can i dispute this charge with my bank ?
i paid an online company $ 3500 to add 5 good creditlines to my credit report. they have only added two and have stopped communicating with me. i filled and signed paperwork in the beginning allowing them to take that money from my checking account. i gave them written auth. to charge my debit card. can i now dispute this charge with my bank ? i paid on june 26, 2007
Public Comments
- You CAN dispute anything. Tell them you paid for a service or something that was not provided, the company does not respond to your attempts to contact them and dispute the charge. Can't say how it will turn out, but its worth a shot for that kind of money.
- Sure you can dispute it. However, in the dispute you are going to have to explain what the service was and what they did not do. Since what this company does is basically not allowed, you may have a problem with your bank agreeing with you. When people place information on your credit report it must be correct. That goes for Positive as well as Negative information. Since you never actually had these lines, the information is not correct, and a case could be made that the company violated the Fair Credit Reporting Act(FCRA). Not that the bank would do anything more than just denying your dispute, it is just something to consider. Also, be aware that if these were just Authorized Users, then as of September 1st they are no longer computed in the credit score. So even though you may be an AU it won't help your score anymore, and any bump in your score you had before September will be gone.
- It might be unethical to engage in tradeline rental, but it is not a violation of law. You can certainly dispute any charge with your bank, but they are unlikely to help you once they learn it's a tradeline rental company. Many of these companies are taking the money and running because FICO is changing their scoring algorithm. AUs no longer benefit your FICO score, with one of the CRAs, in September. The other two will adopt the new FICO scoring in early to 2008. Experian is rumored to be the early adopter.
- This goes to prove a fool and their money are soon parted. You tried to screw the system and in the end you may be the one who get screwed out of your money. You will have to prove that they gave you a time line in which this would be completed. they can come back and say we only do 2 per 6 months or something riducles. When you started this mess your sensors should have been screaming at you.
- You got totally screwed. Worse yet, you provided your personal information to unsavory characters. Watch your credit report very carefully over the next few years. Odds are you will be the victim of identity theft. I would close my bank account, and open a new one as well. These types of scams can easily be a front for check fraud operations. You might also contact the police department to get this reported in case there is a problem in the future.
- You might also want to know that you may as well as just set a match to that $3500. Because of abuses just like what you just paid for, credit cards/lines that you are an authorized user on will no longer be considered in computing your FICO score with the 3 credit reporting agencies So yes those lines will show up on your credit report but they won't do what you want/need them to do.
- You can... .but you wont win. Also, FICO will be changing their formula's next month, and those trade lines will no longer compute into your score. Why would you pay $3500 for this? If wont help. The trade lines will be new, and if you still have old, unpaid debt, your credit will still be bad. You can try to dispute it.... but you probably will not win, as it was a bank draft that you authorized. The $3500.00 would have been MUCH better spend on the actual money you OWED! Consider this stupid tax and move on...
- Yes, your bank has a fraud department. You will have to fill out a form and state that you were charged fradulantly. The bank will look into and may be able to get your money back. Anyway, call the issuing bank. Source: 9 Years in lending
