Credit report errors

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deci02
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Credit report errors

Postby deci02 » Thu Jan 12, 2017 12:51 am

Any ideas how to solve a problem where one of the credit bureaus (Experian) incorrectly uses my high balance on a credit card as my credit limit thus giving me a false high utilization rate and dinging my credit score? The other two major bureaus always report the correct limit.

When I dispute it with Experian they initially correct the credit limit within 30 days on the free report generated by the dispute. But then the same credit limit conflation with high balance happens again in later reports. When I squawk the bureau says it’s the issuer’s fault. The issuer (my credit union) says it’s the bureau’s fault. So I dispute it again with Experian, get a corrected credit limit report within 30 days, months later I check again and get the same error. This keeps happening. Very Kafka-esque.

I end up using the card a lot less so I don’t get my credit score dinged from false utilization ratios. I have to deal with this because Experian FIco is the most used score from what I’ve read. Experian says my only recourse is to keep disputing but having to check my credit report more than annually costs me money.

I only have one credit card and would like to use it since it has more protections than the debit cards I end up relying on. Ideas on how to stop this error from recurring? Not sure how to escalate to resolve it. Almost seems like some inherent data entry error has permanently wormed its way into the computers. Absent solution I’m thinking I should open another credit card and just keep barely using my current one?
Last edited by deci02 on Thu Jan 12, 2017 1:09 am, edited 1 time in total.

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whodidntante
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Re: Credit report errors

Postby whodidntante » Thu Jan 12, 2017 1:02 am

Is it a "charge" card or a credit card?

deci02
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Re: Credit report errors

Postby deci02 » Thu Jan 12, 2017 1:08 am

It's a credit card. Revolving credit with a monthly limit. I do always pay off the balance each month however to avoid interest rate charges.

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whodidntante
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Re: Credit report errors

Postby whodidntante » Thu Jan 12, 2017 1:40 am

Is it BoA? I've heard that some credit card issuers don't report your updates in a way that allows for what you want. It might be easier to get a 1 or 2 more cards, from a different issuer, than to try and beat the bureaus into submission.

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Pajamas
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Re: Credit report errors

Postby Pajamas » Thu Jan 12, 2017 1:44 am

Is the problem with the credit bureau or with the bank who issues the card and feeds the information to them?

Is it one of those credit cards that does not have a pre-set spending limit? Some of them even tell you what your limit is, but it is not "official" and isn't reported.

deci02
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Re: Credit report errors

Postby deci02 » Thu Jan 12, 2017 6:06 am

whodidntante wrote:... It might be easier to get a 1 or 2 more cards, from a different issuer, than to try and beat the bureaus into submission.


BTW if the problem is with Experian I'm not even sure another card from another issuer wouldn't encounter the same problem if, for instance, there's some persistent data entry mix up on the template Experian uses for me in their computer system. Experian always corrects it temporarily when I dispute but that may be a different reporting template used only for disputes rather than the regular reports. I'm in the dark on all this. Experian roundly denies any culpability saying the issuer is reporting incorrectly whenever I question them on why this keeps happening.
Last edited by deci02 on Thu Jan 12, 2017 6:35 am, edited 1 time in total.

deci02
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Re: Credit report errors

Postby deci02 » Thu Jan 12, 2017 6:10 am

Pajamas wrote:Is the problem with the credit bureau or with the bank who issues the card and feeds the information to them?

Is it one of those credit cards that does not have a pre-set spending limit? Some of them even tell you what your limit is, but it is not "official" and isn't reported.


No it has a monthly reported pre-set credit limit. I don't know where the problem is. Issuer & Experian point the blame at each other. As I said the other bureaus are able to get the information from the issuer processed correctly however. Very frustrating.

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HueyLD
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Re: Credit report errors

Postby HueyLD » Thu Jan 12, 2017 6:22 am

you can file a complaint with the Consumer Financial Protection Bureau. You can file a complaint online or via phone or mail:

Online:
http://www.consumerfinance.gov/complaint

Phone:
(855) 411-CFPB (2372)

Mail:
Consumer Financial Protection Bureau
P.O. Box 4503
Iowa City, Iowa 52244

You should also file the same complaint with your state Attorney General.


https://www.nclc.org/images/pdf/older_c ... report.pdf

deci02
Posts: 194
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Re: Credit report errors

Postby deci02 » Thu Jan 12, 2017 6:38 am

whodidntante wrote:Is it BoA? I've heard that some credit card issuers don't report your updates in a way that allows for what you want. It might be easier to get a 1 or 2 more cards, from a different issuer, than to try and beat the bureaus into submission.


