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Credit Utilization is Incorrect!

MamaHenry
Member

Credit Utilization is Incorrect!

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?

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Message 1 of 9
8 REPLIES 8
dragontears
Valued Contributor

Re: Credit Utilization is Incorrect!

Do you have any unpaid charge off credit cards? 

Scores hover around 800
Haven't been AZEO in over a year
Rome was not built in a day, neither is a good credit profile
Message 2 of 9
MamaHenry
Member

Re: Credit Utilization is Incorrect!

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?

 

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Message 3 of 9
Physh1
Frequent Contributor

Re: Credit Utilization is Incorrect!

Is Equifax reporting correctly?

Message 4 of 9
dragontears
Valued Contributor

Re: Credit Utilization is Incorrect!


@MamaHenry 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. 

Scores hover around 800
Haven't been AZEO in over a year
Rome was not built in a day, neither is a good credit profile
Message 5 of 9
MamaHenry
Member

Re: Credit Utilization is Incorrect!

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.

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Message 6 of 9
MamaHenry
Member

Re: Credit Utilization is Incorrect!

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.

 

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Message 7 of 9
Trudy
Valued Contributor

Re: Credit Utilization is Incorrect!

Where are you getting your UTL information from?

FICO - 8: 05/07/21 AU 8 BC 8
FICO - 9: 05/07/21 AU 9 BC 9
F5,F4,F2 05/07/21 AU... BC...
Vantage 05/07/21
As of 05/01/21:
AoOA - 25Y2M | AoYA – 0Y6M | AAoA – 12Y0M
Open: 11 CC: (1 reporting 8.02% : 0.25% AGG UTL) | 1 PLOC | 1 MTG loan: 58.15% UTL
Closed: 1 MTG loan | 2 Auto loans | (EQ) 2 CC, (EX & TU) 1 CC
INQ: (EQ) 0/24 | (TU) 2/24 | (EX) 1/24
Message 8 of 9
MamaHenry
Member

xRe: Credit Utilization is Incorrect!

Experian Membership credit report and FICO TU report

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Message 9 of 9
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