topic Re: Losing Faith In Experian in General Credit Topics

Losing Faith In Experian

Iusedtolurk — Sun, 01 Mar 2020 09:26:00 GMT

What The ....Experian

Experian has always been on point when it comes to updating my report. Any changes 99% of the time showed next day or the day after.

Always First to update while Transunion and Equifax lagged behind updating by 4-7 days.

Losing faith started about Feb 6 when a 2 year old inquiry was supposed to drop off and did not (Still reflecting on report as of today).

No biggie.

BUT...

I just paid off my 2 year Selflender SSL account and noticed it was not showing at all on my Experian report. I was looking for it showing as closed and reflecting my perfect 2 year history... nowhere to be found POOF gone.

I only have 1 other account 2 years old last month and was looking forward to the SSL account crossing the 2 year mark and looking good on the report for the next 10 years.

What The ... Experian

As expected Transunion and Equifax haven't updated it yet and still show a balance of 44 dollars.

Re: Losing Faith In Experian

Anonymous — Sun, 01 Mar 2020 12:20:00 GMT

They're typically the best ones for me too. Quick updates, accurate, etc. I had an inquiry hit two years on 2/27, when it should drop off. It's now 3/1 and still there. Not a big deal since scoring isn't a factor at this point but it would be nice to see it gone.

Re: Losing Faith In Experian

thornback — Sun, 01 Mar 2020 13:15:33 GMT

From what I understand (and what has been my experience) Experian purges inquiries on the first Saturday of every month. So your inquiry should drop on 3/7.

As for the self-lender that is now gone... Did you also look under your closed accounts tab? I would think if the loan had fallen off completely, you would've experienced a score drop since you only have one other account...

Re: Losing Faith In Experian

Anonymous — Sun, 01 Mar 2020 13:46:21 GMT

@thornback wrote:
From what I understand (and what has been my experience) Experian purges inquiries on the first Saturday of every month. So your inquiry should drop on 3/7.

As for the self-lender that is now gone... Did you also look under your closed accounts tab? I would think if the loan had fallen off completely, you would've experienced a score drop since you only have one other account...

I agree. I've noticed that too which is likely to happen in your case, OP. You should see them fall off on Sat. 3/7

Re: Losing Faith In Experian

M_Smart007 — Sun, 01 Mar 2020 14:06:04 GMT

I think @thornback Nailed it

Re: Losing Faith In Experian

GApeachy — Sun, 01 Mar 2020 14:31:46 GMT

Okay, can y'all answer me this then? Dh, Ds and myself this morning gained 4 pts. Two things happened on my report only. No one else. I had two hp's age to one year today and two accts. age to one year today. Did I get (and my AU's...Dh and Ds) 1 pt. for each thing?

edit: Sorry, the two accts. I closed but are still on my report. So is it 2 pts. for each hp?

Re: Losing Faith In Experian

thornback — Sun, 01 Mar 2020 14:52:31 GMT

@GApeachy wrote:
Okay, can y'all answer me this then? Dh, Ds and myself this morning gained 4 pts. Two things happened on my report only. No one else. I had two hp's age to one year today and two accts. age to one year today. Did I get (and my AU's...Dh and Ds) 1 pt. for each thing?
edit: Sorry, the two accts. I closed but are still on my report. So is it 2 pts. for each hp?

Assuming you still have other accounts under 1 year old?

I'd say the 4 points came from the two inquiries aging to 1 year. How many points were given for each inquiry is hard to say - could be 2/2, 3/1, 0/4. Data points suggest the same number of points lost for an inquiry are returned on day 365, so you would need to know precisely how many points were lost at the time each inquiry was incurred. There is also a strong theory that inquiries are 'binned' -- for example (not exact because I don't remember what the bins were), inquiries 3-4 would be binned together - so you'd lose/gain no points for #3, but would lose/gain some points for #4 (or vice-versa).

Re: Losing Faith In Experian

GApeachy — Sun, 01 Mar 2020 14:59:25 GMT

@thornback wrote:
Assuming you still have other accounts under 1 year old? Yes I do, a bunch.
I'd say the 4 points came from the two inquiries aging to 1 year. Okay, I can go back and look at those Exp. reports to see. thank you! How many points were given for each inquiry is hard to say - could be 2/2, 3/1, 0/4. Data points suggest the same number of points lost for an inquiry are returned on day 365, so you would need to know precisely how many points were lost at the time each inquiry was incurred. There is also a strong theory that inquiries are 'binned' -- for example (not exact because I don't remember what the bins were), inquiries 3-4 would be binned together - so you'd lose/gain no points for #3, Okay, that makes sense as I app'd on March 1, 2019 for Lowe's, Home Depot and Walmart. That's got to be it....thanks for the lesson! but would lose/gain some points for #4 (or vice-versa). I have more in April to age to one year.

