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Credit Accounts not reporting accurately?

I had a personal loan that I didn’t pay for like 2 months due to job layoff, and it got sent to collections. I ended up paying the loan in February, 2010. It was supposed to be paid in January 2010. I am looking at my credit report, and it shows that the account was closed.Like the company never reported it paid. It says *KEY DEROGATORY*….So I am well off now, and I have a great job, but I am applying for a loan for my car, and they need confirmation that I paid the loan off, which is not a problem, but why haven’t they reported it paid? It has been saying Key Derogatory since Feb 10, and it is bringing my score down! Is there anyway that someone can backdate my score to Feb ‘10 because it was PAID!!! Do you see what I mean?I was thinking about wring to Experian, and writing to the credit department for that bank who I had the loan with

You cannot back date your credit scores. Your credit scores are calculated in part by your payment history. Since you acknowledge that you fell behind with your payment on your vehicle, the fact that the account went into a derogatory status means that you may not be able to successfully dispute this. However, if the balance was paid on the account and it is reporting that you still owe the balance, then you can dispute the inaccuracy. Below I will provide you with an overview as to how you can dispute the inaccuracy.

Correct the Errors
Tell the consumer reporting agency, in writing what information you think is inaccurate. Include copies (NOT originals) of documents that support your position. In addition to providing your complete name and address, your letter should clearly identify each item in your report you dispute, state the facts and explain why you dispute the information, and request that it be removed or corrected. You may want to enclose a copy of your report with the items in question circled. Send your letter by certified mail, “return receipt requested,” so you can document what the consumer reporting agency received. Keep copies of your dispute letter and enclosures.

After the information provider receives notice of a dispute from the consumer reporting agency, it must investigate, review the relevant information, and report the results back to the consumer reporting company. If the information provider finds the disputed information is inaccurate, it must notify all three nationwide consumer reporting companies so they can correct the information in your file.

When the investigation is complete, the consumer reporting agency must give you the results in writing and a free copy of your report if the dispute results in a change. This free report does not count as your annual free report. If an item is changed or deleted, the consumer reporting company cannot put the disputed information back in your file unless the information provider verifies that it is accurate and complete. The consumer reporting company also must send you written notice that includes the name, address, and phone number of the information provider.

If an investigation doesn’t resolve your dispute with the consumer reporting company, you can ask that a statement of the dispute be included in your file and in future reports. You also can ask the consumer reporting agency to provide your statement to anyone who received a copy of your report in the recent past. You can expect to pay a fee for this service.

I hope this information helps you Find. Learn & Save.

Best,
Bill
www.bills.com/blog/