topic Re: MyFico 3Bplus Credit Report Question in General Credit Topics

MyFico 3Bplus Credit Report Question

Anonymous — Wed, 19 Dec 2018 05:45:57 GMT

Hi,

I have the 3Bplus. Here's the story... I lowered credit utilization this month (december), and in the myfico 3bplus credit report it only showed the affects of lowering it in experian. After seeing this, I then started to think why isn't it showing the lowered credit ut of 30% in the other two credit bureaus which is TU and Equifax. So, I then found the problem, I had to purchase a new report just to see the update in credit ut in TU turn to 30%. All this credit ut is coming from my bigggest CC which is BofA... One thing that bothered me is I called BofA to double check if they report to all 3 bureaus, and the lady said NO they only reported to Experian, because of the type of CC and the time it was opened... After she said this I then called TU to check what she said, and it's not true because TU has the updated lowered credit ut which I then saw on the ordered new report on myfico side... So, then it comes to Equifax... I called Equifax and behold Equifax did not have the updated credit util or balance I was looking for... The Equifax lady says to open a dispute on incorrect information, so I went ahead and did that... It sounds to me Banks are in control of what they want to do with customers... If BofA only reports to Experian then why does TU have the updated lowered balance of the BofA card....???? Equifax didn't get the update for some strange reason....

Re: MyFico 3Bplus Credit Report Question

Priory_Man — Wed, 19 Dec 2018 21:16:10 GMT

I don't have an answer to this, but my EQ report always seems to be two to three weeks behind the others.

Re: MyFico 3Bplus Credit Report Question

SouthJamaica — Wed, 19 Dec 2018 21:34:09 GMT

@Anonymous wrote:
Hi,
I have the 3Bplus. Here's the story... I lowered credit utilization this month (december), and in the myfico 3bplus credit report it only showed the affects of lowering it in experian. After seeing this, I then started to think why isn't it showing the lowered credit ut of 30% in the other two credit bureaus which is TU and Equifax. So, I then found the problem, I had to purchase a new report just to see the update in credit ut in TU turn to 30%. All this credit ut is coming from my bigggest CC which is BofA... One thing that bothered me is I called BofA to double check if they report to all 3 bureaus, and the lady said NO they only reported to Experian, because of the type of CC and the time it was opened... After she said this I then called TU to check what she said, and it's not true because TU has the updated lowered credit ut which I then saw on the ordered new report on myfico side... So, then it comes to Equifax... I called Equifax and behold Equifax did not have the updated credit util or balance I was looking for... The Equifax lady says to open a dispute on incorrect information, so I went ahead and did that... It sounds to me Banks are in control of what they want to do with customers... If BofA only reports to Experian then why does TU have the updated lowered balance of the BofA card....???? Equifax didn't get the update for some strange reason....

I can assure you that Bank of America reports to all 3 bureaus.

Perhaps the CSR you spoke to thought you were talking about which bureau they pull from, not which bureaus they report to.

Re: MyFico 3Bplus Credit Report Question

Anonymous — Wed, 19 Dec 2018 23:17:43 GMT

hi gisboro

thanks for that information

i guess that's the issue. i just got off the phone with EQ and i have a dispute open with them to update the current balance with BofA and EQ said it'll take about 30 days for the dispute to be completed. By the time it's done, next months (January) updates will already have rolled in from the other bureaus. Frustrating.

Re: MyFico 3Bplus Credit Report Question

Anonymous — Wed, 19 Dec 2018 23:19:09 GMT

Hi SouthJamaica,

Thanks for that bit of information.

That makes sense now. I can totally forecast BofA would report to all 3... And ya I agree with you, I think that's what she thought now that I think of it.

Re: MyFico 3Bplus Credit Report Question

Anonymous — Wed, 19 Dec 2018 23:20:27 GMT

I'm gonna be posting another topic in the same forum here in a bit, feel free to help when you can Thanks!

It's a general, quick question.

Re: MyFico 3Bplus Credit Report Question

FireMedic1 — Thu, 20 Dec 2018 00:37:10 GMT

I've had MyFICO for 3 yrs. Between your monthly pulls. Some, not all alerts/score changes will come in for util changes. Waiting in the background is the real FICO scores for the 3 CRA's when your pull your report for the month with all the util %'s reported. Yes TU lags some. I use Wallethub knowing when I know a different balance alert may be coming and I use that when I hit the refresh of my scores on MyFICO.

Re: MyFico 3Bplus Credit Report Question

Anonymous — Thu, 20 Dec 2018 01:49:09 GMT

In order for me to get a refresh on what updates might be in I have to buy a new report on any given day, which is something I don't need to be doing. How does Wallethub exactly work? Does that have a monthly price to use?

