

Answer 8

Not worth it. Try not to get into that situation again.