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Derogatory Credit Report
Question: Hi Bill, I have a collection account on my credit report. I disputed the item. At first in the status column it read unpaid/derogatory, now it says X-checked, can you tell me what does X-checked means?
Answer: To my understanding, when an account is disputed with a credit bureau, the ?checked? status means that the credit bureau has verified that the listing is accurate and that the account will notbe removed from your credit report, unless you can provide further documentation that the account is invalid. The ?x? in ?x-checked? is a status coding letter. The ?x? status means that the bureau has checked the validity of the listing with the reporting creditor in response to your dispute, while ?checked? is a description of the activity.
If you disputed the item online, you may want to dispute it again, this time in writing. While the online dispute process is convenient, it tends to be less effective than disputing the account in writing with the bureaus,
as recommended by the Federal Trade Commission. The FTC offers a guide to disputing inaccurate credit listings on its website, http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre21.shtm
Hopefully, following up your previous dispute with a written dispute will lead to the account being removed from your report. Since you previously disputed the item, you will need to ask for a ?reinvestigation,? and explain why the account should be removed from your credit report. Be sure
to include copies of any pertinent documentation, such as dispute letters sent to the creditor or copies of payments showing that the account was paid off.
The Bills.com website offers a wealth of information about credit reports and credit scoring. I invite you to explore the site, starting with the Credit Solutions and Resources page at http://www.bills.com/credit/
I hope that the information I have provided helps you Find. Learn. Save.
Best,
Bill
www.bills.com
Also, make sure to get a free financial health check-up with Bills IQ!
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1. Posted by Fabian Perez Jr on Monday 10th December 2007 15:10
I would like to know how to find out and take care of my derogatory. Where would I go to do so?
2. Posted by Nithen on Tuesday 11th December 2007 08:42
The first step is to obtain your credit reports. You can get a free copy of your report from all the three credit bureaus at http://www.annualcreditreport.com You should get each one of the reports and make a list of all the derogatory items that are showing on your profile. Once you have that information you can use the services of a credit repair firm such as http://www.lexingtonlaw.com (1-800-756-9681). There is a monthly charge for the service.