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Is Equifax correct or am I getting taken?

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Here's the situation. In March I ran my credit reports from all three agencies. Equifax was the only one that had four 30+ day late payments from 1996 for a QVC credit card that I barely ever used. I put in a dispute immediately. It came back saying that I only had one - still didn't agree with it, but I spent hours trying to get a hold on Monogram Bank who had the account in 1996. I gave up disputing the one late payment since it was 6 years earlier and would come off of my account soon.

Here's the crazy part. All of a sudden, my credit score dropped after the dispute came back with only one late payment. The negative reason listed was that I had a CURRENT late payment (ie within the last 12 months). I called Equifax asking why it's listed as current when it happend in 1996 and the account was closed years earlier. They said that since I put in a dispute, the new "last reported" date was April of this year and the 7 year clock resets. My credit report will now maintain this negative item for another 7 years.

Does this make sense. Did I screw myself by disputing something I legitimately feel is wrong? Will it really stay on my credit report for a total of 13 years (6 so far and another 7 to come)??

What should I do? The late payment is listed as 3/1996, so the original 7 years will be up in March.


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Ok - new info. I tried calling Equifax again. Actually got someone nice on the phone. We both noticed that the account was listed as Installment instead of Revolving. I looked at my pre-dispute report and it corrected said "revolving-paid as agreed" but somehow it changed to "Installment- 31-60 days late". She said it didn't make sense and that I should put in a dispute.

I just put in another dispute to dispute the dispute! What a royal pain!

Let's hope I didn't just screw myself again.

I'll keep you posted.

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What a bunch of Bullshit. Of course, as so much of the FCRA doesn't apply to EQ, I suppose this sections again means nothing to them....

© Trained personnel. Any consumer reporting agency shall provide trained personnel to explain to the consumer any information furnished to him pursuant to section 609 [§ 1681g] of this title.

[Edit by Swede on Friday, 8, 2002 @ 02:04 PM]

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