topic Dispute Caused Score to DROP in Understanding FICO® Scoring

Dispute Caused Score to DROP

Anonymous — Wed, 10 Apr 2013 11:37:34 GMT

I recently purchased a brand new car and took that initial hit on my score for the new account (only 6 points) taking me from a 703 to 697. I disputed an item on my report, so they could make sure the info (which is an OLD charge-off from Amex) is correct and everything came back exactly the same...except my Equifax FICO dropped to 668. My Trans Union didn't drop much (708 to 699 after new car loan added). Yet, I am really concerned about the HUGE dip in Equifax as I am going to to be moving in a month and have to apply for apartments. I talked to MyFico and they said its normal for a score to drop when something is in dispute. But the investigation ended in a week and nothing changed, so why the huge drop? Will it hurt my rental application?

Re: Dispute Caused Score to DROP

dddewdrop — Wed, 10 Apr 2013 12:34:01 GMT

If the item that was in dispute was verified and nothing changed with it. then the drop in your score is not coming from that dispute. It is coming from something else that changed on your report. Credit scores change from day to day because your report changes from day to day. If nothing else, your accounts are aging every day but I would look over your reports cause something else is causing that drop that the dispute it sounds like.

Re: Dispute Caused Score to DROP

llecs — Wed, 10 Apr 2013 17:33:27 GMT

OP, check the date of the disputed baddies. Creditors have to update the reported date and in some situations that can drop your score, espeically if it has been years since they last updated.

Re: Dispute Caused Score to DROP

Anonymous — Wed, 10 Apr 2013 19:36:51 GMT

The drop was solely from the dispute, as the alert I received confirmed it. Nothing on my report changed and the account didn't change either. According to the woman I spoke to at MyFico, she says that this is normal and that after the "dispute period", it should bounce back. I'm hoping this is the case and that it won't prevent me from renting an apartment.

Re: Dispute Caused Score to DROP

Anonymous — Wed, 10 Apr 2013 19:57:11 GMT

When an OC account is in dispute certain aspects are removed from scoring. CAs and PRs are fully scored.

If the dispute is resolved make sure the dispute comment is removed.

Re: Dispute Caused Score to DROP

Anonymous — Wed, 10 Apr 2013 20:00:48 GMT

I'm not sure what "OC", "CA" or "PR" mean as I am relatively new to this. :-)

Re: Dispute Caused Score to DROP

Anonymous — Wed, 10 Apr 2013 22:05:48 GMT

Sorry,

OC - Original Creditor

CA - 3rd party collection

PR - Public record