topic Re: Need 1 point for middle score to be at 620-UPDATE in Mortgage Loans

Need 1 point for middle score to be at 620

Anonymous — Tue, 11 May 2010 00:24:02 GMT

I am currently in the process of obtaining a mortgage and my middle score is 619. I met with lender today and noticed that a PFD account was still reporting on EQ (been a month since I paid, removed by other 2 CRAs). I gave her a copy of the paperwork showing that they agreed to delete and she says it takes 5-7 days to re-score. I am hoping like heck that the deletion will give me at least a 1 point increase. Any thoughts? This is a collection account. The OC is not reporting to EQ. I have only 2 other collections from 2005 reporting to EQ. (The one I PFD'd was from 2008) Thanks!

As part of my FICO fitness challenge, I plan to PFD my remaining 4 collection accounts (from all 3 CRAs) but I'm scared to touch them right now due to dropping my score.

Re: Need 1 point for middle score to be at 620

Anonymous — Tue, 11 May 2010 00:28:37 GMT

I would think your score would go up when this baddie drops off. Its from 2008 and a 1 point increase isn't an unreasonable expectation.

How recent were the other 4 CA's?

Re: Need 1 point for middle score to be at 620

Anonymous — Tue, 11 May 2010 00:39:40 GMT

Thanks! The others are from 2005 or older. Actually one should be due to drop off in October 2010.

Keeping my fingers crossed...

Re: Need 1 point for middle score to be at 620

Anonymous — Tue, 11 May 2010 19:52:32 GMT

Anyone else?

Re: Need 1 point for middle score to be at 620

Jazzzy — Tue, 11 May 2010 21:16:53 GMT

I would think the deletion of this CA would give you a point. It's tough to tell, however, when there are collections remaining on your reports.

Did the deletions help your scores on the two that have dropped it already?

Re: Need 1 point for middle score to be at 620

Anonymous — Tue, 11 May 2010 23:23:30 GMT

Yes, at least a 30 point increase on both EX and TU. I have no collections on EX (655) and one old one that recently updated on TU which brought my score back down from 627 to 609. The other 2 collections I do have are reporting to EQ are from 2003 and 2006. And I dont know if this matters but the OC is NOT reporting to EQ, but is reporting to EX and TU. Thanks.

Re: Need 1 point for middle score to be at 620

Anonymous — Wed, 12 May 2010 02:28:39 GMT

bump...

Re: Need 1 point for middle score to be at 620

llecs — Wed, 12 May 2010 02:36:03 GMT

How is your CC utilization?

Re: Need 1 point for middle score to be at 620

Anonymous — Wed, 12 May 2010 21:36:56 GMT

CC utilization is at 0% for one card and @ 9% for the other. Those are the only 2 that I have.

Re: Need 1 point for middle score to be at 620

Anonymous — Fri, 14 May 2010 22:49:38 GMT

Ok here is the update: Got a score watch alert today saying no change in score but the accout was updated. Even though I sent them the letter from Portfolio agreeing to delete after the settlement, the is what Equifax updated the account to (see below) I dont understand why this is going on. Its been 2 months since I paid this and Portfolio agreed to delete it. Any suggestions?

1 of your accounts reported changes

PORTFOLIO RECOVERY ASSOC

Show/Hide Details

Account opened: 6/2008
Description: Consumer disputes - reinvestigation in process
Settlement accepted on this account
Paid collection

	Previously reported	Newly reported
Balance:	$306	$0
Past due:	$0	$0
Status:	At least 120 days or more than four payments past due	At least 120 days or more than four payments past due
Last activity:	6/1/2007	6/1/2007
Description:	Consumer disputes - reinvestigation in process Collection account	Consumer disputes - reinvestigation in process Settlement accepted on this account Paid collection

Re: Need 1 point for middle score to be at 620

Lel — Fri, 14 May 2010 23:14:49 GMT

@Anonymous wrote:

Ok here is the update: Got a score watch alert today saying no change in score but the accout was updated. Even though I sent them the letter from Portfolio agreeing to delete after the settlement, the is what Equifax updated the account to (see below) I dont understand why this is going on. Its been 2 months since I paid this and Portfolio agreed to delete it. Any suggestions?

1 of your accounts reported changes

PORTFOLIO RECOVERY ASSOC

Show/Hide Details

Account opened: 6/2008
Description: Consumer disputes - reinvestigation in process
Settlement accepted on this account
Paid collection

	Previously reported	Newly reported
Balance:	$306	$0
Past due:	$0	$0
Status:	At least 120 days or more than four payments past due	At least 120 days or more than four payments past due
Last activity:	6/1/2007	6/1/2007
Description:	Consumer disputes - reinvestigation in process Collection account	Consumer disputes - reinvestigation in process Settlement accepted on this account Paid collection

I think I see a problem here, and if I'm correct, you may not get the score bump that you hope for.

First of all, the CA has clearly updated your information indicating that it has been paid. That's good. But the deletion obviously hasn't been done yet.

Here's the problem. You also disputed this account, and it's not resolved yet. You hadn't mentioned this previously. If I'm not mistaken, accounts in dipute are taken out of FICO scoring. That is, at this point it's not being factored into your score. So even if it eventually disappears, you may not get the score increase that you might expect.

