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Old 01-14-2016, 09:22 PM
 
163 posts, read 231,964 times
Reputation: 131

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so i used a credit repair agency to get my score up 30-40 points which is all i needed for my pre approval. however, in the process, credit dispute comments have been put on my various credit accounts, and i think theyre bringing my credit down.

how can i get these dispute comments off?
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Old 01-15-2016, 06:56 AM
 
Location: MID ATLANTIC
8,170 posts, read 20,101,317 times
Reputation: 9411
My understanding is this - any accounts in dispute are removed entirely from the score calculations. It use to be when you disputed an account only the negative was removed, but mom and dad (Fannie & Freddie) caught onto this game and quickly added a rule, you no longer can close with open disputes. So, if your score dropped, chances are the disputed account was helping your score, more than hurting it. Are the accounts still in dispute?

When you challenge an account, the creditor must research and validate. Your credit repair company is hoping they can't validate. But, as our technology improves, disputes are finding less rewards for the efforts. You can't, that I am aware of, remove dispute comments, but you can send the creditor a letter you are no longer disputing the account. I have a couple that I am currently working with, she disputed something in 2012, the comments section still has a record of the dispute, but it has also been paid in full and is now closed. I don't think the comments alone hurt the score. But what does happen, if this is an account with a balance you haven't paid in a while, by disputing the account, you bring it forward, meaning if it were a delinquent debt from 2013, once you dispute it, it come up as a disputed account 2016. Scores only rise when there is a passage of time between the event and the date pulled. By disputing it, you make it seem like it happened yesterday. Could this be the case?
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Old 01-15-2016, 07:38 AM
 
16,719 posts, read 16,149,375 times
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Quote:
Originally Posted by nidss77 View Post
so i used a credit repair agency to get my score up 30-40 points which is all i needed for my pre approval. however, in the process, credit dispute comments have been put on my various credit accounts, and i think theyre bringing my credit down.

how can i get these dispute comments off?

That is what you paid that scam credit repair agency to do. They don't repair your credit; they just dispute what's already bad.


In the meantime, the credit bureaus have to go in and verify every single dispute, and if those debts are indeed correct, it will bring your credit right back down, likely even further than it was before.


Only YOU can repair your credit, and that's by paying off your debts and paying your bills on time from here on out.


You should have done your homework before paying those scammers to take the easy way out.
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Old 01-15-2016, 08:25 AM
 
163 posts, read 231,964 times
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why would they bring my credit down now, if the late pay was verified to be indeed a late pay 3 years ago?
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Old 01-15-2016, 08:39 AM
 
16,719 posts, read 16,149,375 times
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Quote:
Originally Posted by nidss77 View Post
why would they bring my credit down now, if the late pay was verified to be indeed a late pay 3 years ago?

Because now that they've touched that file, it brings it from 3 years old to just reported. Now you have to wait 7 more years for it to drop off your bureau.


Pay off the debt, and it will improve your score and show as paid in full instead of 3 years late and still not paid.
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Old 01-15-2016, 08:57 AM
 
163 posts, read 231,964 times
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my account is paid, was never in collection ...just one late pay back in 2013 (may). why would a reinvestigation of it effect me now?
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Old 01-16-2016, 08:23 AM
 
Location: MID ATLANTIC
8,170 posts, read 20,101,317 times
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Quote:
Originally Posted by nidss77 View Post
my account is paid, was never in collection ...just one late pay back in 2013 (may). why would a reinvestigation of it effect me now?
Because, when contested, the scoring algorithm pulled that account out of the score calculations. It was actually providing more points than hurting you. The problem with credit repair companies: those that really understand the moving parts to scoring, charge more than the average person can afford, or the are doing something else entirely.
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Old 01-18-2016, 09:30 AM
 
Location: New York
2,251 posts, read 4,500,721 times
Reputation: 1611
Quote:
Originally Posted by convextech View Post
That is what you paid that scam credit repair agency to do. They don't repair your credit; they just dispute what's already bad.

In the meantime, the credit bureaus have to go in and verify every single dispute, and if those debts are indeed correct, it will bring your credit right back down, likely even further than it was before.

Only YOU can repair your credit, and that's by paying off your debts and paying your bills on time from here on out.

You should have done your homework before paying those scammers to take the easy way out.
Quote:
Originally Posted by convextech View Post
Because now that they've touched that file, it brings it from 3 years old to just reported. Now you have to wait 7 more years for it to drop off your bureau.

Pay off the debt, and it will improve your score and show as paid in full instead of 3 years late and still not paid.
Everything convextech said above is true. Do yourself a favor and learn about credit repair yourself. You paying someone to repair it you will never learn. Chances are in your short term future you will be right back where you are now because you didn't change your ways.

Getting bad information off a credit report doesn't mean your score will necessarily rise. My advise once the derogatory items are removed. Start paying month than the required payment on your monthly obligations. That way you get reported as being more responsible and your score shoot's up.
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Old 01-19-2016, 11:55 AM
 
525 posts, read 488,630 times
Reputation: 1610
When you get to underwriting, I guarantee that they will insist you get any dispute remarks removed, and they will rescore you, as your score is being affected by the disputed accounts.

What YOU can do is contact the creditor that you had the late pay with and ask for a courtesy deletion of the late pay. This is sometimes known as a "goodwill" letter. Google that term in the context of "goodwill for credit repair" and look for a forum that discusses your FICO scores. That forum has many helpful suggestions for legitimately improving your credit score for you to be able to qualify for a mortgage. They also tell you how to get dispute comments removed, which is that you need to contact the credit bureaus directly and ask that they remove the disputes.
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Old 01-20-2016, 11:22 AM
 
Location: Long Island (chief in S Farmingdale)
19,728 posts, read 16,468,532 times
Reputation: 4263
As was pretty much stated disputing the lates on the report really doesn't do much to help. It is basically a trick to raise the score by basically not including the disputed accounts. This basically artificially raises the score and makes it appear to be higher than it is in reality. It might help to get a better rate on a car loan or credit card, but doesn't do much for obtaining a mortgage.

The issue is lenders realize that its basically smoke and mirrors and will requite the disputes to be removed prior to closing on a loan. Once those disputes are removed, the derogatory accounts will then factor back into the score and it will drop back down. As Solaire stated the best way to get it done is try to get a deletion if the derogatory accounts. This will depend creditor by creditor, some might be willing to work with you, others won't no matter what. Also depends on how many issues you had, you have one 30 day late you might be able to get it removed, if you had a bunch of lates all over the place chances are slim to none.
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