Issuer is a local community credit union. I only encounter the problem with Experian. The other two major bureaus report accurately.

deci02
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Re: Credit report errors

Postby deci02 » Thu Jan 12, 2017 7:13 am

HueyLD wrote:
you can file a complaint with the Consumer Financial Protection Bureau. You can file a complaint online or via phone or mail:

Online:
http://www.consumerfinance.gov/complaint

Phone:
(855) 411-CFPB (2372)

Mail:
Consumer Financial Protection Bureau
P.O. Box 4503
Iowa City, Iowa 52244

You should also file the same complaint with your state Attorney General.


https://www.nclc.org/images/pdf/older_c ... report.pdf


Thanks for the info.

mouses
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Re: Credit report errors

Postby mouses » Thu Jan 12, 2017 7:27 am

Dump the credit card and get some some place else. If the problem were with Experian, there would be a lot more complaints.

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Pajamas
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Re: Credit report errors

Postby Pajamas » Thu Jan 12, 2017 8:47 am

mouses wrote:Dump the credit card and get some some place else. If the problem were with Experian, there would be a lot more complaints.


On the other hand, if the problem were with the card issuer, wouldn't the other credit bureaus also be reporting incorrect information?

deci02 wrote: Experian says my only recourse is to keep disputing but having to check my credit report more than annually costs me money.


They should give you free monthly credit report checks to implement their suggested solution.

mhalley
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Re: Credit report errors

Postby mhalley » Thu Jan 12, 2017 10:49 am

There are thousands of credit cards (and credit unions) out there. Problem is easily solved by voting with your feet.
I would also recommend having a minimum of 2 major credit cards.

deci02
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Re: Credit report errors

Postby deci02 » Thu Jan 12, 2017 5:51 pm

mhalley wrote:There are thousands of credit cards (and credit unions) out there. Problem is easily solved by voting with your feet.
I would also recommend having a minimum of 2 major credit cards.


Pushed a little with my credit union about my problem and they they think they've discovered a format error on their end. They're also offering me free access to Experian to check what credit limit they're seeing for a few months until everyone is sure the problem is solved.

Hopefully this will do the trick but I do think getting one additional credit card is a good idea.

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dm200
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Re: Credit report errors

Postby dm200 » Thu Jan 12, 2017 6:47 pm

deci02 wrote:
mhalley wrote:There are thousands of credit cards (and credit unions) out there. Problem is easily solved by voting with your feet.
I would also recommend having a minimum of 2 major credit cards.

Pushed a little with my credit union about my problem and they they think they've discovered a format error on their end. They're also offering me free access to Experian to check what credit limit they're seeing for a few months until everyone is sure the problem is solved.
Hopefully this will do the trick but I do think getting one additional credit card is a good idea.


This makes sense to me. In a "past life", my job entailed aspects of "down in the weeds" file reporting to credit bureaus. It is very easy (and not uncommon) that certain of the data fields in the reporting files may have unintended consequences. This might also be a "problem" caused by the credit union's data processor.

From what you describe, it seems to me that the good news is that once this is fixed, there will be no problems in the history that will adversely affect you. It also seems that this error or problem is very minor (but still should be fixed!).

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dm200
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Location: Washington DC area

Re: Credit report errors

Postby dm200 » Thu Jan 12, 2017 6:50 pm

Pajamas wrote:
mouses wrote:Dump the credit card and get some some place else. If the problem were with Experian, there would be a lot more complaints.

On the other hand, if the problem were with the card issuer, wouldn't the other credit bureaus also be reporting incorrect information?
deci02 wrote: Experian says my only recourse is to keep disputing but having to check my credit report more than annually costs me money.

They should give you free monthly credit report checks to implement their suggested solution.


Not necessarily. If a common file is sent to all credit bureaus, different credit bureaus may use/interpret fields differently. It is also possible that a separate file (perhaps different cycle dates) may be created for each credit bureau.

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Pajamas
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Re: Credit report errors

Postby Pajamas » Thu Jan 12, 2017 6:58 pm

dm200 wrote:Not necessarily. If a common file is sent to all credit bureaus, different credit bureaus may use/interpret fields differently.


That would seem to be the bureau's problem as well.

It is also possible that a separate file (perhaps different cycle dates) may be created for each credit bureau.


It is unlikely that running a report on a different cycle would cause this problem but I suppose it is possible.


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