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Filed a dispute to remove inaccuracies, score went down.

ajb62787
Member

Filed a dispute to remove inaccuracies, score went down.

I filed a dispute to remove a late payment off my report as I provided proof of payment that the payment was processed and account was closed-paid in full. I checked this morning and the inaccuracy was removed; however, my Equifax report went down 25 Points. 
Is that normal?

FICO Score 8 05/2020: EQ 630 // TU 616 // EX 635
FICO Score 9 05/2020: EQ 604 // TU 607 // EX 629
Credit Lines: $5K NF CashRewards Visa, $5K NF MoreRewards AMEX, $300 CAP1 Platnium, $300 CAP1 Quicksilverone
Message 1 of 5
4 REPLIES 4
M_Smart007
Epic Contributor

Re: Filed a dispute to remove inaccuracies, score went down.


@ajb62787 wrote:

I filed a dispute to remove a late payment off my report as I provided proof of payment that the payment was processed and account was closed-paid in full. I checked this morning and the inaccuracy was removed; however, my Equifax report went down 25 Points. 
Is that normal?


Was it an Installment loan?  ..

Maybe you can provide a few more details about the type and age of account?,

so others can better help you.




Message 2 of 5
Remedios
Moderator

Re: Filed a dispute to remove inaccuracies, score went down.

During dispute, accounts are temporarily excluded from scoring.

When that happens, it's possible your credit age and utilization are affected, causing scoring drop. 

Account will "be back" once dispute is completed. 

Message 3 of 5
ajb62787
Member

Re: Filed a dispute to remove inaccuracies, score went down.

Yes it was an installment loan (Uplift Inc), which is a company specializing in financing on vacation destinations with a 12 Month payoff. The loan was from August '18 - August '19; however, the loan was extended out to December as 4 payments were deferred to the end of the loan due to being on short-term disability with no penalty nor report to credit bureaus. I received the lateness on December '19; however, the account was paid off before the due date.  I received a voicemail in January '20, which a representative in a different department indicated that I still owed $1300 and that my account was marked late for 97 Days and was being sent over to collections. I called that representative back provided the representative details of who my direct account representative is, which then placed me on a 3-Way call with my direct account representative which cleared up with the other representative that the information listed for me is outdated and that the account was paid-in-full and a letter was sent to me.  

I provided to the person who left me a voicemail that things like this should never happen and this is how lawsuits begin. The representative apologized and updated my account as paid in full.  No further collection calls have happened since January 2020.

The dispute was finalized back on 5/13 with the late entry removed. My credit score rebounded sharply. going up 37 Points on 5/16 update.

FICO Score 8 05/2020: EQ 630 // TU 616 // EX 635
FICO Score 9 05/2020: EQ 604 // TU 607 // EX 629
Credit Lines: $5K NF CashRewards Visa, $5K NF MoreRewards AMEX, $300 CAP1 Platnium, $300 CAP1 Quicksilverone
Message 4 of 5
Birdman7
Super Contributor

Re: Filed a dispute to remove inaccuracies, score went down.

That’s weird it seems like something else was going on. When you disputed it, it should’ve taken that account out of scoring which would’ve disregarded the late and if that’s your only one, would’ve changed your scorecard and raised your score.

Instead you dropped 25 points. Somethings not right there. Something else had to be going on. You did say you checked and the late was removed and you lost 25 points, not that it was in dispute.

Either way when it went to dispute you should’ve gotten the same points you would’ve gotten by ultimately prevailing, absent changes in other factors like aging factors which would not be counted while it’s in dispute, but would once it’s reinstated without the late.

Would you mind giving your profile stats? Is that or was that your only delinquency or derogatory? Were there any balance changes or any other changes going on around the same time? Have you went over your reports with a fine tooth comb? You didn't hit AZ did you? 

 

Got to be a reason. got to be a reason

-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.

RIP:

(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 5 of 5
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