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Dwayne B.
Dwayne B., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 33153
Experience:  Practicing for over 20 years and handled many cases and trials for consumers.
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Credit report

Customer Question

credit report
Submitted: 1 year ago.
Category: Consumer Protection Law
Customer: replied 1 year ago.
Hello, About two weeks back, I got in touch with Capital One Credit Card department to request a goodwill adjustment on past due which happened in January of 2011. They said they will request the credit reporting agency and will get back to me via letter.
I received the letter today stating the following. We have confirmed the late payment we are reporting for January 2011 is accurate. Because of this information is correct , we do not need to change how we update it to credit bureau. Also, we have placed a
disagreement code with a resolution of dispute on your credit file to the major credit reporting agencies. The last sentence is bothering me. Please explain if this might negatively affect my credit score.
Expert:  Dwayne B. replied 1 year ago.

Hello and thank you for contacting us. This is Dwayne B. and I’m an expert here and looking forward to assisting you today. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification. Also, I can only answer the questions you specifically ask and based on the facts that you give so please be sure that you ask the questions you want to ask and provide all necessary facts. Further, if you get a message asking if you want to do additional services like a telephone call that message is automatically generated by the website and is not sent from me. I, like most of the experts in the Legal categories, do not do telephone calls due to issues with State Bar rules and other concerns.

While I can't be sure exactly what they mean by that last sentence, since they don't tell you precisely, I am assuming that what they are referring to is the process allowed by the Fair Credit Reporting Act wherein you are allowed to place a statement on your account and dispute any particular account or section of an account on your credit report. It actually doesn't have any effect on your credit rating either negatively or positively and my experience has been that it doesn't really do anything since most creditors don't look at anything other than the scores and the payment histories.

In case you weren't aware that provision of the code allows for a person to request that a credit reporting agency attach a statement or an explanation of any dispute on a person's credit report. As an example, if a bank was reporting that you had made a payment late when you had actually made it on time and it had been posted to the wrong customer's account then you would be entitled to make a written statement to that effect and have it attached to that specific section of your credit report. Again, I don't think it actually accomplishes anything because I don't think creditors look at anything on a credit report other than the scores and payment history.

Customer: replied 1 year ago.
I was requesting that reporting to be removed, expecting that the score would go up after removing that part. I am thinking about "Disagreement Code".
Expert:  Dwayne B. replied 1 year ago.

Did you have a question on this last posing you made?

Customer: replied 1 year ago.
Forums talk about code "XB". I am just concerned about this.
Expert:  Dwayne B. replied 1 year ago.

First, ignore the forums. 995 of what you read in there is BS and is not based on the law.

The XB code means the item is supposed to be ignored during the dispute process. However, based on what you provided the information is no longer considered disputed by the creditor and so the XB should no longer apply, other than in a neutral manner indicating that the issue was in dispute at one time.

So an XB essentially means "ignore" that section of the credit report while the matter is being investigated but after that it doesn't count as anything, it is just a marker showing that the item was disputed.

Customer: replied 1 year ago.
Thanks. I can sleep peacefully now.
Expert:  Dwayne B. replied 1 year ago.

You're very welcome. Always glad to know I was able to ease someone's mind.

If your question has been answered completely then I'd offer my best wishes to you and ask that you please not forget to leave a Positive Rating so I receive credit for my work.

Of course, please feel free to ask any follow up questions in this thread.