topic Re: Credit Utilization is Incorrect! in General Credit Topics

Credit Utilization is Incorrect!

Anonymous — Sun, 26 Apr 2020 17:25:12 GMT

Help! My credit utilization is listed incorrectly on both Transunion and Experian. Experian credit utilization percentage has been all over the place since mid-March with both credit unions reporting it incorrectly. Actual utilization is 7%, but TU is currently reporting it as 50% and EX has reported it as 51%, 24%, and currently 36%. Any thoughts on might be happening and how to resolve this?

Re: Credit Utilization is Incorrect!

dragontears — Sun, 26 Apr 2020 17:39:51 GMT

Do you have any unpaid charge off credit cards?

Re: Credit Utilization is Incorrect!

Anonymous — Sun, 26 Apr 2020 17:55:53 GMT

Yes. Two, which I have just determined to be the exact amount that would account for 50% utilization. Both are with First Premier Bank and will reach 7 years in August. I actually called First Premier earlier in the week because I suspected those accounts might be the cause of the discrepancy. Their CSR told me that they had closed the accounts in December 2013, with the last activity in August 2013. and had been reporting them as chargeoffs since 2015. I did ask if paying off the accounts would change the way they are reported and CSR said that would not change anything. Why would they suddenly factor into my credit utilization score if FPB hasn't changed the way they are reporting?

Re: Credit Utilization is Incorrect!

Physh1 — Sun, 26 Apr 2020 17:59:44 GMT

Is Equifax reporting correctly?

Re: Credit Utilization is Incorrect!

dragontears — Sun, 26 Apr 2020 18:00:39 GMT

@Anonymous wrote:
Yes. Two, which I have just determined to be the exact amount that would account for 50% utilization. Both are with First Premier Bank and will reach 7 years in August. I actually called First Premier earlier in the week because I suspected those accounts might be the cause of the discrepancy. Their CSR told me that they had closed the accounts in December 2013, with the last activity in August 2013. and had been reporting them as chargeoffs since 2015. I did ask if paying off the accounts would change the way they are reported and CSR said that would not change anything. Why would they suddenly factor into my credit utilization score if FPB hasn't changed the way they are reporting?

Because they are reporting a balance. They were wrong, if you pay it they are required to update your report with a zero balance and it will no longer be affecting your utilization.

The CO account(s) isn't suddenly influencing your utilization, it always has been.

Re: Credit Utilization is Incorrect!

Anonymous — Sun, 26 Apr 2020 18:11:20 GMT

Typically, my utilization reports each month based on my open account cards, and has not included these charge-off amounts due. Do you know why the would suddenly be included? Thanks for your insight.

Re: Credit Utilization is Incorrect!

Anonymous — Sun, 26 Apr 2020 18:13:04 GMT

I have not yet checked my Equifax report, but like TU and EX, my EQ dropped, by a LOT, in mid-March. I am assuming they are now factoring these accounts into my utilization score, too.

Re: Credit Utilization is Incorrect!

Trudy — Sun, 26 Apr 2020 19:41:57 GMT

Where are you getting your UTL information from?

xRe: Credit Utilization is Incorrect!

Anonymous — Sun, 26 Apr 2020 20:13:27 GMT

Experian Membership credit report and FICO TU report