Posts: 8,918
Registered: ‎03-06-2010
Re: Lates from Ex's CC tanked my score. Will. Not. Panic.
[ Edited ]

thankfulheart wrote:

I guess I was an AU on a Chase card that randomly decided to start reporting this month that there were lates in Apr/May of this year. My FICO dropped 30 points. Thank heavens for ScoreWatch and Chase's credit bureau resolution department.  I called and they are removing me, but it could take 3-5 business days.  Trouble is, I'm due for a last credit pull for my mortgage in that same timeframe!  What are the odds that it would just suddenly show up like that? Really??? Smiley Frustrated

Well, I have a theory about that...

I know that creditors subscribe to the CRA's for various types of "lists" of activity by consumers. For example, one of the lists of which I am aware is the list of people that have filed bankruptcy. So the creditors get these updates periodically (daily/weekly/monthly/quarterly...whatever).


My theory is if they get these automatic updates of bankruptcy filings, then they can get automatic updates for any type of inquiry like a mortgage inquiry. If the creditor is a collector, then that's when they suddenly add a collection to your account if they find a match in their database. Same thing for late pays.


I hope someone on here can enlighten us about this theory...someone in that sector of the business.


PS...I know that the various CRA's sell the lists because when you make a mortgage app they will sell your name, SS etc to various other mortgage brokers/lenders as a mortgage lead. What I don't know is how many different types of lists there are that they sell. Or what other types of info they sell...suffice it to say that if it's on your report, they (the CRA's) have figured out a way to generate revenue from it.