Reply
New Contributor
JohnDoe12
Posts: 105
Registered: ‎02-01-2011
0

Equifax reporting contradicts itself

Hi Everyone,

 

I have 2 baddies on my Equifax report. Both show in the negitive section.

 

One is a student loan that shows:

PAID/CLOSED, shows late payments for 2007 and 2008, DOFD=N/A, Date Closed=3/2007 and positive payments that go through 2009...

 

the other is a credit card that shows:

Paid/Closed, late payments in 2007 and 2008, Date closed 3/2005, DFOD=N/A, it continues to show positive payment history until now....   ???

 

 

People really use this to make credit decisions? Am I interpreting these wrong? These seem like they contradict themselves.

I'm more concerned with the credit card. Any strategies for getting this TL *REMOVED*?  (Correction would only remove the later positive payments). This is for a Sears Gold card. I think it was through Citibank...

 

It's funny how if we make one mistake they will put in on our record for 7 years, but if they make a mistake it's just the norm...

 

Thanks,
JD12


Starting Score: EQ 660, TU 698 - 30-Jan-2011
Current Score: EQ 710, TU ?? - 02-March-2013
Goal Score: EQ 700, TU 720 30 - Jan 2011


Take the FICO Fitness Challenge
Moderator
guiness56
Posts: 22,406
Registered: ‎01-17-2008
0

Re: Equifax reporting contradicts itself

According to what you have posted, the TL were neither CO'd nor sent to collections.  The only reason they are adverse is due to the late payments on the account.  Each late will come off 7 years from it's occurence.  When the last one comes off the TL will become positive and stay on your CR for up to 10 years from the date closed.

 

There is no DoFD because it was not CO'd or a collection.

 

Are you saying it shouldn't have positive payments?  Not sure why they contradict themselves.

Valued Contributor
chasmith
Posts: 1,062
Registered: ‎05-26-2010
0

Re: Equifax reporting contradicts itself

What's the worst late on each of these?  30/60 day lates have little impact after two years.

 

Were the accounts closed with balances owed that you paid later?  I'm a little confused that they show closed dates before both the lates and the current payments.  But, for example, if the card company closed the card when it had a balance and you made payments that finally paid it off in 2009 the line could be accurate.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
Take the FICO Fitness Challenge
New Contributor
JohnDoe12
Posts: 105
Registered: ‎02-01-2011
0

Re: Equifax reporting contradicts itself

Answer:

1) Well, for the student loan the balance was made 0 in 3/2007.  I didn't pay anything to them from 3/2007 to 4/2009 (when the payment history ends). It was closed in 3/2007 by paying it in full. I have no idea why I have payment history afterwards. I have no idea how that would affect my FICO score (if at all) and how it would be interpreted by a loan officer.

 

2) For the CC, it makes sense why I don't have a DOFD.  Yet it says closed 5/2005. They payment history is still going!

 

Rant:

So I don't understand how FICO calculates AAOA. This could be interpreted several ways they could use the Close field or they could look at the payment history.   It's just seems very sloppy. It's very distubing that major decisions are based on such poor quality data.

 

Question:

As far as getting the negitive data off my report,  I have read about the 623 method. You first dispute the accuracy with the CRA and request the method of validation. Then you 623 the OC requesting an investigation to the accuracy of the debt. Has anyone had any luck with this. I am assuming here that they have nothing on file to substanciate their claims. 

 

Thanks,

JD12


Starting Score: EQ 660, TU 698 - 30-Jan-2011
Current Score: EQ 710, TU ?? - 02-March-2013
Goal Score: EQ 700, TU 720 30 - Jan 2011


Take the FICO Fitness Challenge
New Contributor
JohnDoe12
Posts: 105
Registered: ‎02-01-2011
0

Re: Equifax reporting contradicts itself

[ Edited ]

Worst Late:
150 days    :smileysad:

 

Closed:

Nope. Both accounts were paid off then closed. (They were PIF at the time they were closed.) Here's the deal with the dates. The Date Closed field lists the correct date on both accounts. But the histories keep going...

 

 


Starting Score: EQ 660, TU 698 - 30-Jan-2011
Current Score: EQ 710, TU ?? - 02-March-2013
Goal Score: EQ 700, TU 720 30 - Jan 2011


Take the FICO Fitness Challenge
Valued Contributor
rckstrscott
Posts: 2,660
Registered: ‎04-25-2011
0

Re: Equifax reporting contradicts itself


JohnDoe12 wrote:

Hi Everyone,

 

I have 2 baddies on my Equifax report. Both show in the negitive section.

 

One is a student loan that shows:

PAID/CLOSED, shows late payments for 2007 and 2008, DOFD=N/A, Date Closed=3/2007 and positive payments that go through 2009...

 

the other is a credit card that shows:

Paid/Closed, late payments in 2007 and 2008, Date closed 3/2005, DFOD=N/A, it continues to show positive payment history until now....   ???

 

 

People really use this to make credit decisions? Am I interpreting these wrong? These seem like they contradict themselves.

I'm more concerned with the credit card. Any strategies for getting this TL *REMOVED*?  (Correction would only remove the later positive payments). This is for a Sears Gold card. I think it was through Citibank...

 

It's funny how if we make one mistake they will put in on our record for 7 years, but if they make a mistake it's just the norm...

 

Thanks,
JD12


Can you actually post how it reports? Like cut and paste? It could make a difference from how you typed it out..

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Valued Contributor
chasmith
Posts: 1,062
Registered: ‎05-26-2010
0

Re: Equifax reporting contradicts itself

So I would dispute in writing, CMRR as inaccurate, paid in full as of closure date, no subsequent reporting should exist.  Enclose your proof.

