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Joined: Jan 2003
Posts: 393
CEG\'er
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OP
CEG\'er
Joined: Jan 2003
Posts: 393 |
Does anyone know if equifax or transunion, or any of the major reporting agencies remove collection accounts from your credit after they are paid in full? or do they just sit on your record anyway... whats the use of paying them off, if they are gonna be listed on your record for seven years?
How exactly does a removal work? (assuming it is removed) does the agency contact equifax or do you have to contact them yourself, and show proof of payment?
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Joined: Jul 2000
Posts: 1,677
Hard-core CEG\'er
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Hard-core CEG\'er
Joined: Jul 2000
Posts: 1,677 |
Credit Reports aren't usually very up-to-date or accurate, in terms of account balances and accounts in general. 2 out of 3 don't even know where I work. And a couple of them show me having CC's that I cancelled years ago, with balances that I paid off years ago. I think you need to file a claim with the creditor in question (i.e. VISA) if there is a discepancy in your credit report. It is on them to contact the crediting bureaus to remove the outdated information. I read an article a few months back about this process. Apparently, not all the major CC companies report to all the major credit bureaus.
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Joined: Jan 2003
Posts: 393
CEG\'er
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OP
CEG\'er
Joined: Jan 2003
Posts: 393 |
Originally posted by jerseycat10:
Credit Reports aren't usually very up-to-date or accurate, in terms of account balances and accounts in general. 2 out of 3 don't even know where I work. And a couple of them show me having CC's that I cancelled years ago, with balances that I paid off years ago. I think you need to file a claim with the creditor in question (i.e. VISA) if there is a discepancy in your credit report. It is on them to contact the crediting bureaus to remove the outdated information. I read an article a few months back about this process. Apparently, not all the major CC companies report to all the major credit bureaus.
thats exactly the problem im having. i got a free report online yesterday, thanks to a fellow ceg'er posting a link, but several of the items were false or inaccurate, none of my personal info was right, or my employer, or address, and i had collection accounts opened with two diffferent collection agencies by the same creditor! I had accounts opened that had been paid off years ago, still showing balances due ! 
now since i have just a free report, i cant contact equifax or Transunion unless i buy their report, and have a confirmation number!
insanity.
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Joined: Jul 2000
Posts: 1,677
Hard-core CEG\'er
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Hard-core CEG\'er
Joined: Jul 2000
Posts: 1,677 |
As I pointed out in the thread about this before, it may be wise to fork over the $40 to get all 3 major credit reports. Especially if you anticipate going for a mortgage or car loan soon.
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Joined: May 2000
Posts: 2,127
Hard-core CEG'er
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Hard-core CEG'er
Joined: May 2000
Posts: 2,127 |
If you've been denyed credit, you can get a FREE report. It doesn't seem they check very closely to see if you've actually been denyed. They don't even know if you are denyed or granted credit, so if you apply, you can probably get free reports. TB Gotten Free Reports, Not Denyed Credit 
"Seems like our society is more interested in turning each successive generation into cookie-cutter wankers than anything else." -- Jato 8/24/2004
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Joined: Dec 2002
Posts: 4,016
Hard-core CEG\'er
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Hard-core CEG\'er
Joined: Dec 2002
Posts: 4,016 |
Jersey is right. Request all of your reports from the major bureaus. As for the incorrect information dispute it through Equifax. They will do the investigation for you and you'd be surprised at the outcome sometimes. They have 30 days to do the investigation and report back to you. If you have collections or judgements on there you'll have to do your own footwork to get it removed. If you have any specific questions I might be able to answer them for you. I worked in the credit industry for a few years so I have a little bit of knowledge. PM me if you need anymore help or suggestions.
2006 Mazdaspeed6
1997 Yamaha YZF1000R Thunderace
1996 Volvo 850-R
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Joined: Jan 2003
Posts: 393
CEG\'er
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OP
CEG\'er
Joined: Jan 2003
Posts: 393 |
Originally posted by BOFH:
If you've been denyed credit, you can get a FREE report. It doesn't seem they check very closely to see if you've actually been denyed. They don't even know if you are denyed or granted credit, so if you apply, you can probably get free reports.
TB
Gotten Free Reports, Not Denyed Credit
well i havent been denied for credit. yet.
but i am looking for a car loan. i want to make sure things look as good as they can before i do. i have a report from three months ago that i paid for, and im not going to pay for another one anytime soon. and to kokopellian, i have been trying to contact equifax, but the only telephone number i have is the number thats on my report but its for automated requests only, not where u can speak to a live person . im guessing what i have to do next is to write into them to dispute these items.
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Joined: Jan 2003
Posts: 393
CEG\'er
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CEG\'er
Joined: Jan 2003
Posts: 393 |
Originally posted by Kokopellian:
Jersey is right. Request all of your reports from the major bureaus. As for the incorrect information dispute it through Equifax. They will do the investigation for you and you'd be surprised at the outcome sometimes. They have 30 days to do the investigation and report back to you. If you have collections or judgements on there you'll have to do your own footwork to get it removed. If you have any specific questions I might be able to answer them for you. I worked in the credit industry for a few years so I have a little bit of knowledge. PM me if you need anymore help or suggestions.
I have a few things i need some clarity on
. I had an open collection account that had been paid in full back in may 2001, and i contacted that creditor, and advised them of the discrepancy, and they agreed to update my file. now will this update a) just show that the collection account had been paid in full or b) be completely deleted from my record, thus rasing my fico score.
I have two open collection accounts from the same creditor, i have made payments on one of the accounts, completely unaware that the second one even existed. Since the second account now has an incorrect balance, how can i have it closed/deleted from my record? or is that even possible? Do creditors even have the right to try to collect from you using multiple agencies? it seems unfair to have two derogatory entries, for basically the same issue. Whats worse, they are trying to collect two different amounts.
According to the FCRA, I can seek damages if a provider of cra data violates the CRA by posting inaccurate information. how true is this ?
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Joined: May 2000
Posts: 2,127
Hard-core CEG'er
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Hard-core CEG'er
Joined: May 2000
Posts: 2,127 |
Originally posted by Cruzn:
Originally posted by BOFH:
If you've been denyed credit, you can get a FREE report. It doesn't seem they check very closely to see if you've actually been denyed. They don't even know if you are denyed or granted credit, so if you apply, you can probably get free reports.
TB
Gotten Free Reports, Not Denyed Credit
well i havent been denied for credit. yet.
but i am looking for a car loan. i want to make sure things look as good as they can before i do. i have a report from three months ago that i paid for, and im not going to pay for another one anytime soon. and to kokopellian, i have been trying to contact equifax, but the only telephone number i have is the number thats on my report but its for automated requests only, not where u can speak to a live person . im guessing what i have to do next is to write into them to dispute these items.
If you've applied, the reporting agencies don't know if you were accepted or turned down
TB
"Seems like our society is more interested in turning each successive generation into cookie-cutter wankers than anything else." -- Jato 8/24/2004
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Joined: Jun 2000
Posts: 1,905
Master P
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Master P
Joined: Jun 2000
Posts: 1,905 |
A site that I found that has good info on credit stuff is http://www.creditreportrights.com. Lots of helpful people and good info in the forums. Even a form letter forum to help in in sending letters to the agencies and creditors. I even found a phone number for Equifax - 1-866-998-1966, though it may be the same as the one you have? As for damages, eh, I'd try sending a few letters off before going through the hassle of the court system. A couple letters complaining about how your FCRA rights were violated should get your goal accomplished. When you write, make sure you send it certified return reciept requested.
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