So like in OP's case....waiting until 3/7, that's very interesting. Again thanks for that tid-bit too! Very cool!!!

Re: Losing Faith In Experian

thornback — Sun, 01 Mar 2020 15:09:35 GMT

@GApeachy wrote:
So like in OP's case....waiting until 3/7, that's very interesting. Again thanks for that tid-bit too! Very cool!!!

Just to clarify: Waiting til 3/7 in OP's case is only for inquiries that have hit the 2 year mark for their removal date -- and it only applies to Experian. Inquiries remain on Experian for 25 months -- Transunion & Equifax remove at 24 months.

Inquiries become unscoreable on day 365 -- for all 3 bureaus, any points gained from an inquiry aging to 1 year will be given on day 365.

EDIT: Here's a thread on 'binning'. There are others but this one is a good starter...

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/1-gt-2-scoreable-inquiries-7-pt-EQ-drop/m-p/5093353

Re: Losing Faith In Experian

GApeachy — Sun, 01 Mar 2020 15:16:53 GMT

@thornback wrote:
Just to clarify: Waiting til 3/7 in OP's case is only for inquiries that have hit the 2 year mark for their removal date -- and it only applies to Experian. Inquiries remain on Experian for 25 months -- Transunion & Equifax remove at 24 months.

Inquiries become unscoreable on day 365 -- for all 3 bureaus, any points gained from an inquiry aging to 1 year will be given on day 365.

EDIT: Here's a thread on 'binning'. There are others but this one is a good starter...
https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/1-gt-2-scoreable-inquiries-7-pt-EQ-drop/m-p/5093353

Big help!

Re: Losing Faith In Experian

Iusedtolurk — Sun, 01 Mar 2020 16:43:53 GMT

@thornback wrote:
From what I understand (and what has been my experience) Experian purges inquiries on the first Saturday of every month. So your inquiry should drop on 3/7.

As for the self-lender that is now gone... Did you also look under your closed accounts tab? I would think if the loan had fallen off completely, you would've experienced a score drop since you only have one other account...

I did experience a score drop but I also had an account report higher than usual because it cut earlier than usual I guess due to leap year and the usual report date hitting the weekend. I always pay a few times during the month and then I usually get a few extra dollars near the end that I apply to that particul account before it reports (no biggie as it will show next month).

So the account dropping off and the higher balance may have caused the score drop.

Also looking forward to seeing if the Inquiry will drop off on the 7th as people have noticed.

Also the referencing to Inquiries being binned (as noted in prior posts Credit Karma gives pretty good extra insights to what can affect credit when certain thresholds are met.

In the following image Inquiries are reflected:

Everytime I cross one of their thresholds for age, utilization, inquiries, derogatories, etc points are either loss or gained depending on the direction of crossing each listed red, yellow green threshold.

I'm definitely going to call Experian about by missing account later after watching it for awhile to see if it will come back on its own.

Re: Losing Faith In Experian

Trudy — Sun, 01 Mar 2020 17:35:46 GMT

@thornback wrote:
From what I understand (and what has been my experience) Experian purges inquiries on the first Saturday of every month. So your inquiry should drop on 3/7.

+1. Had one that reached 2 years 1/5. Didn't fall off 2/1 from EX as expected but did fall off 2/8.

Re: Losing Faith In Experian

Anonymous — Mon, 02 Mar 2020 03:47:38 GMT

This is a textbook example of why not to app on the first of the month. It disallows you from discriminating between aging points and inquiry points.

Re: Losing Faith In Experian

CreditInspired — Sat, 07 Mar 2020 11:26:58 GMT

@thornback wrote:
From what I understand (and what has been my experience) Experian purges inquiries on the first Saturday of every month. So your inquiry should drop on 3/7.

