topic Where do I go from here? Why is Experian killing my FICO high? in General Credit Topics

Where do I go from here? Why is Experian killing my FICO high?

Anonymous — Tue, 06 Mar 2018 20:21:53 GMT

Background

I have not admittedly reviewed my credit reports in any detail until January 2018. I randomly applied for and was approved for 6 cards (5 major bank CCs and 1 retail card) in 2016, so I assumed that my credit was fine. I didn't even bother to review my scores in any detail though I think I was at 655 at the time of my AMEX approval. Fast forward to 2018 when I attempted to refinance my mortgage (totally expecting another denial or some ridciulous offer that did not make it worth my while to refinance). I was able to refinance at 4.625% for 20 years. Got me out of a mortgage from Hades, whoo-hoo, but I also saw that my score was only 623. **bleep**!!

How can this be? Why am I in my 30s almost 40 with a great income and bad credit?

Ok. Get a grip. This score does not define me. True, but it comes with a hint of shame (albeit self-imposed). The kind where you don't want anyone to know your dirty, little secret. It was time to get my head from under the covers and tackle this credit situation because that score was not representative of me, my level of responsibility or my current state of affairs.

I found this forum and read and searched and lurked and realized what I needed to do. I paid down all of my outstanding balances (and vowed never to carry a balance again (absent dire circumstances). I started to see results. My scores starting going UP, UP, UP!!! There is nothing like a FICO jump high. I get it now. My score is like a badge of honor now, so when I noticed that my Experian score wasn't giving me the same high jumps as my Equifax and Transunion scores, my high started to wear off.

Credit Issue

Upon closer review what do I see, time since negative 1 month. 1 MONTH??!!! WTH!! No way. This is not correct. What is causing this? A four year old CO that was paid 3 years ago in 2015. I called Experian in January 2018 they said they would dispute the item as it was paid in 2015. The account came back verified. As of February the account was reporting as Charge off as of January 2018 in the payment history. The date first reported was listed as January 2018. I checked my report March 3 only to see that it is now reporting Chared off as of February 2018 in the I contacted Experian again and they said that the only thing that they can do is dispute the item again. I contacted the creditor and they tell me that they have not reported anything to any credit bureau since 2015. My account since it was paid was in a do not report status, so my issue is with Experian not the credit union.

I am beyond frustrated right now. If Experian said that the disputed information was verified, how was it verified if the creditor says that they have not reported anything to the credit bureaus since 2015. While I would love to have this account come off my report altogether, the credit union is not going for it. I have fought that battle many times and my pleas have fallen on deaf ears. However, I do want this account to report ACCURATELY and I want to get the benefit of having the account age and cause less and less damage to my score as it gets older and older.

Anyone been through this? What are my next steps? The account is currently in dispute with Experian again. I have also furnished copies of my credit report showing the inaccurate info as well as evidence of payment to both Experian and the credit union (via direct dispute). Each company is pointing the finger at the other company meanwhile my score is depressed and my profile shows a recent delinquency.

Re: Where do I go from here? Why is Experian killing my FICO high?

thornback — Tue, 06 Mar 2018 21:20:51 GMT

While you await the results of the most recent dispute, I would suggest requesting a statement, in writing, from the creditor reiterating what they told you - "have not reported since 2015...etc."

Hold on to that letter, if EX dispute results come back verified with no information corrected, immediately file a complaint with the CFPB and upload all of your supporting documentation, including the statement from the creditor.

In the unlikely event the creditor refuses to issue a statement after your verbal request, send them a letter outlining the issue. That should prompt a reply from them in writing stating they have not reported the account since 2015, the account is closed/paid/charged-off. You can then use that letter as supporting documentation for your CFPB complaint.

Good Luck!

Re: Where do I go from here? Why is Experian killing my FICO high?

Anonymous — Tue, 06 Mar 2018 21:31:20 GMT

@thornbackwrote:
While you await the results of the most recent dispute, I would suggest requesting a statement, in writing, from the creditor reiterating what they told you - "have not reported since 2015...etc."

Hold on to that letter, if EX dispute results come back verified with no information corrected, immediately file a complaint with the CFPB and upload all of your supporting documentation, including the statement from the creditor.

In the unlikely event the creditor refuses to issue a statement after your verbal request, send them a letter outlining the issue. That should prompt a reply from them in writing stating they have not reported the account since 2015, the account is closed/paid/charged-off. You can then use that letter as supporting documentation for your CFPB complaint.

Good Luck!

Good idea! Thanks.

Re: Where do I go from here? Why is Experian killing my FICO high?

Anonymous — Wed, 07 Mar 2018 01:17:59 GMT

I don't know what is going on with Experian lately, but they are all of a sudden updatiing old closed accounts making them look recent. and causing scores to drop. It happened to me and I've filed a complaint with the CFPB.

Re: Where do I go from here? Why is Experian killing my FICO high?

