topic Re: Equifax incorrectly reported 0% utilization on CR, no installment loans, dropped my score 31 pts in Understanding FICO® Scoring

Equifax incorrectly reported 0% utilization on CR, no installment loans, dropped my score 31 pts

Anonymous — Sat, 29 Aug 2020 04:04:31 GMT

I pulled my monthly report today, and my Equifax score dropped 31 points TODAY. I'm like What?? So I pulled a copy of the free one to compare, and they INCORRECTLY reported all my cards as 0 balance, and it shows that all my installment loans are closed with 0 balance?? Several of the cards should have balances, and all of the installment loans definitely still have balances, so I'm not sure whats happening??

I'm almost afraid to contact them for fear that they will screw something up even worse 🙄🙄 Any advice on what to do?

Re: Equifax incorrectly reported 0% utilization on CR, no installment loans, dropped my score 31 pts

Anonymous — Sat, 29 Aug 2020 05:59:22 GMT

Hello,

Do you have the previous month CR to make sure it was messed up just one? This is so crazy. I'm scared if you call they will mess it up more. Also maybe wait a month to see if your score goes up.

Re: Equifax incorrectly reported 0% utilization on CR, no installment loans, dropped my score 31 pts

tricie17 — Sat, 29 Aug 2020 13:25:52 GMT

At least you are seeing some movement from Equifax. They have been very slow in reporting for several on this forum. I would say that if the balance on those cards is down far enough, some institutions will report a zero balance rather than lets say $5.00. Check your last month report with Equifax versus this month and see if you can find the change. Equifax is a hard agency to deal with. The screwups are tremendous.

Re: Equifax incorrectly reported 0% utilization on CR, no installment loans, dropped my score 31 pts

rostrow416 — Sat, 29 Aug 2020 14:04:54 GMT

I just noticed this happened to me yesterday on my Credit Karma. Equifax shot up 70 points because all my student loans and car loans reported closed. I thought it was just a CK glitch. I'm due to get all 3 bureaus refreshed through Experian so I'll hold off a few days before I freak out. It's probably just a glitch.

Re: Equifax incorrectly reported 0% utilization on CR, no installment loans, dropped my score 31 pts

tricie17 — Sat, 29 Aug 2020 14:14:10 GMT

Remember VS reports differently than FICO. Do not be surprised at those results.

Re: Equifax incorrectly reported 0% utilization on CR, no installment loans, dropped my score 31 pts

Anonymous — Sat, 29 Aug 2020 15:05:37 GMT

These reports are myfico monthly report and the free one from annual credit report. Neither of these are vantage. The free credit report doesn't give scores, but it shows all the accounts. The myfico gives both scores and the accounts.

All of the accounts that they show closed, zero balances had balances. Some of those balances should be very high- like my car loans and my student loans. The credit cards that had balances were anywhere from a couple hundred to $8k.

None of this is making any sense. I am hoping that it is just a glitch. If it doesn't fix itself by next week when I can pull the annual credit report again, I guess that I will have no choice but to contact Equifax *gulp* 🙄😳

Re: Equifax incorrectly reported 0% utilization on CR, no installment loans, dropped my score 31 pts

Sbrooks1 — Sat, 29 Aug 2020 15:25:45 GMT

Me too!! Another EQ massive glitch, lets hope it self corrects. How scarey taht they have this much control, or lack thereof, over our financial picture.

Re: Equifax incorrectly reported 0% utilization on CR, no installment loans, dropped my score 31 pts

rostrow416 — Sat, 29 Aug 2020 16:44:44 GMT

This wasn't a VS/FICO thing - the actual report shows open accounts with balances as Closed - 0 balance.

Re: Equifax incorrectly reported 0% utilization on CR, no installment loans, dropped my score 31 pts

cashorcharge — Tue, 01 Sep 2020 03:11:09 GMT

I found out this morning that I too have this issue!!!

I admit I ping my report between all my services a lot. This morning I reviewed on CK and my EQ score JUMPED 63 points since last week FRI which is impossible. Now I'm thinking..okay, score jump...what happened...well all my Installment Accounts are showing Closed...Mortgage, Car Loans all show closed and as a result, my util went to ZERO (I haven't carried other balances) and while the score jump is nice...it's clearly not right. As it's the end of the month and these accounts will report again in the coming weeks with the next payment have been posted, I am hoping it corrects itself.

