Reply
New Member
Posts: 4
Registered: ‎01-26-2013
0

score drop for a validation?

I wanted to validate the status of an account. The results of the validation didn't change the status of the account, but my score dropped. Why did that happen?
Moderator
Posts: 22,406
Registered: ‎01-17-2008
0

Re: score drop for a validation?

Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
0

Re: score drop for a validation?


guiness56 wrote:

You sent a DV or filed a dispute with the CRAs?


Majority of the time validating the accuracy is considered a Dispute automatically.

Good Luck
May all your dreams and wishes become a reality!
New Member
Posts: 4
Registered: ‎01-26-2013
0

Re: score drop for a validation?

DV
New Member
Posts: 4
Registered: ‎01-26-2013
0

Re: score drop for a validation?

Disputes are bad?
Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
0

Re: score drop for a validation?

Disputing an account removes them from being figured into your scoring. Once the dispute is removed it can either lower or raise your scores depending on many variables.

 

What was the reason to DV?

Good Luck
May all your dreams and wishes become a reality!
Moderator
Posts: 22,406
Registered: ‎01-17-2008
0

Re: score drop for a validation?

[ Edited ]

JM-AM wrote:

guiness56 wrote:

You sent a DV or filed a dispute with the CRAs?


Majority of the time validating the accuracy is considered a Dispute automatically.


2 different things.  That' why I asked.  A GW is also looked at as a dispute by some but it is not.

 

Disputing with the CRAs can be bad, yes.  In many instances, certain aspects of the TL are taken out of scoring and can drop your score.  A collection should never be considered in scoring and should not impact your score if you did dispute.

Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
0

Re: score drop for a validation?


guiness56 wrote:

JM-AM wrote:

guiness56 wrote:

You sent a DV or filed a dispute with the CRAs?


Majority of the time validating the accuracy is considered a Dispute automatically.


2 different things.  That' why I asked.  A GW is also looked at as a dispute by some but it is not.

 

Disputing with the CRAs can be bad, yes.  In many instances, certain aspects of the TL are taken out of scoring and can drop your score.  A collection should never be considered in scoring and should not impact your score if you did dispute.



A Collection is a MAJOR derog and it most certainly is considered in your scoring.

 

Its just like the saying paying off a collection doesnt impact your scores. Generally this statement is true, but you could have scoring effects from paying off a Collection debt.

 

Paying off the debt can update the account... which in turn can have scoring implications

Some have reported paying off Collections and their UTIL lowered... which in turn can have scoring implications

 

The obvious is always true that YMMV in anything, especially Credit determination on the impacts.

Good Luck
May all your dreams and wishes become a reality!
Moderator
Posts: 22,406
Registered: ‎01-17-2008
0

Re: score drop for a validation?


JM-AM wrote:

guiness56 wrote:

JM-AM wrote:

guiness56 wrote:

You sent a DV or filed a dispute with the CRAs?


Majority of the time validating the accuracy is considered a Dispute automatically.


2 different things.  That' why I asked.  A GW is also looked at as a dispute by some but it is not.

 

Disputing with the CRAs can be bad, yes.  In many instances, certain aspects of the TL are taken out of scoring and can drop your score.  A collection should never be considered in scoring and should not impact your score if you did dispute.



A Collection is a MAJOR derog and it most certainly is considered in your scoring.

 

Its just like the saying paying off a collection doesnt impact your scores. Generally this statement is true, but you could have scoring effects from paying off a Collection debt.

 

Paying off the debt can update the account... which in turn can have scoring implications

Some have reported paying off Collections and their UTIL lowered... which in turn can have scoring implications

 

The obvious is always true that YMMV in anything, especially Credit determination on the impacts.


You should re-read what I posted.  The subject was disputing with the CRAs.  Collection accounts are NOT taken out of scoring when they are disputed, thereby having no impact on your score.

 

I am well aware that a collection is a major degrogatory.

 

If a collection account is coded as it should be coded, it would not have any impact on your score one way or the other if it was paid.  And I am talking about 3rd party collections and not in house collections from the OC.

 

A 3rd party collection account is not supposed to be considered in your utilization.

 

All of these conditions hinge on how a CA codes their data.

Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
0

Re: score drop for a validation?

I agree, sorry I misinterpreted...

 

Its all about the wording and how its coded...

 

Thank you for putting it in better terms...

Good Luck
May all your dreams and wishes become a reality!
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.