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Incorrect Reporting and Credit Score


CherokeeIndian
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The last post in this topic was posted 3170 days ago. 

 

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Hello,

 

I had my credit score in the range of 750 to 700 (Equifax) until Jun 2013. In Aug 2013 when I applied for AmEx credit card they sent the report obtained for me from Experian. I was surprised as the score was low. Due to an incorrect complaint filed by Bank of America - Business Credit Card unit to Experian my credit score fell down to 482. The Bank of America - Business Credit Card was for my business, but it was wrongly reported which affected my personal credit score.

I understand for most business credit card agreements, the banks will ask the card owners also to be personally liable to the credit being offered, in addition to the business being liable. In my case the business credit card account was opened in a branch by filling and signing the forms. So I asked Bank of America to provide a copy of the agreement that I signed which states (according to Bank of America) that I am also personally liable for the credit. Their document imaging unit sent me a letter stating that they were NOTable to locate the document I have requested.

 

When I sent a copy of this letter from Bank of America to Experian, they removed this reporting/complaint from my file. However, my score didn't go up. Kindly let me know if my credit score should have gone up within few months after Experian removing the reporting/complaint from my file. Should I write back to Experian and other credit bureaus about this?

Any suggestions? Please advice.

 

 

Thanks!

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Hello,

 

I had my credit score in the range of 750 to 700 (Equifax) until Jun 2013. In Aug 2013 when I applied for AmEx credit card they sent the report obtained for me from Experian. I was surprised as the score was low. Due to an incorrect complaint filed by Bank of America - Business Credit Card unit to Experian my credit score fell down to 482. The Bank of America - Business Credit Card was for my business, but it was wrongly reported which affected my personal credit score.

I understand for most business credit card agreements, the banks will ask the card owners also to be personally liable to the credit being offered, in addition to the business being liable. In my case the business credit card account was opened in a branch by filling and signing the forms. So I asked Bank of America to provide a copy of the agreement that I signed which states (according to Bank of America) that I am also personally liable for the credit. Their document imaging unit sent me a letter stating that they were NOTable to locate the document I have requested.

 

When I sent a copy of this letter from Bank of America to Experian, they removed this reporting/complaint from my file. However, my score didn't go up. Kindly let me know if my credit score should have gone up within few months after Experian removing the reporting/complaint from my file. Should I write back to Experian and other credit bureaus about this?

Any suggestions? Please advice.

 

 

Thanks!

 

Credit scores reflect what's on your credit file at the time the score is generated. If your score didn't go up it was generated prior to the removal. A lot of scores you get for free are generated weeks earlier.

 

Since this happened long ago it shouldn't affect what you currently see. If you are using current scores then something else is going on.

 

Also, be sure to check your scores and reports at all three CRAs. It's possible the negative is being reported on a CRA you are getting a score from and was only removed from one of the others.

Edited by cashnocredit
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