As for the self-lender that is now gone... Did you also look under your closed accounts tab? I would think if the loan had fallen off completely, you would've experienced a score drop since you only have one other account...

thanks Thornback

I also have a 2-yr old inq that was suppose to fall off 2/11 but still shows on EX as of today. Good to know it will be gone after Saturday. 😁

EDIT: Got an alert from EX. Was really excited. But, Wait for it! My score increased, but inq still there. Reason for increase: My UT decreased. Oh well, it is 6:25am. Maybe by COB today the inq will drop off. Maybe.

Re: Losing Faith In Experian

GApeachy — Wed, 04 Mar 2020 13:33:04 GMT

@CreditInspired wrote:
I also have a 2-yr old inq that was suppose to fall off 2/11 but still shows on EX as of today. Good to know it will be gone after Saturday. 😁

Plz update, you got me curious

Re: Losing Faith In Experian

Anonymous — Fri, 06 Mar 2020 23:54:41 GMT

@GApeachy wrote:
@CreditInspired wrote:
I also have a 2-yr old inq that was suppose to fall off 2/11 but still shows on EX as of today. Good to know it will be gone after Saturday. 😁
Plz update, you got me curious

So I was just about to post and ask about (Experian) inquiry falling off and when that should happen. I have one that was suppose to be gone 2/4 and one 3/2. Should I expect both of them to fall off tomorrow? 3/7 (first Sat) or does 3/2 have to wait till the first Sat in April

Logic would say it gets scrapped now but, not sure what the rules are here.

Re: Losing Faith In Experian

thornback — Fri, 06 Mar 2020 23:57:56 GMT

@Anonymous wrote:
So I was just about to post and ask about (Experian) inquiry falling off and when that should happen. I have one that was suppose to be gone 2/4 and one 3/2. Should I expect both of them to fall off tomorrow? 3/7 (first Sat) or does 3/2 have to wait till the first Sat in April

Logic would say it gets scrapped now but, not sure what the rules are here.

I haven't experienced this scenario (all of mine had dates after the first saturday) -- but I would agree it should fall off tomorrow (3/7). Be sure to let us know -- would be a great datapoint.

Re: Losing Faith In Experian

Iusedtolurk — Sat, 07 Mar 2020 02:33:22 GMT

@thornback wrote:
@Anonymous wrote:
So I was just about to post and ask about (Experian) inquiry falling off and when that should happen. I have one that was suppose to be gone 2/4 and one 3/2. Should I expect both of them to fall off tomorrow? 3/7 (first Sat) or does 3/2 have to wait till the first Sat in April

Logic would say it gets scrapped now but, not sure what the rules are here.
I haven't experienced this scenario (all of mine had dates after the first saturday) -- but I would agree it should fall off tomorrow (3/7). Be sure to let us know -- would be a great datapoint.

Seems as though 2 things have to happen. Earlier in the post it was said that Experian removes them at 25 months instead of 24 months so that would mean if the 25 months is before the first saturday they will fall off then.

Mines was on 2-6 so 3-6 makes 25 months and the first Saturday after that is tomorrow so I'm looking for mines to be gone then if indeed this is the Experian way of doing things.

Will share what happens.

Re: Losing Faith In Experian

thornback — Sat, 07 Mar 2020 05:43:01 GMT

@Iusedtolurk wrote:
@thornback wrote:
@Anonymous wrote:
So I was just about to post and ask about (Experian) inquiry falling off and when that should happen. I have one that was suppose to be gone 2/4 and one 3/2. Should I expect both of them to fall off tomorrow? 3/7 (first Sat) or does 3/2 have to wait till the first Sat in April

Logic would say it gets scrapped now but, not sure what the rules are here.
I haven't experienced this scenario (all of mine had dates after the first saturday) -- but I would agree it should fall off tomorrow (3/7). Be sure to let us know -- would be a great datapoint.
Seems as though 2 things have to happen. Earlier in the post it was said that Experian removes them at 25 months instead of 24 months so that would mean if the 25 months is before the first saturday they will fall off then.

Mines was on 2-6 so 3-6 makes 25 months and the first Saturday after that is tomorrow so I'm looking for mines to be gone then if indeed this is the Experian way of doing things.

Will share what happens.

You're totally right. EX is 25 months (I knew that but forgot that I knew that...lol).

Re: Losing Faith In Experian

Anonymous — Sat, 07 Mar 2020 11:58:07 GMT

As you all stated, you are correct with EX. The HP that fell off in February from TU and EQ for me was gone as of this morning on EX.