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Credit Score not changing and time of debt


rodsheffield
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All,

I have two questions that are confounding me and I need your help understanding things.

1. If I get incorrect information removed from my credit report, why does my score not change? I am assuming that the negative item would bring down my score, hence why would its removal not bring it back up. Or is there a step in the process I have yet to take?

2. In regards to a debt, it is my understanding that a debt will come off your record(in theory) after 7 years, and bankruptcies after 10. Now my question here is, 7 years from when? The time the debt is incurred, or when? I have a debt reported that I never incurred, but believe might have been my ex-wifes. I disputed it, and the company reverified it. The debt was incurred according to their record in July of 1999. When the dispute came back from equifax the report says it will be displayed until 2010? I called equifax and was told that reverification can add time. I told her I knew of no such stipulations in the law but she hemmed and hawed and hung up. So I come to the experts. Please set me straight. Thank you.

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All,

1. If I get incorrect information removed from my credit report, why does my score not change? I am assuming that the negative item would bring down my score, hence why would its removal not bring it back up. Or is there a step in the process I have yet to take?

2. In regards to a debt, it is my understanding that a debt will come off your record(in theory) after 7 years, and bankruptcies after 10. Now my question here is, 7 years from when? The time the debt is incurred, or when? I have a debt reported that I never incurred, but believe might have been my ex-wifes. I disputed it, and the company reverified it. The debt was incurred according to their record in July of 1999. When the dispute came back from equifax the report says it will be displayed until 2010? I called equifax and was told that reverification can add time. I told her I knew of no such stipulations in the law but she hemmed and hawed and hung up. So I come to the experts. Please set me straight. Thank you.

In regards to your first question; perhaps more time is needed? Perhaps the damage to your credit records was already done (on some level) and more time is needed to improve it.

In regards to the second question; It is my understanding that they can report for 7 yrs from the DOLA (Date of last activity). This is typically your last payment or your last charge on the acct, whichever occurred last. Also, you were lied to. July 2006 that should've rolled off your credit reports. Unless some kind of "re-aging" took place. I had someone try to tell me that each time the acct is sold that it "lengthens" the amount of time they can report on your credit reports! Dispute it as "not yours" both with the collection agency or original creditor, when you receive your green card (because you will have sent your dispute via CMRRR) you then get your disputes in to the credit reporting bureaus (all three). Try to understand, all those CRA's are for is reporting information they get-your beef isn't with them, but the furnisher.

WHEN they reverify, report them for violations to the Attorney General, Federal Trade Commission and Better Business Bureau. They will have verified a debt legally disputed. You should also send along your proof that this debt should've expired from your credit reports as of July. 1999

The other thing I will mention is, if this account was your ex-wife's and they either added your name or otherwise changed the account into your name they've also done another legal no-no and it wouldn't hurt to mention THAT in your complaint to the above mentioned organizations. If the debt was incurred after your divorce, than you really have something to. You can file a complaint of identify theft.

Elyse

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My EQ FICO hasn't budged in over a year. And I've added a number of TLs, everything's aged, and my CLs have soared (which for utilization purposes should have really upped my score). Nothing I do changes that score.

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