Comments on: FCRA Section 623(a) violations do NOT result in legal claims for consumers http://creditfactors.com/2008/09/fcra-section-623a-violations-do-not-result-in-legal-claims-for-consumers/ FICO credit scores - settling debts - dealing with collectors ... Thu, 09 May 2013 23:18:29 +0000 hourly 1 http://wordpress.org/?v=3.5.1 By: Christine http://creditfactors.com/2008/09/fcra-section-623a-violations-do-not-result-in-legal-claims-for-consumers/comment-page-1/#comment-5521 Christine Mon, 28 Nov 2011 00:27:46 +0000 http://creditfactors.com/?p=423#comment-5521 A charged off account CAN be reported as chargeoff every month, but they also have to report the Date of Last Activity (Equifax) and Date Closed (TU). For Experian it gets complicated, but the Date of Status MAY be critical. I’ve posted in more detail about these issues at the blog here.

With otherwise good credit a CORRECTLY REPORTED 2008 charge-off should not lower your scores below the mid to high 600s. However, you COULD be subjected to the Equifax FICTITIOUS late payments, see http://mylitigation.net/pr.php/news/release/2_26_07_open_letter_fair_isaac_regarding_its_addition_of_fictitious_data

I have the documentation proving that as of June 2011 myFICO had NOT fixed this bug. And I just had another client with a myFICO report that has the fictitious late payments, but I can’t prove that they lower the scores because he has so many other problems.

Hopefully your attorney is smart enough and willing to take the time to figure out why your scores are so low. I find that most people don’t understand the credit reports well enough to determine WHY their scores are so low and often it’s just a missing or incorrect piece of data.

So if you can’t get the account deleted and you still want to buy a house, I highly recommend subscribing to the CreditFactors knowledgebase and member forum where I’ll be glad to help you if you post the reporting of the account and your myFICO score factors. Or you can order the Credit Review or the Analysis (only recommended for people who need higher FICO scores for a mortgage.)

Since the account is NOT yours, I sure hope they’ll delete.

]]> By: Mary Bernhard http://creditfactors.com/2008/09/fcra-section-623a-violations-do-not-result-in-legal-claims-for-consumers/comment-page-1/#comment-5520 Mary Bernhard Sun, 27 Nov 2011 23:29:22 +0000 http://creditfactors.com/?p=423#comment-5520 Does this mean a charged off account can be reported as new everymonth until it falls off credit report? By doing this a recent late payment with a recent CO shows up for, in my case 4 years. keeping my credit score under 600. I am currently in a law suit as this debt is not mine and was not known to me unitl I went to buy a house. Disputes have turne up the original charge off was in 2008. Anybody know the answer?

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