topic Re: Negative Indicator Differences between EQ, TU and EX in General Credit Topics

Negative Indicator Differences between EQ, TU and EX

Anonymous — Thu, 03 Aug 2017 14:57:03 GMT

As of this month EX has dropped all late indicators I had on closed accounts.

EQ and TU are still shwoing 6 & 9 repsectively.

Why such a disparity between them? Is this due to the creditors themselves reporting incorrectly to each bureau or is it the way the 3 bureaus report?

A weird example is I had a late payment in Jun 2010 - Sep 2010, EX dropped it off completely because it's been 7 years from 1st month in chain but TU dropped Jun/Jul and kept Aug/Sep.

Is there any way to get EQ and TU to report 0 negative accounts like EX?

Should I open disputes with the creditors or the bureaus? If I open a dispute with the bureaus should I refence the fact that EX doesn't show a particular account as delinquent?

Am I just really confused on why such a differnece and the best way to try to clear the other 2 reports up.

Thanks

Re: Negative Indicator Differences between EQ, TU and EX

Anonymous — Thu, 03 Aug 2017 16:05:10 GMT

If you don't get any folks chiming in, you may want to ask the moderators to move your thread to the Rebuilding forum. People there may be more likely to have ideas.

In the meantime, can you clarify for us whether you have some urgent need for credit in the next 60 days? If not, it sounds like the simplest thing may be to relax and just let time take care of this. The different bureaus may have different internal policies as to the exact date that they remove lates. It sounds like there is no reason yet to believe that the lates will not be coming off.

What tools are you using to pull your credit reports?

Re: Negative Indicator Differences between EQ, TU and EX

medicgrrl — Thu, 03 Aug 2017 16:10:33 GMT

If all of the derogatory items are less than 6 months from falling off, you can ask TU for EE. I think EQ is the most difficult and you'll have to wait until they're about 1 month from falling off to ask them for EE.

Re: Negative Indicator Differences between EQ, TU and EX

Anonymous — Thu, 03 Aug 2017 16:13:40 GMT

Thanks for the reply.

My wife and I are looking to apply for a home construciton loan within the next couple months. The guy I spoke to at the bank said they look for scores over 700.

I pulled all of my scores from here. My mortgage score for EX is in the low 800's and for EQ and TU in the low 700's. I was hoping to get EQ and TU lined up with EX so hopefully all scores were in the low 800's since they will take the middle score of the 3.

I pulled all of the scores through the report on My Fico.

Re: Negative Indicator Differences between EQ, TU and EX

Anonymous — Thu, 03 Aug 2017 16:16:12 GMT

What does EE stand for?

Can I just call them and ask for that? Would it be worth noting that EX shows no lates?

Re: Negative Indicator Differences between EQ, TU and EX

medicgrrl — Thu, 03 Aug 2017 16:16:54 GMT

Since they take the middle score, I would concentrate on TU and not worry so much about EQ.

Re: Negative Indicator Differences between EQ, TU and EX

medicgrrl — Thu, 03 Aug 2017 16:18:22 GMT

EE is early exclusion. Call them and ask them to remove them early since they're close to falling off. Don't use the term early exclusion and I wouldn't say anything about Experian. You may have to ask for a supervisor.

Re: Negative Indicator Differences between EQ, TU and EX

Anonymous — Thu, 03 Aug 2017 16:35:17 GMT

Called TU and the guy I got said they can;t do anything without me filing a dispute.

One of the accounts had a chain of lates in Aug, Sep, Oct, Nov 2010 on my report in May, They dropped the Aug & Sep off and left the Oct & Nov.

Am I getting correct info here that I need to file a dispute?

Re: Negative Indicator Differences between EQ, TU and EX

medicgrrl — Thu, 03 Aug 2017 16:36:25 GMT

A lot of people have good luck with the dispute process. Just put that you're requesting they remove early.

Re: Negative Indicator Differences between EQ, TU and EX

Anonymous — Thu, 03 Aug 2017 16:40:51 GMT

I will try a dispute.

He said they will need to contact the creditor so I'm confused here. If I'm requesting that the credit bureau removes early why would they contact the creditor?