Re: Equifax incorrectly reported 0% utilization on CR, no installment loans, dropped my score 31 pts

Anonymous — Tue, 01 Sep 2020 08:06:58 GMT

Well at least Equifax didn't just single me out 🙄 My TU and EX reports are fine. Its just my Equifax. Anyone ever have this "glitch" happen before? And did it correct itself or do I need to make some phone calls?

Re: Equifax incorrectly reported 0% utilization on CR, no installment loans, dropped my score 31 pts

TaylorTaylor — Tue, 01 Sep 2020 23:51:27 GMT

This glitch has hit me too. Anyone have any updates yet on their reports of this being fixed? Or do I have to call EQ? Please, don't make me call EQ, lol.

Re: Equifax incorrectly reported 0% utilization on CR, no installment loans, dropped my score 31 pts

Anonymous — Thu, 03 Sep 2020 08:15:41 GMT

@TaylorTaylor Mine hasn't been fixed or updated correctly yet... I am trying to be patient, but this is seriously ridiculous. I'm trying to decide if it would be better to call or just file disputes on all the accounts? I guess I would really like to know which way will avoid them screwing it up even more??🙄😡

Re: Equifax incorrectly reported 0% utilization on CR, no installment loans, dropped my score 31 pts

TaylorTaylor — Thu, 03 Sep 2020 13:24:07 GMT

@Anonymous wrote:
@TaylorTaylor Mine hasn't been fixed or updated correctly yet... I am trying to be patient, but this is seriously ridiculous. I'm trying to decide if it would be better to call or just file disputes on all the accounts? I guess I would really like to know which way will avoid them screwing it up even more??🙄😡

I gave in and filed a dispute. This may have been a bad idea, but that is what my impatience gets me. I'll let everyone know what happens. Pray for me, lol!

Re: Equifax incorrectly reported 0% utilization on CR, no installment loans, dropped my score 31 pts

Sbrooks1 — Thu, 03 Sep 2020 14:30:48 GMT

Mine had not corrected either, luckily I don't need anything credit wise right now so gonna give them more time. I am afraid to dispute and not sure of that will solve the problem so keep us posted .

Re: Equifax incorrectly reported 0% utilization on CR, no installment loans, dropped my score 31 pts

cashorcharge — Thu, 03 Sep 2020 16:03:45 GMT

Thanks @TaylorTaylor for "taking one for the team!!"

My accounts haven't been due to update just yet so I am still in pause mode.

Appreciate your contribution to the community and we'll look forward to your update!

Re: Equifax incorrectly reported 0% utilization on CR, no installment loans, dropped my score 31 pts

Anonymous — Thu, 03 Sep 2020 17:15:31 GMT

Just got an alert from myfico that my score increased for Equifax. My score has went back to normal now. MyFico updated reports aren't scheduled until the end of the month so I guess I will see then if they fixed everything correctly. I may pull my free credit report next week just to see if the accounts are back opened with correct balances (you can get all 3 for free once a week until next year because of COVID).

Hope everyone else's are correcting as well.

Re: Equifax incorrectly reported 0% utilization on CR, no installment loans, dropped my score 31 pts

cashorcharge — Thu, 03 Sep 2020 17:19:54 GMT

Great news @Anonymous Thank you so much for sharing!

I'm in the same boat as you as my paid reports will update at the end of the month. I think I'll follow your steps and run them another way to see if they've corrected themselves. I don't think I read that you disputed, I think you waited like me so perhaps that glitch is resolved.

Again, thanks for sharing!

Re: Equifax incorrectly reported 0% utilization on CR, no installment loans, dropped my score 31 pts

Sbrooks1 — Thu, 03 Sep 2020 21:52:46 GMT

Thanks for the update!! Mine has not resolved yet but hopefully soon!

Re: Equifax incorrectly reported 0% utilization on CR, no installment loans, dropped my score 31 pts

randomguy1 — Fri, 04 Sep 2020 02:04:20 GMT

Mine have not updated. My Alliant auto loan shows as closed only on my EQ. It reports at the end of each month so it should update in the next few days. The status already updated on my EX and TU.

Re: Equifax incorrectly reported 0% utilization on CR, no installment loans, dropped my score 31 pts

randomguy1 — Fri, 04 Sep 2020 02:14:29 GMT

@randomguy1 wrote:
Mine have not updated. My Alliant auto loan shows as closed only on my EQ. It reports at the end of each month so it should update in the next few days. The status already updated on my EX and TU.

Update. I just pulled my EQ report. It's there back open and reporting correctly now.