02-13-2013 05:26 PM
I am hoping someone can help me understand this better. I had a disputed item on my credit, we are trying to get a mortgage and the loan officer said we would have to get the dispute removed from my credit before they could do anything. So I sent a non dispute letter, it was removed and my credit dropped by 51 points....why in the world did it drop so much??? Will it go back up anytime soon?
02-13-2013 05:54 PM - edited 02-13-2013 05:55 PM
02-13-2013 06:37 PM
Unfortunately the collection did not get removed, just to "dispute" It said "Account information disputed by consumer". The dispute itself was removed, the collection was not removed.
02-13-2013 07:52 PM
When you initially disputed it did your score increase?
The only reason I can see for this to happen is if you got an increase when the dispute happened and they took it back after removing the dispute.
But, since it was a CA account, it never should have been removed from scoring in the first place.
Have you got a new copy of your credit report since this happended. It might be a good idea to. See if something else happened.
02-14-2013 06:23 AM
OP, some folks use "collection" loosely, but per FICO scoring it makes a big difference. For clarity, was this a collection agency reporting on behalf of a debt, OR was this a charge-off like a CC, phone bill, loan, etc.?
Were both scores (the before and after that resulted in the 51 pts) from the lender? Or was the 2nd score from another source?
02-18-2013 06:37 AM
they are a CA.
02-18-2013 03:03 PM
When an account is disputed it remains nuetral in the scroing process. Once the dispute is removed on the disputed acocunt the account is fully factoted in the the score.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.