Dwan J asked:
After finding an incorrect blimish on my credit report of a 30 day late payment. I contacted the creditor about it and they agreed to remove it, but I had to enter a dispute with the CRA’s. I did and I just received email from equifax but Im not clear on the lingo. It’s stating “The status of this account has been updated. Does that mean it has been removed? The other Account from 2003 that had a 30 hit states “creditor verified current status is being reported correctly” I know that means it stays as is. Also if it has been removed when will it hit my credit report and how many points should I receive for this removal. I have no other latepayments since 2003, 2 collections from ‘02 and ‘03 showing “PAID”. 3 credit cards at zero balance, 1 auto loan and 2 installment loans on furniture. All accounts are PAID AS AGREED. My current score is 584 because that 30 day hit was showing in Dec. ‘06. Now that its gone how much longer will it take to get to 620 for I can try to get a mortgage.
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After finding an incorrect blimish on my credit report of a 30 day late payment. I contacted the creditor about it and they agreed to remove it, but I had to enter a dispute with the CRA’s. I did and I just received email from equifax but Im not clear on the lingo. It’s stating “The status of this account has been updated. Does that mean it has been removed? The other Account from 2003 that had a 30 hit states “creditor verified current status is being reported correctly” I know that means it stays as is. Also if it has been removed when will it hit my credit report and how many points should I receive for this removal. I have no other latepayments since 2003, 2 collections from ‘02 and ‘03 showing “PAID”. 3 credit cards at zero balance, 1 auto loan and 2 installment loans on furniture. All accounts are PAID AS AGREED. My current score is 584 because that 30 day hit was showing in Dec. ‘06. Now that its gone how much longer will it take to get to 620 for I can try to get a mortgage.
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December 30th, 2008 at 1:47 am
if it is removed ask your mortgage broker to do a rapid rescore, or wait unti the 15th of the month. thats when the credit reporting agencies update the information
January 1st, 2009 at 4:32 pm
Let me just tell you first…your score is NOT 584 because of ONE 30 day late showing. Credit scores are determined by many many factors. How much credit, how long you have credit, what is the ratio of revolving balances to limits, how many loans to do you have, how long have you had credit etc…By just fixing one account to show it was paid on time may improve your score or it may not. You need to pay your bills on time consecutively over 12 month period. Don’t make too many inquiries, that will drive down your score. Don’t open too many accounts too fast, that will also drive down your score. Your score can improve in about 90 days…There is a mortgage company out there SOMEWHERE that will be able to get you a loan. Trust me, I have seen a lot worse. Make sure you are getting the full story if someone is turning you down.