Experian’s LACK of reasonable procedures: lates after chargeoff

TYPICAL Experian OBVIOUS incorrect reporting includes late payments AFTER an account was charged off.

The Trans Union FICO score WITH this account (including an incorrect balance), 5 public records and 2 collections is 689.

As POSITIVE TU score factor Fair Isaac lists:

You’ve recently been paying your bills on time.

Your most recent late payment happened 6 Years ago

The time since the most recent late payment is CRITICAL for FICO scores and obviously the scores will be LOWER when it’s been 3 years instead of 6 years since the last delinquency.

We can’t get the Experian FICO scores anymore (unless your mortgage lender gives you the report), but since this is the only derogatory tradeline, the Experian FICO score is at least 20 points lower than it SHOULD be.

As always, IGNORE the totally fraudulent Experian snake oil score which is often 100 points higher or lower than the FICO scores used by creditors. In this case, the 588 “Plus” score is artificially low.

Very FEW people would notice these BIZARRE late payments AFTER the charge-off:

Most credit repair people will NOT notice the crucial INCORRECT data and will NOT properly dispute it.

They write some idiotic dispute about not remembering the account or the “right” to verification under the FCRA and the creditor obviously VERIFIES because it IS the consumer’s account.

Sure, the account could be deleted, as the credit bureaus will when a creditor doesn’t respond to the dispute on time. But the chances of deletion are identical when you dispute factually:

“Please delete all late payments after the account was charged off.”

If they verify and especially if it’s the most recent late payment (as in this case), you might want to sue.

If they verify after you submitted your FRIVOLOUS or FALSE dispute, you branded yourself as a lying moron and of course you can NOT expect correction of something you didn’t dispute.

Of course, nobody should have to dispute such OBVIOUS incorrect data.

I’m not aware of ANY procedures by Experian or any CRA to ensure maximum accuracy of credit data.

Any first year programmer can write a routine that automatically flags late payments after the account was charged off.

It’s child’s play.

Instead, the CRAs strive to report INCORRECT and INCOMPLETE FICO score lowering data.

Incorrect credit reporting PAYS!

The worse the credit, the greater the CRAs’ profits from sales to consumers who try to improve their credit and to creditors who turn consumers down and/or look for the profitable SUBPRIME customer.

If the incorrect credit reporting leads to additional defaults, the CRAs make even MORE money from credit report sales to collectors.

The credit bureaus have NO incentive to provide COMPLETE and ACCURATE credit reports.

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