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6 more points ! Yippee!

Date: Sat, 04/15/2006 - 07:05

Submitted by Jessi
on Sat, 04/15/2006 - 07:05

Posts: 3361 Credits: [Donate]

Total Replies: 19


Just got another Equifax Score Alert!

I'm officially at 507! :)

I'm not sure how long this will last, because it went up, I believe, from one of my accounts from Asset Acceptence being disputed. I disputed 2 accounts from SBC..One from Asset, the other from CBA Collection Bureau. I've only had one phone, so one of these guys will have to go.

But if this ends up verified, then my score will go back down, right? It will be fun while it lasts anyway. :)


Here's the alerts I got....

Quote:


An increase in your FICO?? score happened on the same day as a change on your Equifax Credit Report??? which triggered an alert.

It is possible that the increase was caused by the change in your credit report, but this is not always the case. Your score may have improved because you have been paying back your debts responsibly, which is not always reported as a credit alert. Also, if multiple changes on the credit report happened on the same day, some may have hurt the score while others helped it.


and

Quote:

There have been changes to the following account in your credit file. The change to your account has been highlighted below. Summary of Changes to Your Account Account Name / Account Number Date Opened Account Status Items as of Date Reported Most Recent Date Reported Comments on Account
Balance Past Due
New asset acceptance llc , SBC OHIO-1
419XXXX 08-2003 At least 120 days or more than for payments past due $210 $210 03-2006 Consumer disputes this account information , Collection account
Previous ASSET ACCEPTANCE LLC , SBC OHIO-1
419XXXX 08-2003 At least 120 days or more than for payments past due $210 $210 03-2006 Collection account

How an account change can impact your score
The following are reasons why a change to an account can cause your FICO score to go up. (A change to an account in the opposite direction can cause the score to go down.)

The status of the account improved. For example, the status went from "60 days past due" to "currently paid as agreed". An improvement in status demonstrates an ability to pay back debts.
The balance on the account decreased. Generally, the less debt a consumer has, the higher the FICO score.
The amount past due on the account decreased. This demonstrates a consumer's ability to meet his or her financial obligations.
The credit limit on the account was raised while the balance stayed the same. Since carrying a balance too close to the credit limit is a sign of a consumer who needs credit and cannot pay it back, a higher credit limit actually helps the FICO score.
The history of late payments or description for this account is revised to be less derogatory. For example, if a late payment on the account was mistakenly reported, correcting this on the credit report may improve the score.


Maybe one of our experts can help me sort this out. I'm going to hate to see it go down if my idea is correct. :)


lrhall41

Submitted by Jessi on Sat, 04/15/2006 - 07:29

( Posts: 3361 | Credits: )


Jessi, your scores went up because the disputed item has been removed from your credit file. It will remain like this as long as the entry is not reflected back in your file. Besides, if the bureaus want to bring back certain removed item in the file, they will have to inform you before 5 working days so that you are aware of the situation. And, they should have a proof of it.

Try to get some written statement from the companies with whom you disputed. They will confirm their latest move and possibly you will have some proof about everything.


lrhall41

Submitted by john on Sat, 04/15/2006 - 09:39

( Posts: 1231 | Credits: )


Yeah, which is why I disputed both Asset and CBE..Whichever is wrong will have to go...Maybe both..lol

Another thought I just had, is that this phone was shut off in 1999, which is 7 years, so maybe it had to go anyway? Which means both CBE and Asset both would have to go away....Maybe that's why mean old lady I talked to awhile back was trying so hard to get me to pay up. But I told her she's just going to have to wait.


lrhall41

Submitted by Jessi on Sat, 04/15/2006 - 10:06

( Posts: 3361 | Credits: )


I believe though that if I would pay in one big lump, it wouldn't restart the SOL...That's the rumor..

That's one reason they were waiting their turn, because I want to pay them in one big fat lump and be done with it.

And just because it's out of SOL doesn't mean I don't owe the debt though..They just can't sue me for it, right?


lrhall41

Submitted by Jessi on Sat, 04/15/2006 - 10:25

( Posts: 3361 | Credits: )


But this debt is also getting off from your credit report as per the 7 years reporting time. Once it's off from your file, this account won't have any effect in your credit. Now, it's up to you whether you pay it or you don't pay it. Any decision taken by you will be good. But remember, if you are considering to pay it, pay it at one time. Don't hang it on in installments. If I had been in your place, I would have not paid it because I would have known that it would hold no importance in my credit file once the 7 years period is off.


lrhall41

Submitted by john on Sat, 04/15/2006 - 10:32

( Posts: 1231 | Credits: )


Jessi,

I think you are aware of the well-known butterfly effect. A butterfly flapping its wings in China may cause a hurricane in Florida Keys, so goes the myth.

You never know which factor is influencing your score to go up. It's true that two collection agencies cannot appear on your credit report for the same account, so one of them should be removed and it will give your score a big boost :D


lrhall41

Submitted by stanley on Tue, 04/18/2006 - 10:18

( Posts: 1639 | Credits: )