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My Equifax went from 724 to 610!!! :(

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Sophiamarie
New Contributor

My Equifax went from 724 to 610!!! :(

My Equifax was 724 two weeks ago so I went to my credit union and applied for an auto loan, and when she pulled Equifax it was 610! 4 medical collections from January 2008 just appeared on my report ( I didnt care about credit at that time and didnt know about collections, I was 21) Thankfully the auto loan was approved but with high APR!

Collections only show on Equifax. Experian and Transunion are clean.

I have a secured BofA CC and a secured capital one. And only 6 months of credit history.
Before they show on the other reports I applied for the BofA cash rewards and I was denied because of my short credit history.

I dont know what to do ... I am afraid they are going to show on my other reports if I wait more time.

Can anyone tell me what prime credit cards check only Experian or Transunion? I tried searching the forum but I couldnt find anything, I am in Florida.

And also, what should I do about those 4 collections? They are small, the four of them are $1200 total. I am afraid if I pay the collection agency will update the system and they will show on my experian and transunion. Should I dispute with Equifax? Do disputes make fico score lower?

Help! Smiley Sad

EXP 725 (Amex) EQ 678 TU 735
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3 REPLIES 3
birjest
Frequent Contributor

Re: My Equifax went from 724 to 610!!! :(

From what I read around here, request that, if,and only IF you pay these collections off in full, would they remove it off your credit report.  They probably want to know why it went to them for collection, I am sure you can give them some compassionate reason.  Again, I am no expert, but I had a paid CO since 2008.  When I came to myfico and learned how to remove the CO, I sprung into action and now, no charge off on all 3 of my accounts.

 

And since you was 21, that can help with the compassionate reason for them to remove it.  Again, you may not have to get this far.  If you have the funds and if they will remove it (get it in writing), do it.


5/30/15 EQ 596; TU 605; EX 580.
12/18/17 EQ 646; TU 660; EX 674.
7/30/23 EQ 708; TU 703; EX 721.
Message 2 of 4
haulingthescoreup
Moderator Emerita

Re: My Equifax went from 724 to 610!!! :(

If they are medical collections, google the term HIPAA process (frequently misspelled HIPPA) and read up on that. We don't get into it here, for a variety of reasons, but basically one interpretation of HIPAA is that medical privacy prevents anyone from having knowledge of your medical treatment unless they have what is called a "business reason" for doing so. You want to get the original providers (hospital + doctor + radiology + lab, whatever) to accept payments directly, instead of through the collection agency, and pull back the collections from the CA. If they do accept payment, even if they won't/ can't pull back the collection, the collection agency then no longer has a business purpose in having your treatment dates, and they have to cease reporting the collection. Note: this only works on medical collections.

 

If you do this, you should expect to pay the debts in full. This is not the scenario for trying to pay 80% or whatever. You want to be standing there with your checkbook, offering to pay your debt(s) completely.

 

This is a dreadfully over-simplified explanation of the process, but it does work.

 

 

eta: Oh, and since you posted on Credit Cards, and your original question was about applying for CC's, my advice would be DON'T. Do not apply for credit while this is on your reports. That makes no sense whatsoever. It's like going on a first date --you don't show up with dirty hair and stained sweatpants. Shine yourself up a bit first. Smiley Wink

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 3 of 4
missji
Regular Contributor

Re: My Equifax went from 724 to 610!!! :(

Smiley Sad  So sorry to hear about your score drop.  I had two tiny collections to suddenly appear on my report. When i called and asked them to remove if I PIF they agreed and sent me letters stating that the accounts would be removed if I PIF by a specific date.  I paid, they removed.  I pray that it will work for you as well.

Gardening as of June 2020. No activity until January 2023 unless it's an auto CLI.
Starting Scores (6/30/2020): EQ 640 | EX 660 | TU 658
Current Scores (05/22/2021): EQ 678 | EX 714 | TU 689
Goal Score: 800


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