Re: Negative Indicator Differences between EQ, TU and EX

Anonymous — Thu, 03 Aug 2017 16:45:25 GMT

@Anonymous wrote:

I pulled all of the scores through the report on My Fico.

Do you mind telling us the exact date that you pulled your myFICO 3B report? For some bureaus a removal date may be 1 business day after the 1st. For Aug that would be Aug 2 (and the actual removal might not happen until that evening).

Having multiple tools that enable you to pull your reports frequently may be very helpful during this time. Let us know if you want suggestions.

Be careful about asking for Early Exclusion. (MedicG recommends not using that phrase.) Here is a comment from myFICO moderator Gdale6:

No, early exclusion only applies to having the entire account excluded not individual lates. For those you want to use GW letters to the one who is reporting the late(s). FYI on accounts closed in good standing individual lates will drop at the 7 year mark and once they are all gone the account is a positive until it is removed at approx the 10 year post close mark.

I found that in this thread ("Early exclusion - late payments?"):

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Early-exclusion-late-payments/td-p/3774581

In your latest post it sounds like some of these lates are definitely under 7 years. That doesn't mean you won't have success getting them removed early, but it isn't a done deal.

Do continue to work carefully and cautiously with the people who have a lot of experience with early removal of lates. (That would not be me!) Best of luck...

Re: Negative Indicator Differences between EQ, TU and EX

Anonymous — Thu, 03 Aug 2017 17:00:43 GMT

@Anonymous wrote:
Thanks for the reply.

My wife and I are looking to apply for a home construciton loan within the next couple months. The guy I spoke to at the bank said they look for scores over 700.

I pulled all of my scores from here. My mortgage score for EX is in the low 800's and for EQ and TU in the low 700's. I was hoping to get EQ and TU lined up with EX so hopefully all scores were in the low 800's since they will take the middle score of the 3.

I pulled all of the scores through the report on My Fico.

As I read this post carefully, it's clear that a key issue is your belief that you need all three mortgage scores in the low 800s. This is completely untrue.

I suggest you talk to the lender again and he will likely tell you that the cutoff he's looking for will be a middle mortgage score of 740 or higher -- to ensure the very best rates. In other words, you would get absolutely no advantage having three mortgages at 805 vs. a middle mortgage score at 741. The lender will be able to tell you more, as will people in the mortgage forum. If PMI is involved then you might need a 760.

Not discouraging you from cautiously pursuing early removal of lates, but you should also have a correct target goal in mind. The goal of having three mortgage scores in the 800s is completely unnecessary. I'd suggest you work on understanding both issues (early removal strategies and target scores) before taking any further action. Then, armed with full knowledge, you'll be able to execute a plan.

I also suggest you obtain credit reports dated Aug 3 or later. (Aug 4 or 5 might be even better, but Aug 3 is good enough.)

Re: Negative Indicator Differences between EQ, TU and EX

Anonymous — Thu, 03 Aug 2017 17:03:32 GMT

Thanks for the reply.

You make a good point, I am just trying to get the best rates so the 800+ probably isn't necessary. I will check with the lender again concenring the score ranges for rates. PMI is not involved as we are putting down 20%.

Re: Negative Indicator Differences between EQ, TU and EX

Anonymous — Thu, 03 Aug 2017 17:14:08 GMT

If you are not yet a subscriber to Credit Karma, I encourage to join this weekend. (Not today.)

Karma is a free service that will enable you to pull fresh copies of your TU and EQ reports as often as once a week. Since TU and EQ are the reports you care about right now, and since you are interested inseeing frequent updates to those reports, Karma sounds like a good fit for you.

Be sure to completely ignore Karma's scores. Karma's scoring model is Vantage which your lender will not be using. Only use Karma as a tool for pulling the actual report itself.

Final thought:

Early removal of lates is only one strategy for raising your TU and EQ mortgage scores. There are other strategies, and you should employing all of them you can.

For example, you will get scoring points for having all of your credit cards except one reporting a $0 balance, with the remaining card reporting something small (like $20 say). How many points you will get depends on what your credit cards, their balances, and their credit limits look like right now.