So I have had a line of credit that was reporting incorrectly to the bureaus(well only equifax). It was reporting incorrect balances on multiple loans. For example, every time I've taken out a loan it would add to my balance but when I paid it monthly it would stay at the max balance. Anyhow, it was reporting that I had approximately 28,000 in balances on about 8 loans combined. In reality I only had 3 loans out with a total balance remaining of 4,000. I had equifax fix it, as I am goin to be applying for a car loan soon. However, the balances are corrected now and loans are listed correctly. The problem is that now my score dropped 20 points after this has been corrected.
None of the trades were removed they were all just updated to show the balance as 0. Many of the small loans were not reporting monthly so what I'm thinking is that some of them are reporting as "new" as they only have a few months reviewed even though they've been there for over a year from the newest loan. Any ideas? Thanks in advance. Wondering if I should wait a bit see if it goes back?
