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humdinger

Find the items wrong in this report......

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Below is a cut & past from Myfico. This account was IIB filed 5/11/2001 and discharged 8/10/2001. Prior to the filing I had never paid late. You can pick out all the things wrong???? At date of filing the bal was $1470.00.

BANKAMERICA (Individual Account)

Credit Grantor Contact Information

Not on record

.

.

.

Account Number.............. xxxxxxxxxx

Account Type...................Revolving Account

Credit Limit.....................$1,500

(High Credit)...................$1,528

Minimum Monthy

Payment (Terms)

Date Opened....................November, 2000

Date of Last Activity..........April, 2001

Date Paid Out...................Not on Record

Date Closed

Loan Type........................Credit Card

Collateral

Description........................Included in bankruptcy

Last Report on....................May, 2003

.

.

Balance------------Current status------------Past Due Amount

.....................Charged off as bad debt

.

.

.

.

Recent Payment History

Seven Year Payment History

30 days late: 0 60 days late: 0 90+ days late: 0

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...This account was IIB filed 5/11/2001 and discharged 8/10/2001...

<snip>

Date Closed ???????

Loan Type........................Credit Card

Collateral

Description........................Included in bankruptcy

Last Report on....................May, 2003

.

.

Balance------------Current status------------Past Due Amount

.....................Charged off as bad debt

.

The parts I highlighted are HEAP BIG BAD MEDICINE !

I can see from the formatting that this is a TU FICO report. I won't get into the debate about the "charge off" notation as of yet. HOWEVER, I wouldn't be surprised at all if this TL is causing a negative score factor on your report to show as "The time since your most recent past due payment is too recent or unknown" and the detail explanation on that factor saying "There is evidence of a late payment on your file as recent as 2 months ago...." or similar wording (this would be for a FICO report dated in July).

Since there is no closure date on this tradeline (which should be shown as May, 2001) the FICO algorithm will look at the "Last Report on" date (despite there being a DOLA that looks correct) and aging the "delinquency" much LESS (2 yrs. !, a "magic" FICO timeframe) than is appropriate !

Rest assured this incorrect reporting is having a significantly larger negative effect on your score than it should !

If I've already linked you to this, forgive me, but my analysis given above is based mainly on me and DW's experience discussed here: http://creditforum.org/showthread.php?s=&threadid=1772

HTH

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