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Score dropped 18 points today....Someone Please HELP

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Anonymous
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Score dropped 18 points today....Someone Please HELP

Ok so I sent in a dispute letter to Equifax disputing one of the accounts that is in collections and I get back the normal response that "we are investigation this account" yesterday. Today I get a credit alert on My FICO showing that my score dropped 18 pts. The collection account was for a 2009 account. Did the account update to look new and that is why my score dropped. Someone Please help me figure this out...

Message 1 of 7
6 REPLIES 6
Anonymous
Not applicable

Re: Score dropped 18 points today....Someone Please HELP

Bump....Smiley Sad

Message 2 of 7
llecs
Moderator Emeritus

Re: Score dropped 18 points today....Someone Please HELP

Was this a charge-off or a collection agency?

 

Did you dispute anything else?

 

 

Message 3 of 7
Anonymous
Not applicable

Re: Score dropped 18 points today....Someone Please HELP

Sorry...I was out of town for the weekend. This was on a charge off in collections. I also noticed today when I got home that 2 other accounts that I have send to the CRA to dispute are now showing the total balance owed and not what had been on there as a zero balance. Both of those collections...What do I do now??? My credit score has dropped again.

Message 4 of 7
llecs
Moderator Emeritus

Re: Score dropped 18 points today....Someone Please HELP

The score change can be caused by a number of reasons. It depends on the account type, which dates changed, etc. Overall, disputing bad accounts, even if reporting inaccurately, is a bad thing. There are safer steps to take via PFDs, GWs, etc. The dispute could have resulted in the CO updating date(s) which can appear newer. Sometimes, after a dispute clears, the OC will take it upon themselves to add lates where there were none before. Sometimes they will under-report a negative status and a dispute will cause them to start reporting accurately. If this was a CC CO, then there could be issues with utilization where a dispute will remove it when the account could actually be helping and that can cause a drop. Or maybe they increased the balance or decreased the reported CL and that can cause a drop after a dispute clears.

 

Wait for the dust to settle and all of the disputes to clear.

 

If any of these are unpaid, send a PFD.

 

If paid, mail a GW.

Message 5 of 7
Anonymous
Not applicable

Re: Score dropped 18 points today....Someone Please HELP

So I have shot myself in the foot!!! I thought that I was doing the right thing in the right order...Will my score recover? I have been reading the posts for the last month and thought I had learned something. Everyone has been really helpful,but now I feel lost! Im ready to throw in the towel or at least curl up in a ball and hide in my room.

Message 6 of 7
ltorres25
Regular Contributor

Re: Score dropped 18 points today....Someone Please HELP

Keani,

 

Credit repair takes time and persistence. Although the 18 point drop is quite a chunk of change, you can recover from this. If you give up, you will have to wait until the SOL to approach before it starts fixing itself. If these are relatively new accounts then I do not suggest waiting for the SOL but instead do the PFD or GW letters like previously suggested. Keep your head up Smiley Wink


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