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How much impact does a update or recent activity on a old charge off account effect your credit score?

Las Vegas, NV |

I disputed a old charge off that came back valid, so the current activity was updated. Is it going to show a new charge off because of the update or hurt the score a bit and lesson as time moves on, or no change at all?

I know now that I should not have touched it ! Should have just left it alone.

Attorney Answers 3

Posted

Credit scoring is a proprietary process, like the Colonel's blend of 11 herbs & spices. No one knows for sure what is going to happen in any particular transaction. In this instance, I doubt that your efforts made any difference. Hope this perspective helps!

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Posted

Your dispute will have no bearing on the tradeline. It will (should/must) be removed at precisely the same time in accordance with federal law. Here's a link to how that works: http://www.ohioconsumerhelp.com/sub/obsolete-CRA-info.jsp

If you disputed the information because it truly is inaccurate, you should keep complete copies of everything and contact a consumer advocate right away to explore your rights. The credit reporting agencies have a legal duty to remove inaccurate information subject to your dispute. Failure to do so may entitle you to money damages.

Good luck to you .

NOTE: This Answer does not constitute legal advice. Every case is fact specific. To render a legal opinion, an attorney must engage in a consultation with a prospective client and review any pertinent documents. This communication does not create an attorney-client relationship with Attorney Amy L. Wells or WELLS LAW OFFICE, INC.

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Posted

When the credit bureaus update the "reported date" on your credit report it can have an adverse impact on your credit score. The reported date is linked to the payment history and current status of the account. The more recent the reported date, particularly for a derogatory trade line, the more of an impact it could have on your credit and credit score.
The reported date is information you can dispute with the credit bureaus and ask them to correct. If you elect to dispute, you will need to be specific about what the date should be and it could take a couple of months to have them fix it. However, before you start down the path of trying to correct the mistake, you should consider whether it is actually hurting your credit.
If there are several other errors regarding the account, it may be worth seeking a professional opinion on what you can and should do.
I hope this helps!

NOTE: This Answer does not constitute legal advice. Every case is fact specific. To render a legal opinion, an attorney must engage in a consultation with a prospective client and review any pertinent documents. This communication does not create an attorney-client relationship with Attorney Rochelle N Belnap or Belnap & Forbes, PLLC.

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