 

If that comes back verified do a MOV, again by CMRRR mail.  Ask how the CRA provided your supporting documentation to the furnisher, and for the name of the person at the furnisher who received the proof and then inaccurately verified.

 

 

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
Take the FICO Fitness Challenge
New Contributor
JohnDoe12
Posts: 105
Registered: ‎02-01-2011
0

Re: Equifax reporting contradicts itself

[ Edited ]

Negative Accounts

Accounts that contain a negative account status. Accounts not paid as agreed generally remain on your credit file for 7 years from the date the account first became past due leading to the current not paid status. Late Payment History generally remains on your credit file for 7 years from the date of the late payment.

Closed Accounts

Account NameAccount NumberDate OpenedBalanceDate Reported Date of last reported update.Past DueStatus Condition of account when last updated by creditor or otherwise.Credit Limit
SALLIE MAEXXXXXXXXX11/01/2005$0  05/01/2009 PAYS AS AGREED 
SALLIE MAE

PO Box 9500
Wilkes Barre, PA-187739500
 

Account Number:XXXXXXXXXXXXStatus:PAYS AS AGREED 
Account Owner:Individual Account. High Credit:$24,231  
Type of Account An installment loan has a fixed number of payments and the same payment due each month, such as a car loan or student loan.:InstallmentCredit Limit: 
Term Duration: Terms Frequency: 
Date Opened:11/01/2005  Balance:$0  
Date Reported:05/01/2009 Amount Past Due: 
Date of Last Payment:03/2007 Actual Payment Amount: 
Scheduled Payment Amount: Date of Last Activity:03/2007 
Date Major Delinquency First Reported: Months Reviewed:16
Creditor Classification: Activity Designator:Paid and Closed
Charge Off Amount: Deferred Payment Start Date: 
Balloon Payment Amount: Balloon Payment Date: 
Date Closed:03/2007 Type of Loan:Education Loan 
Date of First Delinquency:N/A
Comments: 
81-Month Payment History
YearJanFebMarAprMayJunJulAugSepOctNovDec
2009****        
2008************
2007120120**********
2006***********90
2005          **
SEARS/CBNAXXXXXXXXXX01/01/1997$0  02/27/2013 PAYS AS AGREED$2,500  
SEARS/CBNA

PO BOX 6497
SIOUX FALLS, SD-57117
 

Account Number:XXXXXXXXXXXXXStatus:PAYS AS AGREED 
Account Owner:Individual Account. High Credit:$2,525  
Type of Account Revolving loans have an amount owed which varies from month to month, like a credit card.:RevolvingCredit Limit:$2,500  
Term Duration: Terms Frequency:Monthly (due every month) 
Date Opened:01/01/1997  Balance:$0  
Date Reported:02/27/2013 Amount Past Due: 
Date of Last Payment:10/2008 Actual Payment Amount: 
Scheduled Payment Amount: Date of Last Activity:10/2008 
Date Major Delinquency First Reported: Months Reviewed:99
Creditor Classification: Activity Designator:Paid and Closed
Charge Off Amount: Deferred Payment Start Date: 
Balloon Payment Amount: Balloon Payment Date: 
Date Closed:05/2005 Type of Loan:Credit Card 
Date of First Delinquency:N/A
Comments:Account closed at consumers request,
Consumer disputes this account information  
81-Month Payment History
YearJanFebMarAprMayJunJulAugSepOctNovDec
2013*           
2012************
2011************
2010************
2009************
2008120******3060***
2007********306090120
2006    ********

Starting Score: EQ 660, TU 698 - 30-Jan-2011
Current Score: EQ 710, TU ?? - 02-March-2013
Goal Score: EQ 700, TU 720 30 - Jan 2011


Take the FICO Fitness Challenge
Valued Contributor
chasmith
Posts: 1,062
Registered: ‎05-26-2010
0

Re: Equifax reporting contradicts itself

Sallie Mae says you were 120 late in Jan/Feb 2007 then PIF March 2007.  Those 120 day lates are having minimal score impact and will disappear leaving a clean line by March 2014.  If you successfully dispute the chances are the whole line will be deleted, which will hurt your AAOA.  The fact they kept reporting through May 2009 as clean doesn't hurt.

 

Sears says you had 120 day lates Dec 2007 and Jan 2008, with a 90 day late Nov 2007.  You paid the account off Oct 2008 and they have continued to report as if it were open.  The 30/60 lates are having no score impact, and the 90/120 lates are having minimal impact.  If you successfully dispute the chances are the whole line will be deleted, which will hurt your AAOA.  The fact they kept reporting through 2013 as clean doesn't hurt.

 

These are showiung as "Paid as Agreed" which is a positive status.  They show under "potentially negative" because they probably have a "was 120 days late" comment.

 

The score impact is at worst slightly negative, and might actually be positive because of impact on AAOA.  In manual underwriting for a mortgage I doubt they would be questioned.  So I'd let it drop.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
Take the FICO Fitness Challenge
Moderator
guiness56
Posts: 22,406
Registered: ‎01-17-2008
0

Re: Equifax reporting contradicts itself

Accounts that contain a negative account status. Accounts not paid as agreed generally remain on your credit file for 7 years from the date the account first became past due leading to the current not paid status. Late Payment History generally remains on your credit file for 7 years from the date of the late payment.


The only accounts that are excluded after 7.5 years from the DoFD are COs and collections.  These accounts do not fall under that criteria.  The only reason they are adverse is due to late payments.  Each late will come off 7 years from its occurence. 

 

These accounts are paid as agreed.  When the last late comes off they will again be positive and stay for up to 10 years from the date closed.


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}