Reply
New Member
Posts: 7
Registered: ‎03-16-2009
0

Drastic drop and don't understand.

My score dropped over 63 points in less than one month. There has been no changes. I have been trying to correct an item that is wrong; they have it as late and it was included in bankruptcy. This item has been disputed 5 times and they will still not correct even though the creditor has given me a letter stating otherwise.

I have taken no new loans, no inquires, balances are going down. Why the sudden drop? and no one to ask. Equifax says they can't tell me. So HOW do you find out why??

 

 

Moderator Emeritus
Posts: 11,562
Registered: ‎08-29-2007
0

Re: Drastic drop and don't understand.

Was this a FICO score?

 

Is the account you are disputing the only thing that has changed between your before and after reports?

 

Disputing can cause score changes. It makes account show recent activity, depending on the account certain aspects can be taken out of score calculations, etc.

 

What is the difference in your revolving util between the old report and new report?

 

Need to compare the two reports line by line and note any changes.

-----------------------------------------------------------------------------------------------------
Free Annual Reports, Freq. Requested Threads, 5 Things We Don't Talk About, Common Abbreviations, Where do I start?, State Resources
New Member
Posts: 7
Registered: ‎03-16-2009
0

Re: Drastic drop and don't understand.

Yes my fico score went from 672 to 609 between 2/24 and 3/16. As I said the only difference is this dispute I keep trying to correct. My new report says balances that are past due and that I recently missed a payment but I did not and my accounts all reflect; paid on time.

My revolving accounts went down $132.

My mortgage went down

My installment loan went down

My recent inquiries went from 10 to 9 and the last one was Dec 08.

 

I have a letter from Porsche stating that my balance was resolved thru bankruptcy. I have sent equifax letter 5 times trying to clear but they still show; balance due, late payment and repossesion of the car of $30,000. The difference is my 672 score said item in dispute; my 609 score said late.


I don't know any of anything else to get them to remove this but again why all of a sudden drop. I have even talked to Porsche and they gave me an audit control number to give to equifax showing they reported to credit bureaus.

I wanted to refinance but no way at 609!

 

Moderator Emeritus
Posts: 11,562
Registered: ‎08-29-2007
0

Re: Drastic drop and don't understand.

Look at the TL you are disputing. Did the last reported/updated date change?
-----------------------------------------------------------------------------------------------------
Free Annual Reports, Freq. Requested Threads, 5 Things We Don't Talk About, Common Abbreviations, Where do I start?, State Resources
New Member
Posts: 7
Registered: ‎03-16-2009
0

Re: Drastic drop and don't understand.

 

The only difference is the date reported. The higher one is feb 09 and the new one is march 09. The difference is the higher score shows "item in dispute" the lower march score shows "voluntary reposession".

 

Even though I have this letter from Porsche and they tell me verbally it's true, will Equifax ever take this off? Porsche says they don't have to if they don't want to..?

Moderator Emeritus
Posts: 11,562
Registered: ‎08-29-2007
0

Re: Drastic drop and don't understand.

Newly reported date, the item not being in dispute, the voluntary repossession comment, and all the other differences is the cause for the score drop.

 

FCRA requires accurate reporting.

 

If you are willing to go as far, then you can send EQ an ITS letter stating that if they do not accurately report within X days, you will sue them.

 

Or you can go speak with a consumer law attorney and see what they have to say.

 

I am not sure how something included in BK should report, so you may post over on the BK forum as well to see if it is reporting correctly.

-----------------------------------------------------------------------------------------------------
Free Annual Reports, Freq. Requested Threads, 5 Things We Don't Talk About, Common Abbreviations, Where do I start?, State Resources
New Member
Posts: 7
Registered: ‎03-16-2009
0

Re: Drastic drop and don't understand.

Thanks!!
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.