topic Re: Beware of the Dispute in Understanding FICO® Scoring

Beware of the Dispute

rock_lobster — Fri, 14 Jun 2013 14:27:22 GMT

I just started 2 online disputes on EQ and my score dropped immediately 51 points. (676 to 625) One was my mortgage company, I had been behind on payments for a bit and brought everything current in April. They had me reported as 90 days late for April, which was completely wrong. The other was a Cap One auto that I had made a couple of late pay a year or so ago that I was trying to get cleaned up. I just got the report from the mortgage company and they fixed the 90 day problem, but my score hasn't recovered. Did I just screw myself out of 51 points?? THanks

Re: Beware of the Dispute

tonyjones — Fri, 14 Jun 2013 15:37:29 GMT

Yeah I notice that too, when you dispute those scores fluctuate like crazy. I was 680 on EX PLUS then added a new Walmart CC and dispute and it dropped to 570!! **bleep**

Re: Beware of the Dispute

llecs — Fri, 14 Jun 2013 17:02:01 GMT

OP, was the score from myFICO?

Re: Beware of the Dispute

rock_lobster — Fri, 14 Jun 2013 17:49:22 GMT

Yes they were. It's funny how on the same notice that got stating that there were 2 accounts being disputed, it stated that my score had dropped!

Re: Beware of the Dispute

llecs — Fri, 14 Jun 2013 18:08:23 GMT

My vote is that something else changed (and/or disputed) aside from these two. FICO will ignore certain aspects during a dispute including the payment history, the balance, and the CL. If both of these were loans, then there was only the potential for an increase due to the dispute. I could see a potential loss if it was a HELOC. I can also see a potential for a loss if verified. But other than these two, I'd guess at something else.

Re: Beware of the Dispute

tonyjones — Fri, 14 Jun 2013 18:17:17 GMT

Mine was from EX directly, PLUS score.

Re: Beware of the Dispute

rock_lobster — Fri, 14 Jun 2013 18:30:36 GMT

It was my regular mortgage that I have had since 1997 or so. I'll look and see if i can see anything else that might of changed.

Re: Beware of the Dispute

rock_lobster — Fri, 14 Jun 2013 19:41:09 GMT

Okay, I looked closer at what the response to the dispute was and it looks like that they reported every payment for the last 48 months as 30 days late, with a couple of 60 days thrown in for good measure. I have had several 30 days and a few 60s in the past, but I have made payments on time. Should I contact the Mortgage company or dispute again.

Re: Beware of the Dispute

Anonymous — Fri, 14 Jun 2013 20:02:22 GMT

If you were late, until you completely brought the account current they could keep reporting you as late. If they reported you as late after you got current, that is another matter.

Re: Beware of the Dispute

rock_lobster — Fri, 14 Jun 2013 20:12:22 GMT

Im sure that I have had some on time payments. I'm going to go online and look at the payment history and see if I can figure it out. Is it better to be up and down with payments or consistantly late?

Re: Beware of the Dispute

Anonymous — Fri, 14 Jun 2013 20:34:52 GMT

Well, it's better not be late at all. But it would be better to be late every now and then to each and every month.

And what I was getting at in the other post was that if you were say 3 months late but only paid 2 months then you would still be late for the next month, even if paid on time.

Re: Beware of the Dispute

rock_lobster — Fri, 14 Jun 2013 21:03:46 GMT

Right I understand that. It looks like that from here forward I should be able to make the payments on time. I have made april, may and june so far on time. I was just wondering on how to deal with the past. How long of making on time payments until I see an improvement? Everything else in my report is good, jut this mortgage issue.

thanks

Re: Beware of the Dispute

Anonymous — Fri, 14 Jun 2013 21:53:04 GMT

Each 30 day late really doesn't impact your score after 2 years. If you make on time payments for the next year or so your score should go up.

And if you do not agree with the late payments you can do a direct dispute with the creditor.

Re: Beware of the Dispute

llecs — Fri, 14 Jun 2013 22:48:41 GMT

Were you on some sort of payment plan?

This isn't a HELOC or 2nd mortgage, right?

Re: Beware of the Dispute

rock_lobster — Sat, 15 Jun 2013 03:36:23 GMT

Regular first mortgage no payment plan. My income in inconsistant at times, so I have some troubles making every payment on time. My situation is changing so I hope that I am past it.

Re: Beware of the Dispute

rock_lobster — Fri, 28 Jun 2013 18:39:45 GMT

Okay an update on this 50 point whack!

Both disputes came back basically the same as before the dispute. No change on the COAF, which i didn't really expect and the mtg co acutally corrected the 90 day in april and now it is reported correctly. But still no change in score. Started at 676 and now at 625 basically because of a couple of disputes. I really am working on trying to get to 700, but this is a real set back!!

any thoughts would be helpful.

thanks

Mark

Re: Beware of the Dispute

Anonymous — Fri, 28 Jun 2013 19:00:22 GMT

What are you using to get your score?

Re: Beware of the Dispute

rock_lobster — Fri, 28 Jun 2013 20:36:00 GMT

MyFico EQ in particular

Re: Beware of the Dispute

Anonymous — Fri, 28 Jun 2013 21:12:15 GMT

I believe it takes a week for an update on the score with SW.

Re: Beware of the Dispute

checkach — Sat, 29 Jun 2013 17:21:59 GMT

I disputed an incorrect charge (merchant, not card had wrong amount). My score dropped and didn't recover completely, even though it wasn't a dispute with credit reporting agency. I also had a 740 credit score, and lender (without my permission, since I knew better than to dispute anything during process of obtaining a mortgage) and my score dropped. It still hasn't completely recovered. I don't care what anyone says, opening a dispute does lower your score.