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     | Tuesday, October 31, 2000 - 10:44 am  Does that notation affect the scores to anyone's knowledge? I have a Providian Card that is not secured but that notation is on the report anyway. Is it worth it to challenge it?
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| | Tuesday, October 31, 2000 - 11:50 am Speaking of Providian & secured cards ... 2 things: 1) Providian: Apparently people have started getting refund checks from Providian due to the lawsuit that they just lost. I don't know all the details, since I don't have an acct. with Providian, but thought I'd pass that along. 2) Christine, I thought you'd get a kick out of this one: http://www.1st-netcard.com/dollars/3487/19/125/index.html?sourceid= Read their "Terms and Conditions" ... they're currently a Milesource.com sponsor (for a whopping 500 points). What a crock of ... well, you get the idea.
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| | Tuesday, October 31, 2000 - 03:38 pm Patricia: I've never read anything that suggests a "secured" card entry on your CR damages a credit score. Even so, I think it best to report this to Providian and have it correct your file. Last year, the Aria division of Providian reported an unknown number of unsecured accounts to the bureau as secured. This stuck out like a sore thumb on my CRs, so I called Aria and followed up with a letter. The changes on all my CRs were made immediately. In case yours is an Aria card, here is the address to write to: Executive Offices P.O. Box 194545 San Francisco, CA 94119 I'd advise against disputing this with the bureaus, although they'd probably eventally all get around to investigating your concern and making the appropriate changes. You'll likely get faster results by contacting Providian directly. In this case, one downside of filing a dispute with the bureaus is that they just might delete a positive tradeline if Providian doesn't respond immediately to queries. That could possibly lower your credit scores, at least temporarily.
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| | Tuesday, October 31, 2000 - 11:05 pm I have no idea if/how secured accounts affect credit scores, but you sure want to get that notation off the reports. Occasionally there still are real people looking at the real reports, and secured is not good. Jennifer, that card is one of the worst deals out there: A refundable $500 Reservation Fee is payable to KFS (the "Reservation Fee") in connection with the opening of your account. The Reservation Fee will be charged to your credit card account and will fully utilize your initial $500 credit limit. Before you may use your card or account to make purchases or to obtain cash advances, you must make payments on your account. The difference between the total unpaid balance and your credit limit will be the amount of credit available to you. Talk about a STRANGE concept!
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| | Wednesday, November 01, 2000 - 05:00 am Maurice, You bring up a good point. The CRA's will tell you that good info usually stays on for 10 years. Are creditors required to continue reporting for that length of time or can they just decide to stop reporting when they please. I disputed an incorrect negative entry and had it removed but a good account came off too that had only been reported for 7 years. Can I get it back?
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| | Wednesday, November 01, 2000 - 06:00 am June: You should consider contacting the creditor by mail and ask to have the information reinserted on your report. Many will do so if you've been a good customer. Capital One, for example, has done this for me. Make sure you ask the creditor to report your account as an R-1 or an I-1, depending on whether it's a revolving account or an installment account. It will do little or no good if they reinsert it as "unrated." Creditors can choose to report all accounts, no accounts or some accounts. Basically, the only requirement is that, if they choose to report, they must report accurate information. It remains to be seen if they're required to report "complete" information. Citibank may be screwing up credit scores right now by not reporting credit limits. Its defense, essentially, is that it can't be forced to report trade secrets. That may fly in some courts, given the dog-eat-dog nature of the credit markets today. We'll have to see. I learned a lesson a couple of years ago about disputing relatively minor errors on credit reports. (This is not to suggest I believe Citibank's nonreporting of credit lines is relatively minor; I actually think it is grossly anticonsumer.) One of my credit-card issuers over-reported my available line by $100 to all three bureaus, so I disputed it directly with the bureaus. Because the company never responded to the bureaus' queries, all three of them deleted the account. Gone in 30 days' time was a lengthy tradeline that had a perfect history. I then contacted the issuer directly, and the line was reinserted after several months. BTW, Christine is dead right when she advises Patricia to get rid of the "secured" remark on her report. It's a red flag to human beings, some of whom actually review credit reports and applications by hand.
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| | Wednesday, November 01, 2000 - 10:40 am The CRA's will tell you that good info usually stays on for 10 years. Are creditors required to continue reporting for that length of time or can they just decide to stop reporting when they please. If the account is closed, the creditor is no longer reporting it, period. If it's GOOD, it stays on for (up to) 10 years, solely based on the (data) purging business rules @ the CRA. If it's derogatory, it stays for seven (+/- 180 days based on when it went kerplunk). The creditor is not actively reporting your data to the CRA on a closed account 9.5 years down the road.
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| | Thursday, November 02, 2000 - 04:45 am The CRA apparently sent a confirmation letter to the creditor reporting the positive entry and I really don't understand this. I certainly never disputed it. I have called this creditor and they are willing to put it back on my file but my concern is the CRA. What was the sense?
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| | Thursday, November 02, 2000 - 06:06 am I disputed an incorrect negative entry and had it removed but a good account came off too that had only been reported for 7 years. Can I get it back? So you're saying that you disputed a derogatory account and the CRA attempted to verify an unrelated, accurate account in good standing (although closed) and subsequently removed the latter account? Was the account with the same creditor? Hmmm. If a good, closed account has been removed, you can get it back on there if (a) it hasn't been too long since it was deleted and (b) the creditor and the CRA are willing to put forth the effort to get it back on there. I had a good account removed because the CRA claimed the creditor never responded to the investigation (I was disputing the balance, which should have been $0/Closed when it had an $800 balance listed/still open, but in good standing). I called the creditor who said they never received any such request for investigation. I called the CRA, and with a little griping, they said they 'still retained the data because it hadn't been very long (a month or so), and they put it back on my report. Side note/happy note: Nov of 1993 I filed for Chapter 13 BK. It's now Nov of 2000. I called all three CRA's and guess what? I'm quite pleased to say that the BK is no where to be found at any of the three CRA's. They actually DO do some things right once in a while ... 
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