Re: MyFico 3Bplus Credit Report Question

Anonymous — Thu, 20 Dec 2018 06:40:47 GMT

Hi FireMedic

I downloaded WalletHub, it's a great app. One thing though, it's saying if I pay a collection the score will go up 4-9 points, it's using Vantage Score, nothing like Fico. Question is if I pay off a collection will the Fico score increase? I was reading a while back, Fico score will only increase if the collection account is removed from credit report.

Re: MyFico 3Bplus Credit Report Question

SouthJamaica — Thu, 20 Dec 2018 14:22:51 GMT

@Anonymous wrote:
Hi FireMedic
I downloaded WalletHub, it's a great app. One thing though, it's saying if I pay a collection the score will go up 4-9 points, it's using Vantage Score, nothing like Fico. Question is if I pay off a collection will the Fico score increase? I was reading a while back, Fico score will only increase if the collection account is removed from credit report.

Some scores will go up if you pay it off, some won't go up right away.

But you should definitely pay it off.

Re: MyFico 3Bplus Credit Report Question

FireMedic1 — Fri, 21 Dec 2018 11:47:36 GMT

@Anonymous wrote:
Hi FireMedic
I downloaded WalletHub, it's a great app. One thing though, it's saying if I pay a collection the score will go up 4-9 points, it's using Vantage Score, nothing like Fico. Question is if I pay off a collection will the Fico score increase? I was reading a while back, Fico score will only increase if the collection account is removed from credit report.

The simulators are basically worthless on any site. Even on MyFICO. Like I posted I use Wallethub to see when TU finally updates my balances before I do my monthly 3B pull so it isnt wasted because TU is slow at times, I mean is slow most of the time.

Re: MyFico 3Bplus Credit Report Question

Anonymous — Fri, 28 Dec 2018 07:43:18 GMT

Here is the answer to your concern: If the original creditor sold the debt because you defaulted, then find that debt collector and payoff as soon b AZ you can. The original creditor will not remove that debt--it sticks for 7 yrs. However, the collection agency that bought the debt must then remove that tradeline once you settle that debt. Once it's removed, you should see a healthy bounce in your credit score---assuming the original creditor charged this off at least 2-3 years before selling your debt. Makes sense?
I'm talking from experience--- I just had a 26 point bounce in EQUIFAX.COM and TU. I'm just waiting on EXPERIAN to remove it.

Good luck

Re: MyFico 3Bplus Credit Report Question

iv — Fri, 28 Dec 2018 22:14:16 GMT

@Anonymous wrote:
However, the collection agency that bought the debt must then remove that tradeline once you settle that debt.

"Must remove"?

No.

Normal practice would be to leave the collection reporting - while you may be able to come to an agreement with them to remove it after payment/settlement, they are in no way required to do so.

Re: MyFico 3Bplus Credit Report Question

Anonymous — Fri, 28 Dec 2018 23:19:44 GMT

Sorry. I shouldve been more specific. I just had a charge off removed by a debt collector--Cavalry Portfolio. They bought my Synchrony account and was reporting it for over 3 years. I settled and they remove their collection/tradeline. The original Synchrony CO remains for 7 years. Just for anyone reading this: Cavalry and Portfolio Recovery Associates do remove their collections once settled, per their company policy.

Re: MyFico 3Bplus Credit Report Question

Anonymous — Fri, 28 Dec 2018 23:24:47 GMT

Oh, glad to hear. I’ll be paying a Portfolio Recov account soon. I already paid 3 others off pretty recently. Thanks for all the replies, happy holidays out there. Be kind to each other

Re: MyFico 3Bplus Credit Report Question

Anonymous — Fri, 28 Dec 2018 23:44:47 GMT

One of the three I paid is a DEROG that had a credit util that has been eating away at score ever time cause they have been reporting it every month. Not sure once it’s reported as paid if score will get a nice increase or nice increase when it possibly gets removed. Every time I call a collection company they say we don’t do pay for delete letters lol

Re: MyFico 3Bplus Credit Report Question

Anonymous — Fri, 28 Dec 2018 23:50:45 GMT

Ok. So here is how my situation worked out. I visited the websites of the debt collectors and read their policy. I know for a fact that Cavalry Portfolio and Portfolio Recovery Associates remove their tradeline upon settlement is received. I know this is a fact because their tradeline (which is the debt they bought) fell off my EQUIFAX and TRANSUNION credit report. My score went up 27 points across the board. Right now, I'm just waiting on EXPERIAN to update. I'm not sure who is/are your collection agencies and what their rules are.

Re: MyFico 3Bplus Credit Report Question

Anonymous — Fri, 28 Dec 2018 23:55:32 GMT

That’s a good thing, 27 is a lot... I have to go back to other topics I posted to read what someone said about the DEROG that has credit util cause I don’t remember.