FICO score errors

[Anonymous]

I am a recent university graduate. I borrowed Perkin Loan from my school, and after my graudation, my balance of this loan transfer to eduation department.

Recently, I found my FICO score keeps dropping. I ordered all three of the FICO credit report. All of them show a negative indicator mark on this Perkin Loan account, and marked it as pass due more than 60 days. I have no idea what is going on. I called euqafix to see what can they do, they said this account is closed and with zero balance.

It must be an error that FICO calculate my score wrong. Does/Did anyone in this situation? What should I do for it?

[Anonymous]

FICO Score is generated by plugging data from reports of the 3 credit bureaus into various FICO formulas, if all three of your reports are reporting 60 days late on this account, your issue is with the creditor and how they report to the bureaus, in this case it would be Perkin or "Education Department",

[Anonymous]

You haven't given us enough information to help you because you're talking about your FICO scores dropping but you're focused only on one negative account that is paid and aging, so you're missing on telling us alot.

First of all, have you only monitored FICO scores, or are you trying to compare FICO scores from one service to credit scores from another?  Please confirm when you got your scores (what month) and what sites you got them from.

Secondly, if your scores continue to drop, it means you have other potentially derogatory information changing over time.  Is your credit card utilization going up?  Have you been applying for (inquiries) and receiving new accounts on your report?  That can ding your score for the inquiry, for the new account showing up (0-6 months) and for the drop in your average age of accounts (AAoA) for 12-24 months.

Post more information and we can tell you why your scores are dropping.

[RobertEG]

If you are asserting that you were never delinquent, the first step should be to file a formal dispute with the CRA, which will require the CRA to send a copy of the dispute to the creditor, and require the creditor to conduct a reasonable investigation of your dispute and report the results back to the CRA.

The CRA must conclude their reinvestigation no later than 30 days after filing of your dispute, and send a formal Notice of Results of Reinvesigation to you no later than 5 business days after conclusion of their reinvestigation.

Thus, you will receive a formal investigation and results within approx 1 1/2 months.

Hopefully, your dispute will resolve the issue of accuracy of the reported delinquency.

If not, you can then pursue by way of civil action, but you must first have a Notice of REsults of Reinvestigation of your dispute before pursuing further action.