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03-17-2009 09:00 AM
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??
03-17-2009 09:03 AM
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.
03-17-2009 09:21 AM
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!
03-18-2009 12:40 PM
03-18-2009 12:50 PM
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..?
03-18-2009 01:10 PM
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.