WoodlandFlora — Wed, 07 Mar 2018 05:01:02 GMT

This happened to us as well. We took out an auto loan 14 years ago. Was paid off early/10 years ago as of Feb 2018. So basically ten years to the day, we get a notice it was being reported as paid/closed. It has been that way for TEN years. Experian just decided to update it. It is beyond bizarre. We were never late, account was in good standing so it helped our scores, but it is insane they just decided to update this account.
It bothers me immsensly. I’m so sorry you are dealing with this as well.

Re: Where do I go from here? Why is Experian killing my FICO high?

Anonymous — Wed, 07 Mar 2018 05:30:04 GMT

@Anonymouswrote:
I don't know what is going on with Experian lately, but they are all of a sudden updatiing old closed accounts making them look recent. and causing scores to drop. It happened to me and I've filed a complaint with the CFPB.

Wow! How has the complaint process been? This is killing me. Every month it is updating so that my time since negative is 1 month.

Re: Where do I go from here? Why is Experian killing my FICO high?

Anonymous — Wed, 07 Mar 2018 17:53:24 GMT

@Anonymouswrote:
@Anonymouswrote:
I don't know what is going on with Experian lately, but they are all of a sudden updatiing old closed accounts making them look recent. and causing scores to drop. It happened to me and I've filed a complaint with the CFPB.
Wow! How has the complaint process been? This is killing me. Every month it is updating so that my time since negative is 1 month.

CFPB informed me that they submitted my complaint to EX and they have 60 days to respond, so we shall see.

Re: Where do I go from here? Why is Experian killing my FICO high?

Anonymous — Wed, 07 Mar 2018 18:12:40 GMT

@Anonymouswrote:
@Anonymouswrote:
@Anonymouswrote:
I don't know what is going on with Experian lately, but they are all of a sudden updatiing old closed accounts making them look recent. and causing scores to drop. It happened to me and I've filed a complaint with the CFPB.
Wow! How has the complaint process been? This is killing me. Every month it is updating so that my time since negative is 1 month.
CFPB informed me that they submitted my complaint to EX and they have 60 days to respond, so we shall see.

I'm definitely curious as to the response.

Re: Where do I go from here? Why is Experian killing my FICO high?

howellco2 — Thu, 08 Mar 2018 02:15:13 GMT

ive disputed a few things and within 30 mins i get a update that dispute finished and account is verifed i disputed same imtems on EQ and TU and the items were removed

Re: Where do I go from here? Why is Experian killing my FICO high?

Anonymous — Thu, 08 Mar 2018 02:19:49 GMT

@howellco2wrote:
ive disputed a few things and within 30 mins i get a update that dispute finished and account is verifed i disputed same imtems on EQ and TU and the items were removed

That can happen, however when CRA's don't correct or delete incorrect info, that's when you need to file a complaint against them.

Re: Where do I go from here? Why is Experian killing my FICO high?

Anonymous — Tue, 20 Mar 2018 19:02:21 GMT

@Anonymouswrote:
@Anonymouswrote:
@Anonymouswrote:
@Anonymouswrote:
I don't know what is going on with Experian lately, but they are all of a sudden updatiing old closed accounts making them look recent. and causing scores to drop. It happened to me and I've filed a complaint with the CFPB.
Wow! How has the complaint process been? This is killing me. Every month it is updating so that my time since negative is 1 month.
CFPB informed me that they submitted my complaint to EX and they have 60 days to respond, so we shall see.
I'm definitely curious as to the response.

I filed a complaint with the CFPB today after I received an alert that my dispute with Experian was complete and the result was that they reported the account as charged off as of March 2018 bringing it forward yet another month. I contacted Experian and their position is that because the creditor verified the information as correct that they updated the status. The problem is that I did not dispute the underlying information but rather the way that Experian was reporting it as a current charge off rather than leaving it in 2014 where it belongs. Again the creditor has stated that they have had no contact with Experian since 2015 and Experian states that they received the verification directly from the creditor on March 19, 2018.

This is a very frustrating problem because I was denied a card due to a RECENT delinquency. Given that any other negative infomation is over a year old, it is clear that this is the delinquency to which they are referring, and in fact it was confirmed when I called to recon. I have been able to get a couple of creditors to do a manual review and see the actual age of the delinquency is not consistent with the scoring factors, but it is annoying and time consuming that I even have to do that.

What is the purpose of Fair Credit Reporting if the CRA can just bring forward old information which is then factored into scoring models as recent information?

Re: Where do I go from here? Why is Experian killing my FICO high?

luxeprw9 — Wed, 21 Mar 2018 15:37:30 GMT

I had this same exact thing happen to me with Experian regarding a Chase account that was discharged with my 2011 BK13. I monitor my reports like a hawk because I am counting down the days for when my reports are clean. When I saw that Experian started reporting the account as currently late, I was LIVID!! Thank God my score only dropped two points but when you are rebuilding, every single point counts!

I called Experian and reported the issue. I was very fortunate that I received a nice rep who agreed that this was incorrect and disputed the account. I was hoping they would remove it all together since it is due to come off, along with my BK13, in August 2018. But it remained and they updated to reflect the August 2011 date. If I recall correctly, it was fixed in a matter of days and my score regained those two points.

So I totally understand your frustration. I would continue to dispute until the issue is resolved. Sorry this happened to you as well.