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3 Replies Last post: Oct 25, 2008 12:59 AM by BillCollector

Credit agencies

Oct 24, 2008 5:36 PM

Click to view blperform's profile Mogul blperform 28 posts since
Sep 3, 2008

Hi!

Is there anyone out there who has an in depth knowledge of the workings of credit reporting agencies? I have, what I think, is a unique situation and because of the way it has been reported, it has dropped FICO almost 20 points.

Help!

Thanks
Lee

blperform@aol.com
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Click to view BillCollector's profile Professional BillCollector 7 posts since
Oct 24, 2008
1. Re: Credit agencies Oct 24, 2008 9:26 PM
Dear Lee,

I work for Account Adjustment Bureau, LLC in Rockwood, MI. The best tool you can use right away to get to the bottom of your issue is E-Oscar. All three major bureaus work with E-Oscar and debt collectors, like myself, are on it as well.

Go to www.e-oscar.org and follow the instructions.

Without knowing your exact details, I recommend this as being the best place to start.

BillCollector
www.accountadjustment.us
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Click to view blperform's profile Mogul blperform 28 posts since
Sep 3, 2008
2. Re: Credit agencies Oct 25, 2008 12:17 AM
in response to: BillCollector
Thanks Bill Collector

My only question now is wondering whether e-oscar is for the consumer, rather than the collector or credit agency?

The short version is that I tried to get an open (but paid) HELOC corrected on my credit report. The HELOC belonged to my mother who passed away 5 years ago (I co-signed.). The HELOC was paid off with the proceeds from her estate. Beneficial stated that although the HELOC is not valid because of inactivity, that it is still an open account. When I attempted to correct it, they indicated that the HELOC is now closed "as per the request of the consumer". That is what dropped the FICO score. I should not be penalized for having the account closed. It should have been closed upon her death and as such if I would have used the HELOC after her death, I would have done so illegally. She was primary and the lien and deed were solely in my mother's name.

Any thoughts?

Thanks
Lee
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Click to view BillCollector's profile Professional BillCollector 7 posts since
Oct 24, 2008
3. Re: Credit agencies Oct 25, 2008 12:59 AM
in response to: blperform
Credit grantors make money by lending it out to reliable borrowers. If your credit score was good enough to be considered as a co-signor, then they ought to seriously look into your concerns. If you were the primary borrower, I could see the rationale for the lower score but not in this circumstance as I understand it.

If your credit score was excellent prior to this incident, the lender runs the risk of alienating a great future customer. This is something that should be brought to the financial institutions Ombudsman for review. If a rating is done in error, it can be corrected. E-Oscar is an excellent startingt piont as well.
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