Creditors and Bankruptcy/credit report

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Expert: Regan Shinski - 12/2/2010


Question
Hello,
I recently got copies of my credit report from Experian, TransUnion, and Equifax. Under my credit card account the credit card company has noted that my account is in dispute. The reports read "account information disputed by consumer", "consumer disputes this account information" and "account in dispute under Fair Credit Billing Acts". One report even lists the status of my account as "no status". I pay my entire balance on this credit card every month. I cannot recall ever disputing a charge. When I called the credit card company the rep did not know what the dispute note meant, and could not find any issue on my record. She said there was no one I could speak to on the phone about this, and that I would have to write them a letter and wait for them to contact me - is that true? Should I also contact the three credit agencies and dispute the statement? It is confusing because the credit card account is still listed as being in "good standing" or "satisfactory" and I am not sure if this is a problem on my report or not. Thank you so much for your time.  

Answer
Hi Renee:

This is not an issue that would affect your credit score.  However, if the account has a COMPLETE history that is ACCURATE and NON-DEROGATORY, you could send a letter to the credit bureaus stating it is not in dispute, never was, and that you want the comment deleted.  The credit bureau is required to contact the creditor, then the creditor has to respond back to the bureau.  The credit bureau will make the proper adjustments and notify you in about 35 days.

The risk is administrative.  If the creditor does not respond, there is a chance the credit bureau will delete the entire account which WOULD negatively affect your credit.  In fact, you may want to put a comment in there that you do NOT want the ACCOUNT deleted, only the comment.

It's 50-50 for me if I would even do anything.  Again, the comment itself does not hurt your credit score, but deleting a positive account will.

Good luck,
Regan

www.ficofighter.com

Creditors and Bankruptcy

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Regan Shinski

Expertise

I can answer questions on collections, repossessions, bankruptcy, credit repair, credit counseling, FICO scores, credit planning, and the cause and effect of credit related decisions. I can also answer questions on collection settlements and preparing to sue your creditors for false debts and credit reporting.

Experience

Fifteen years ago I was financially devasted due to severe health issues. I filed bankruptcy, had a foreclosure, car repossession, tax lien, and ruined credit. I immersed myself in credit law. I settled dozens of accounts and had them removed to improve my credit. I personally sued four creditors and collection agencies and won cash settlements for their false reporting on my credit reports. Since then, I have completely recovered and have nearly $100,000 in revolving credit lines and perfect credit. I have owned a credit repair company for the past five years and have an additional three years of specific work in the collections and debt management industry. I am fully versed in the Fair Debt Collection Practices Acts (FDCPA), Fair Credit Reporting Act (FCRA), and have used them successfully in collection settlements and lawsuits for myself and others. I am also familiar with and abide by the Credit Repair Organizations Act (CROA). I have deleted or helped delete literally hundreds and hundreds of derogatory items from consumers' credit reports and helped negotiate many settlements with collection agencies and creditors. I have also advised people on bankruptcy at any stage. In the current credit market, I have successfully advised numerous people on how to obtain credit and how to negotiate for better terms.

Education/Credentials
BA - University of Minnesota

Past/Present Clients
(private)

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