topic Re: SO CONFUSED: A 30 point drop for removing this dispute comment?? in Understanding FICO® Scoring

SO CONFUSED: A 30 point drop for removing this dispute comment??

2020rob — Fri, 14 Dec 2012 00:25:08 GMT

Hi everyone...this is my first post. I have a bit of a dilemma. My wife and I are trying to qualify for a home loan. My scores were 710, 706 and 700 with Equifax being the mid score at 706. The underwriter came back and questioned one old credit card that I had disputed (shown below). I honestly didn’t even realize it was still listed as open on Equifax. It is closed on Experian and TransUnion. Anyhow, I contacted Equifax and had the dispute removed. My credit score dropped 29 points instantly…any idea why? Would letting them know it is closed help?

Account Number: 169601-133659XXXX

Current Status: PAYS AS AGREED

Account Owner: Individual Account.

High Credit: $2,237

Type of Account: Revolving Credit Limit: $0

Terms Frequency: Monthly (due every month)

Date Opened: 12/2005

Balance: <Blank>

Date Reported: 05/2006

Amount Past Due: <Blank>

Date of Last Payment: 05/2006

Scheduled Payment Amount: $10

Date of Last Activity: 05/2006

Date Major Delinquency First Reported: N/A

Months Reviewed: 5

Creditor Classification: <Blank>

Activity Description: <Blank>

Charge Off Amount: <Blank>

Deferred Payment Start Date: <Blank>

Date Closed: <Blank>

Type of Loan: Charge Account

Date of First Delinquency: <Blank>

Comments: Consumer disputes this account information, Credit line suspended.

Re: SO CONFUSED: A 30 point drop for removing this dispute comment??

llecs — Fri, 14 Dec 2012 00:29:08 GMT

The above is how it looks before calling EQ, right?

How does it look after calling EQ?

What are the differences within the reporting?

Is it still reporting?

How soon after calling EQ did you get revised scores?

Weere there any lates reporting before calling EQ?

Re: SO CONFUSED: A 30 point drop for removing this dispute comment??

2020rob — Fri, 14 Dec 2012 00:35:46 GMT

The above is how it looks before calling EQ, right? Correct. The above was from two days ago.

How does it look after calling EQ? The same except there is nothing in the comment field now.

What are the differences within the reporting? Everything else is the same.

Is it still reporting? I actually closed the account in 2009. The creditor mistakenly opened two lines of credit.

How soon after calling EQ did you get revised scores? The day after.

Weere there any lates reporting before calling EQ? No, Five months of payments.

Re: SO CONFUSED: A 30 point drop for removing this dispute comment??

llecs — Fri, 14 Dec 2012 00:42:08 GMT

Thanks for answering...it helps.

Two more....

Where did you get your follow-up score from? Was it from the same source (namely the same lender)?

Did the "Date Reported" field change from the 2006 date?

Re: SO CONFUSED: A 30 point drop for removing this dispute comment??

2020rob — Fri, 14 Dec 2012 00:47:05 GMT

Thanks for answering...it helps.

Two more....

Where did you get your follow-up score from? Purchased from Equifax after I received the confirmation email from my request to delete the dispute.

Was it from the same source (namely the same lender)? Equifax

Did the "Date Reported" field change from the 2006 date? Yes. 12/11/2012

Re: SO CONFUSED: A 30 point drop for removing this dispute comment??

llecs — Fri, 14 Dec 2012 01:17:40 GMT

2020rob wrote:

Where did you get your follow-up score from? Purchased from Equifax after I received the confirmation email from my request to delete the dispute.

That can be the source of the point change. Look closely to that report purchase and the score that came with it. Does it say "Equifax Credit Score" next to the score or "FICO"?

Re: SO CONFUSED: A 30 point drop for removing this dispute comment??

2020rob — Fri, 14 Dec 2012 01:27:31 GMT

It is an Equifax Credit Score. I am tempted to inform that it is closed. It shows as closed with TU and EX.

Re: SO CONFUSED: A 30 point drop for removing this dispute comment??

llecs — Fri, 14 Dec 2012 01:47:55 GMT

The "Equifax Credit Score" isn't a FICO score (we call these FAKOs) and lenders don't use it. Ignore it. It's very possible your FICO score didn't change at all.

ETA...I wouldn't take any further action on the status of the acct.

Re: SO CONFUSED: A 30 point drop for removing this dispute comment??

2020rob — Fri, 14 Dec 2012 01:51:04 GMT

Thank you. I'll give it a day or two and run my FICO.

Re: SO CONFUSED: A 30 point drop for removing this dispute comment??

llecs — Fri, 14 Dec 2012 01:54:31 GMT

You can buy the same FICO your lender uses here on myFICO. Equifax.com also sells the same FICO but it's hard to find and they push their FAKO as you know. And of course you can get it from your lender.

Re: SO CONFUSED: A 30 point drop for removing this dispute comment??

2020rob — Fri, 14 Dec 2012 01:56:47 GMT

I have never been good at waiting...just purchased EQ and TU from MyFICO. Came back at 700 and 735 respectively. I can sleep tonght!

Re: SO CONFUSED: A 30 point drop for removing this dispute comment??

llecs — Fri, 14 Dec 2012 02:01:34 GMT

The chances of the EQ FICO on here matching your lender's EQ FICO is near 100%. However, the TU FICO on here may or may not. Some lenders use the same TU FICo version as on here, but most use a newer TU FICO version. So, the TU FICO may or may not match. Your lender's version could be higher or lower. IME, my lender's version was 10 points lower. DW's lender's version was 30 points higher which was a great surprise. It varies by lender, but FYI anyway.