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kq
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kq
Posts: 6
Registered: ‎01-09-2014
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Score dropped over 150 Points in less than a month

I am really confused here. I have been working on my score for over a year and had my middle score up to over 700. Yesterday I checked it and it dropped from 709 (in the begenning of December 2013) to 530. I had 4 Old collections drop off last month. The only thing I can find new on my credit report is a bill from 6 years ago that is showing the open date as 09/2013 and a missed payment from 12/2013. This is an old collection account from 12/2007. I dont see a date of first delquency on the report.  It is beyond the SOL and is so old that it should not have very much impact on my score. My credit report summary shows I had a missed payment within the last 30 Days. I have not had any missed payment. However this account is showing up under the missed payment section for December. What should I do? I Think this is what caused it but I am not sure. And I don't know how to find out.

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llecs
Posts: 32,869
Registered: ‎08-04-2007
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Re: Score dropped over 150 Points in less than a month


kq wrote:

I am really confused here. I have been working on my score for over a year and had my middle score up to over 700. Yesterday I checked it and it dropped from 709 (in the begenning of December 2013) to 530. I had 4 Old collections drop off last month. The only thing I can find new on my credit report is a bill from 6 years ago that is showing the open date as 09/2013 and a missed payment from 12/2013. This is an old collection account from 12/2007. I dont see a date of first delquency on the report.  It is beyond the SOL and is so old that it should not have very much impact on my score. My credit report summary shows I had a missed payment within the last 30 Days. I have not had any missed payment. However this account is showing up under the missed payment section for December. What should I do? I Think this is what caused it but I am not sure. And I don't know how to find out.


Are the scores you are looking at FICO scores? And are you comparing your before and after scores from the same source (e.g. the same exact lender)? Lenders can choose which FICO score version to use so you'll see some differences, though 150 is a lot. Also if one or both of the scores are from a service which likely wouldn't provde a FICO then you can see some wild swings in score amounts.

 

Were the collections charge-offs? Or were they collection agencies? If they were charge-offs, how old are the open dates?

 

A missed payment from last month can drop your scores into the triple digits, for some. If this account just reported you could be heavily dinged for the new baddie plus the new update on the credit report. 

 

Pull your report directly from the credit reporting agency or annualcreditreport.com. Your EQ report will show a DOFD. TU and EX won't but will show an est. drop off date.

 

 

 

 

 

 

kq
New Member
kq
Posts: 6
Registered: ‎01-09-2014
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Re: Score dropped over 150 Points in less than a month

This is from EX. The ones that dropped off were old collections from over 7 years ago. They aged off. The new one is also an old collection that I believe was purchased by a junk debt buyer. I spoke with the Collection agency and they told me it was from December of 2007.

 

Here are the details

 

Account Type    Debt Purchase            
Date Opened    9/1/2013                
        Account Status    Closed   

KD December 2013

 

It does not show when the item will expire on my report. But it should expire Dec 2014.

 

So does this mean every time the collection agency updates, my status it will drop my score like a rock? And if a Junk debt buyer reposts a old debt the it will be even worse? I am not trying to sound sarcastic. I really dont understand how 1.75 years ago I had over 30 negatives on my credit and now that I have taken care of almost all of them (either with pay for delete or aging) my score just dropped to less than it was when I started this whole process.

 
Valued Contributor
takeshi74
Posts: 3,250
Registered: ‎06-05-2013
0

Re: Score dropped over 150 Points in less than a month

It probably won't fall off 12/14 if it's reporting as opened 9/1/2013.  It's the recent date on the derog that's really hurting you and you need to look into getting it removed.

kq
New Member
kq
Posts: 6
Registered: ‎01-09-2014
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Re: Score dropped over 150 Points in less than a month

Them posting the incorrect date is is against the FCRA. I can dispute it with the CRA.

 

If I settle then would I make it stay on my report for an additional 7 years? Or does it still drop off when the date of first delequency expires?

 

Since it is beyond the SOL then how do I approach a settlement without re-activating the SOL.

 

I may have already messed this one up when I called them because I basically told them that it was a BS debt and I was not going to pay it. Because it was a debt for an Item I never received and it was beyond the SOL. 

 

The orginal Item I never received was from over 10 years ago.  But the service provider tacked that amount onto my account. Due to this I told the service provider to cancel my service and the service provider charged me an early termination fee on top of the item I never received. With the CA I did not dispute the fact that it is my account. I did dispute the charge as a charge for items not received.

Regular Contributor
n0smirc
Posts: 205
Registered: ‎08-22-2013
0

Re: Score dropped over 150 Points in less than a month


kq wrote:

Them posting the incorrect date is is against the FCRA. I can dispute it with the CRA.

 

If I settle then would I make it stay on my report for an additional 7 years? Or does it still drop off when the date of first delequency expires?

 

Since it is beyond the SOL then how do I approach a settlement without re-activating the SOL.

 

I may have already messed this one up when I called them because I basically told them that it was a BS debt and I was not going to pay it. Because it was a debt for an Item I never received and it was beyond the SOL. 

 

The orginal Item I never received was from over 10 years ago.  But the service provider tacked that amount onto my account. Due to this I told the service provider to cancel my service and the service provider charged me an early termination fee on top of the item I never received. With the CA I did not dispute the fact that it is my account. I did dispute the charge as a charge for items not received.


If this is true, and you terminated and refused to pay immediately, the CRTP excludes this item from being on your credit report. You need to DV/Dispute this item immediately with the CA. They may be attempting to re-age the debt.

kq
New Member
kq
Posts: 6
Registered: ‎01-09-2014
0

Re: Score dropped over 150 Points in less than a month

The Original Item was not received in 2004 or 2005. This was our local telephone provider. We continued service with them and told told me they took care of the credit on the cell phone I did not receive.  Move forward to Sept of 2009. The phone company tacked the old phone on to my bill and threatened to disconect our phone. I told them to shut it off and then they tacked on another fee for early termination and shut the phone off.

 

How would I Approach this as a re-aged debt. Part of it is and part of it is not.

 

My Opinion is that I am not liable for the early termination fee. They never informed me of the early termination fee when I signed up for their internet service. And I cancelled my service due to errors on their part. Add to that the fact that this whole thing is beyond the SOL. I really want to tell them to go pound rocks.

Valued Contributor
AndySoCal
Posts: 1,952
Registered: ‎04-07-2009
0

Re: Score dropped over 150 Points in less than a month

 It the collection account that is reporting with  a date open in 09/2013 that dropped your score. The date open is making the derog look much more recent than it is.

Equifax My FICO score 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011
kq
New Member
kq
Posts: 6
Registered: ‎01-09-2014
0

Re: Score dropped over 150 Points in less than a month

I disputed it and my score went back up. But it still is not where it was.

Valued Contributor
AndySoCal
Posts: 1,952
Registered: ‎04-07-2009
0

Re: Score dropped over 150 Points in less than a month

Keep in mind as along as that account is reporting and not in dispute you have now know about what your score will be.  How many poiints difference is it from where it was?

Equifax My FICO score 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011

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