(Somebody with direct experience with this may chime in to correct me if I'm wrong, but I'm pretty certain that I've read this several times before).

The other problem is that underwriters don't like seeing disputes on credit reports when they review your file. Do you have other open disputes?

Re: Need 1 point for middle score to be at 620

Anonymous — Fri, 14 May 2010 23:29:48 GMT

Ok I understand what you are saying. I dont have any other disputes on my credit report. The only reason I disputed it is because they updated the payment as being received but did not delete making it appear as though I had a paid collection which is what I didnt want to happen which is the reason I wouldnt pay until they agreed to a PFD. I wasnt disputing the account just the status. Should I not have done that? Wouldnt it have dropped my score if I let it be shown as a paid collection?

Re: Need 1 point for middle score to be at 620

Anonymous — Tue, 18 May 2010 14:21:15 GMT

They made me take off my disputes which put my score right at 620...the absolute minimum. I have one collectin in dispute due to come off but like the others said, if it's in dispute, the deletion may not increase score b/c it might already not be factoring in at all as a negative. Let us know what happens. Also, if they have to rescore, usually they pull your credit again. Might give you a decrease depending on how may hard pulls you've had and how recent? I know they say they don't pull your score down but on my second one, my score went down 4 points and nothing else had changed on that particular score drop.

Re: Need 1 point for middle score to be at 620

Anonymous — Wed, 19 May 2010 22:36:58 GMT

Thanks for the heads up. If they do another pull it will be my 4th inquiry. Well on a brighter note, I just learned I might be having some luck with my getting my TU score over 620, so if this does not go well I could possibly use that one as the middle acore. Thanks everyone for your advice.

Re: Need 1 point for middle score to be at 620

Anonymous — Sat, 22 May 2010 00:48:59 GMT

Anyone else?

Re: Need 1 point for middle score to be at 620-UPDATE

Anonymous — Sun, 20 Jun 2010 00:39:22 GMT

UPDATE-Over a month later and still no deletion by EQ. I sent them the deletion letter from PRA and also a copy of the email from the VP stating the PFD agreement. Contacted PRA and they said they sent the request and I know they did because EX and TU deleted it. Its almost been 90 days from and they said it would take up to 60 days. I dont know what else to do. Also, is it hurting me that this account is still showing a zero balance but the status is 120 days past due?

Re: Need 1 point for middle score to be at 620-UPDATE

Anonymous — Mon, 21 Jun 2010 16:45:16 GMT

,,,,

Re: Need 1 point for middle score to be at 620-UPDATE

Anonymous — Mon, 21 Jun 2010 18:12:42 GMT

I would say call them daily and keep talking to different reps until someone actually does something. Also keep writing them via mail and send letters via fax and include any proof that you may have from the collection agency agreeing to remove the account. You might eventually get a rep that cares about doing their job and wants to help you. Ask the collection agency if they would be willing to do a 3 way conference call with CRA, I actually had luck with a creditor doing that for me and it was the creditor that suggested and initiated the 3 way call. Also maybe if you can pay down the utilization on your cc's that might help for a 1 point increase. When I pay my util down on my cc's I always see a point increase. I usually pay off the balance in full but if for 1 or 2 months I let a balance post my scores decrease a little. Then when I pay the balance back off my scores increase again after the the lower util updates, and that is done promptly every month when the statement updates. Good luck with your journey and I wish you success, I know needing just 1 point is very frustrating.

Re: Need 1 point for middle score to be at 620-UPDATE

Anonymous — Tue, 22 Jun 2010 08:55:25 GMT

I am in the process of cleaning up my credit report and I can tell you what may work for you as it is definitely working for me. Contact Equifax back and get customer service on the phone. When you start speaking to someone if they ask you for your report number, give it to them. Explain to the rep that you have a deletion letter from the CA to remove the negative listing off your credit file. If the rep ask you for what item on your credit report, give it to them. If they start saying anything other than deleting it off, explain to them that you are intending to sue Equifax for willful non-compliant as they are refusing to remove the listing and are in violation of the FCRA. Advise them that you need to re-submit to them documentation to correct this inaccuracy off your credit report. The person is going to first give you an address. Tell her/him NO, I need a fax number because I am trying to close on a home and this information needs to be updated immediately. They will give you the fax number.

I have SEVERAL legal letters that can be sent to the collection agency AND the credit bureau that I've used to help me resolve these issues. The sad part is some of this stuff on my credit report was not accurate and it was a nightmare trying to plead my case. But ANY representative that you speak to from the credit bureau HAS the authority to delete a listing while they are on the phone with you and sometimes you have to get a little fiesty to get what you want. Once the credit bureau hears you say anything about "Intent to sue," most of the time they just try and resolve the matter.

Also, if the collection agency gave you a deletion letter, they have the ability to remove the listing themselves and not put you through this headache. Any company that reports to the credit bureau has a contract with the CRA's and has ways to go around what may be 30- 60 days for us. The CRA are not Gov't agencies. And when they are not following in compliance with the FCRA, you can sue them for up to $1,000 in damages per violation...