False Delinquent Report to TransUnion
I leased a Jeep from Chrysler Capital (CC). Lease just ended last month and bought the car out due to low mileage. The loan company which was used to finance the car sent buyout payment to CC. Sweet, done deal. Received a TransUnion alert that CC filed a delinquent account in the amount of $0. Called CC, they said it was odd and I had to submit an appeal. That can take 3 months. My Credit Score dropped 80 points from "Great" to "Average". My question is, I read that it can take 7-years for that record to disappear, even though it was falsely reported. Did I just get screwed raw?
Once it's investigated, it'll fall off immediately
It should only take 30 days max. Creditors have 30 days to respond to the dispute otherwise it will be dropped
I had the same thing happen with Toyota and Chrysler Capital in the last 10 years. I filed online and then yelled at the companies and they fixed it in about 2 months. Then my credit score updated another month or two later. Still a pain in the a$$ and took 3-4 months overall to fix.
Update! Thanks everyone for the comments - really helped. In the 2 weeks, CC reversed the delinquent account and credit score is on it's way back up 674 --> 739
Not if the appeal is upheld.