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Member
Posts: 6
Registered: ‎08-15-2007
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Equifax score dropped... can someone tell me why?

[ Edited ]
Here is what I got from my Equifax alert right after I found out my score dropped 12 points (From 618 to 606):
               Account                  Opened      Status                                                   Bal        Date Reported
 
New TRS/CIGPF1CORP,   05-2001        Bad Debt; placed for collection; skip $0 N/A    08-2007 Settlement  accepted on this account , Charge off account , Closed or Paid Account/Zero Balance , Credit card , Paid
 
Previous TRS/CIGPF1CORP,  05-2001   Bad Debt; placed for collection; skip $0 N/A  02-2007 Settlement accepted on this account , Charge off account , Pd/Closed

And here is what they had for payment history:

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2007 CA CA

2006 CO CO CO CO CO CO CO CA CA CA CA CA

2005 * * * * 120 * * CO CO CO CO CO

2004 * * * * * * * * * * * *

2003 * * * * * * * * * * * *

2002 * * * * * * * * * * * *

2001         * * * * * * * *

 

I had settled on this account back ini Jul of 06 and it went from "Collection to "Charge off".  My concern is that shouldn't they have stopped reportinig in back in July?  I might have hurt myself by contactiing TRS and asking then why they were calling it a Charge Off and why they were still reporting it in Feb of 07.  Obviously from the Alert I received above they updated my account info.  Is that why it hurt my score now it looks like a more recent Charge Off?  If so, what do you guys recommend I do in order to get the company to report this correctly and backdate it so that the account age is correct?  I hope this all makes sense and I appreciate the assistance.

 

Another question  I have.  Does your credit score get determined by date of last activity (which is 05/2005 on this account) or by the last time it was updated as I mentioned above?



Message Edited by mario_de on 08-20-2007 01:07 PM



Message Edited by mario_de on 08-20-2007 01:26 PM
New Visitor
Posts: 1
Registered: ‎08-20-2007
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Re: Equifax score dropped... can someone tell me why?

It is really hard to say exactly whgat the cause was but here are some typical reasons:
1. Your score is impacted negatively when you "settle" a debt.  Which is when you make a verbal agreement with the creditor you owe money to, to pay less than the full amount.  SO if you owed $500 and you both agreed you would only pay $350. One thing you can do is dospute that it was a settled account stating that you paid it in full.   In the future, when negotiating a balance, ask them to remove the info from you report entirly or at least report it as paid in full, the worst they will say is no.  They are not requiered legally to report, and most times if it means you paying them, they will agree. Another thing, I beleive this glitch in the system was fixed:  as a debt gets older (say you didnt pay something back in 2005.) it affects your score less and less the older it gets. Sometimes (and this is the part I think they have fixed) when you go to pay money on an old account it "refreshed" it and made it newer again, whixch made it impact your score more again. Sometimes just calling and inquiering about the debt makes it new again, any ACTIVITY  at all with the account "refreshes" its age. Generally if you have an account that is pretty old just ignore it, its going to fall off after 7 years anyways, (7 years from the date of last activity) and if it doesnt get removed you can dispute it off w/ the credit bereaus.
Member
Posts: 6
Registered: ‎08-15-2007
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Re: Equifax score dropped... can someone tell me why?

If this has been answered before I apologize.  So can someone tell me if it is the most recent report that affects my score or is it from the date of last activity?  i.e.  report updated Aug 17, 08 but last activity 5/05.  Still trying to figure out if this is why my score dropped.
Frequent Contributor
Posts: 436
Registered: ‎06-15-2007
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Re: Equifax score dropped... can someone tell me why?

I am not 100% certain. However, I noticed that they made the date alot newer. With the older date of Feb. and all other items the same, your score was higher.

When they re-set the date, it seems as though your score went down and all other factors seem the same.

I would dispute online as innacurate as it obviously is because of the date. Who knows, they may even delete it. Keep copies of your old credit report reflecting the Feb. date in case you need it for proof.
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Posts: 6,182
Registered: ‎03-29-2007
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Re: Equifax score dropped... can someone tell me why?



cfstr1 wrote:
I am not 100% certain. However, I noticed that they made the date alot newer. With the older date of Feb. and all other items the same, your score was higher.

When they re-set the date, it seems as though your score went down and all other factors seem the same.

I would dispute online as innacurate as it obviously is because of the date. Who knows, they may even delete it. Keep copies of your old credit report reflecting the Feb. date in case you need it for proof.


What he said. :smileyhappy:
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Posts: 6,182
Registered: ‎03-29-2007
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Re: Equifax score dropped... can someone tell me why?

Member
Posts: 6
Registered: ‎08-15-2007
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Re: Equifax score dropped... can someone tell me why?

[ Edited ]
Thanks for your help guys.  I'm going to have to dispute this online because I can't see anything else affecting the score.  So when I brought up the online dispute form here is what I have for options:
 
  __ This item does not belong to me.
  __  I have never paid this account late.
  __ This is a fraudulent account.  
  __ Fraudulent charges made on this account.  
  __ Account Reaffirmed.
 
I have to check a box so I'm asking, which one should I check?  I don't know why that Account Raffirmed is there... isn't that for BK's?  I've never declared bankrupcy. 
 
Anyways, if someone can help me as to what to write down in the commenst box that it offers that would be appreciated also.  I'm new at this and I don't want to screw it up. 


Message Edited by mario_de on 08-23-2007 11:08 AM
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