Reply
New Member
Posts: 1
Registered: ‎12-22-2012
0

TU Score hurt by incorrect Home Equity Line Of Credit reporting

My bank incorrectly reported my HELOC account as 60 days past due with an amount of $65,000 past due. I pull my FICO TU score and it says I'm hurt because of 1. Serious delinquency, 60 days past due.  2. Missed payment 1 month ago. 3.  Past due amounts are too high. Full amount of the HELOC is shown.

 

Yesterday my bank said the electronically corrected all this with credit bureaus. My questions are:

 

1. How long will it take for FICO to have the correct info?

2. How much will my FICO TU credit score improve with this corrected? With this negative info its 606 and I don't have a prior FICO TU score to compare it to.

 

Thank you

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: TU Score hurt by incorrect Home Equity Line Of Credit reporting

1) FICO scores whatever is on your reports, or TU in this case. So it's not when FICO updates, it's when your creditor updates the tradeline with TU, whenever that is. Some creditors update right away. Some do that the next billing cycle. 

 

2) It depends on how it reported and what changes. If you have a perfect history with no other lates or collections, and if the past due was recent, then you stand to see a significant gain.

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.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

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.