differences in account information from credit files. How do I fix this?

Question

Over the past few years, I've made a point of checking my credit history with the three major Credit Reporting Agencies (CRAs). I began doing this after I was denied credit by a bank for overdraft protection on a checking account. While I was able to correct an error on the report from the CRA that originally provided that information, I subsequently noticed that my other two reports contained slightly different information about this account. Its complicated by the fact that the original debt was to a bank that was taken over by another bank and I was not able to pay at the time I received a collection summons in the mail from a collection agency. A few months later, though, I was able to pay and sent off payment, but this "paid chargeoff" was only placed on one CRA report. I've disputed this with the other two CRAs, but both inform me that, after verifying the information, they believe it to be correct even though it contradicts information reported to the third CRA. Any advice?

Answer 1

Normally I would just respond to this, but in light of the fact that the previous responder claims to be a professional in the financial business, with lots of experience, and certainly should know the answer, I find it necessary to point out just how terrible her answer is!

Where do I start?

Posting an explanation to your credit report is a total waste of time and will do you no good. First, "consumer comments" are not included in any of your credit scores, so they will have no effect. Since many companies depend completely on your score and not your whole credit report, they won't even read the comments! Worse, even when they do pull your report they rarely pay attention to the comments (excuses?) that consumers post.

And the reporting period is 7 years, NOT 10 years as she states. That is your first clue she doesn't know what she is even talking about!

But the absolute worst portion of her answer is when she states "Getting the bank, or source, to correct it is often pointless, they can't find the problem to start with but won't go so far as to say it was erroneous."

Typical collection agent BS!!!!

Are you telling me that banks do not have any responsibility with what they report on your credit report? They can put any garbage they want into it and NOT be accountable?

Sorry, wrong answer! The Fair Credit Reporting Act (FCRA), and the Fair and Accurate Credit Reporting Act (FACRA) were passed just to prevent this sort of this from happening.

Creditors are REQUIRED, upon receipt of a dispute investigation, to supply PROOF of all the information they placed on a credit history.

Now, GA, what can you do with $1000? Would you like me to show you how to get it from this bank? You have a totally solid small claims lawsuit on your hands that you can't possibly lose!

First, read the links I supplied below and learn the law!

Follow the procedures to dispute these reports. You claim that the credit reporting agencies have 'verified" the information with the creditor and they all claim it's correct? How can that possibly be? It is absolutely impossible for all three agencies to go to the same source and come up with different figures and information. Someone is lying (maybe all 3) and someone WILL lose a lawsuit. At best, you will have an easy time getting all three agencies to drop the listing completely.

It is the banks responsibility to properly validate a debt. Not having records is NO EXCUSE for them to continue to post incorrect information on your credit history, and they can be sued for $1000 for this violation.

Do your homework and start disputing this. Contact me if you need more assistance. I am not a lawyer or credit counselor. I'm just someone tired of seeing creditors abusing the rights of people.

Answer 2

Each of the credit reporting agencies will accept and post a letter of explanation from you indicating what the circumstances were and your point that one is inaccurate, etc. Though the incident will spend 10 years on your credit record, it is helped by the fact that you dispute it and offered credible explanation. It sounds like you already know the address to send an explanation to.
Getting the bank, or source, to correct it is often pointless, they can't find the problem to start with but won't go so far as to say it was erroneous. Bank takeovers like any other corporate takeover can be messy and fraught with personality clashes, so depend on yourself, here. Credit bureaus only the have information that they get from the source, here the bank.

Finally, go to the bank who denied you credit protection and ask them to post your disput information in the banker's database (different from the credit agencies).

A great deal in granting credit it is the big picture in how you pay. Be religiously consistent about timeliness and do things that boost your score like job longevity, address stability, etc.

Answer 3

I had the same problem with a cell phone company, where they wanted me to pay $350 per phone to cancel. I pretty much did the same thing you did, and 2 years later we had a credit place calling us. We settled with another company who I guess the phone company had called. You know those companies that chase people down for another business so that business doesn't have to? Anyway, they are willing to work with you on what you can pay and write it off as settled on your account. If you have already settled, then you shouldn't have to pay anymore money. If you haven't, then settle with them, because it looks better on your credit. The credit card is a great idea if you use it the right way. Only buy something on your credit card if you've got the money in your pocket to pay for whatever you're buying. Once a month when you pay your credit card bill, pay MORE than the minimum balance. This will help you improve your credit quite a bit. Also, remember that every time your credit is run, it drops a few points, whether you're buying a car, changing insurance companies, whatever it is, so be careful with who you're letting run your credit. Other than that, I don't know what else you could do.

Answer 4

Send a legal Notice to your Bank along with a copy of payment they made asking them to clear your name immediately failing which you will take a legal recourse for damages to your reputation at their expence, see what happens next and if they don't then go to a court of Law, believe me that will wipe your problem.