Why did my credit score *just now* go down? And should I just wait it out or report fraud?
Basically some shady individual used my name and ordered something from BMG Music Services in 2004 and the company charged ‘me’ and then sold ‘my’ account to a collection agency…all without *me* ever knowing about it.
I never ordered anything whatsoever from BMG and never received anything from BMG… *not even a bill*.
So I have a few questions here for anyone kind enough to respond.
1. On my Experian Credit Report I have two negative actions related to this one incident. Is that justifiable?
2. Why am I *just now* learning about this?
Why didn’t this come up on my mortage application?
Why did my credit score suddenly plummet from 700 to 600 (100 points!) *after* I was approved for a home loan?
The other report I checked (Equifax) says that the ‘Date of First Delinquency’ was Oct 2004…which is well before we purchased the house. Although the ‘Date Reported’ and ‘Date Assigned’ are listed as the beginning of this year…(I.E. A few months after we were approved!)
I’m afraid to call the collection agency because they may start the clock all over again. Or did they just start the seven years this year?? Why?
Should I call and tell them this wasn’t ME ordering these things?
(5 years ago.)
Or just wait it out?
Thanks
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Tagged with: Experian Credit Report • Seven Years
Filed under: Credit Reports
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Do not call the collection agency.
Dispute every item on your credit report that isn’t yours at every credit agency. You can usually do this online or in writing. The collection agency will then have to prove that the items are yours. You also need to contact BMG directly and push the issue with them. Fight. Fight. Fight.
I assume the “plummet” is from the collection agency. However, you score can go down any time you open new debt and it may go down if the new debt substantially reduces your open versus used credit percentage.
STAY OFF THE PHONE! IF they call you reply ONLY that they should send it out in writing and not to call you again. NOTHING MORE. Check your states statute of limitations for COLLECTION it may not even be collectible anyway. Check here
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You are right about calling them, DON’T! IF you get a letter then just make a copy and write in red ink accross it “SOL” and send it back to them, again nothing more.
ADDED BMG has absolutely nothing to do with this anymore and will tell you that immediately. The debt was sold and belongs to the collection agency NOT BMG!
Dispute it online!..
Probably you have some wrong items in your credit report. Use credit repair service to find and remove such bad stuff from your credit – creditreport.fateback.com