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Confused regarding my score from Equifax Score Power. Do I dispute?

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Calidreaming
Regular Contributor

Confused regarding my score from Equifax Score Power. Do I dispute?

I am recovering from a redeemed repo back in November 2013.  My myfico scores are 711 EX, TU 687, and EQ 683.  I had a lender pull in August and they were substantially different and definitely disappointing at 633 EX TU 711 and EQ 615.  My myfico EQ went up by 15 points last month, presumably due to the aging of the repo and me paying down debt, so I was curious about what it would be according to Equifax Scorepower.   I understand that is the one that is based off of the FICO version that mortgage lenders use.  

 

Well it was still at 615.  The top 3 reasons given for the score were because of 1) the serious derogatory; 2) a recent missed payment; and 3) the balance on past due accounts were too high.  #2 and #3 were a surprise to me because I have not had any late payments since the redeemed repo.  I looked further at the details and it said that I my last missed payment was a month ago and that the account associated with the repo was the one that I had missded.   

 

I clicked on my credit report to see the actual entry.  However, the lender had not reported a 30 day late but  "pays as agreed" and indivated that the payment was current as of 10/31/14.  Another discrepancy was that the report was showing that the account was closed when obviously it is still open as I am making payments on it.  

 

I am very confused about all of this.  First, I am not sure if the problem lies with Equifax or with how the lender is reporting it.  Second, I'm wondering if these problems are the reasons for the big diffierence in scores between the EQ myfico and the EQ ScorePower FICO as well as the big difference between the TU score and the EQ score.  It's hard for me to believe that one credit reporting agency would have my credit at a very good 711 and another would have me at a very poor 615.  Finally, what do I do about this?  Do I dispute this??

 

Any help would be apprecitated.  We are looking to apply for a mortgage in late 2015/early 2016.

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Calidreaming
Regular Contributor

Re: Confused regarding my score from Equifax Score Power. Do I dispute?

bump!

Message 2 of 3
Anonymous
Not applicable

Re: Confused regarding my score from Equifax Score Power. Do I dispute?

Equifax Scorepower is calulated by using FICO04 scoring methods which is used by mortgage lenders primarily. The scores you see here on the myfico site are FICO08 scores which are used more by credit card companies and auto loans. No mortgage lenders use the scoring method of FICO08 you get here.
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