MyFico Alert - no corresponding entry on report

[Anonymous]

Hi guys! I recently got an alert through MyFico, stating that my Experian score dropped 16 points because of an update stating that a loan through Chase had been closed. Now, I do understand that score drops do not always correspond to the reason stated (I have a feeling my score dropped because of temporary increased utilization on my credit cards). So, I'm not really concerned at this point about the score drop. However, my concern is that I have never had a loan through Chase Loans, which is who the creditor is listed as. I have two Chase credit cards, but neither of these could conceivably be considered as a "closed loan".

I purchased my Experian report to see if there was some kind of error, because I have a very common name. The odd thing is that there was nothing on my Experian report that referenced any kind of Chase loan whatsoever.

Am I fine to assume that this was just a blip in the matrix and that the MyFico alert was incorrect, and that the report is correct? Would you be concerned about this ghost loan??

[Anonymous]

I've recently gotten two TU alerts that showed massive score drops in the 70 plus point range. Immediately pulled fresh TU reports and there were actually no changes, either in the info or in the score. My vote is glitch.

[jbsea]

I got the same thing from TU, but only a 3 pt drop but still I didn't see any changes.  No new accounts or HP's.  I dont know what that was about.

[lg8302ch]

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@Anonymous wrote:

Hi guys! I recently got an alert through MyFico, stating that my Experian score dropped 16 points because of an update stating that a loan through Chase had been closed. Now, I do understand that score drops do not always correspond to the reason stated (I have a feeling my score dropped because of temporary increased utilization on my credit cards). So, I'm not really concerned at this point about the score drop. However, my concern is that I have never had a loan through Chase Loans, which is who the creditor is listed as. I have two Chase credit cards, but neither of these could conceivably be considered as a "closed loan".

I purchased my Experian report to see if there was some kind of error, because I have a very common name. The odd thing is that there was nothing on my Experian report that referenced any kind of Chase loan whatsoever.

Am I fine to assume that this was just a blip in the matrix and that the MyFico alert was incorrect, and that the report is correct? Would you be concerned about this ghost loan??

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Was that an installment loan? Do you have other open installment loans? If not then this could possibly be the reason for the drop. Open installment loans will help your credit mix and give you some positive Fico points for the mix of credit. I can't comment much from experience as I do not have any installment loans on my report.

[Anonymous]

lg8302ch  wrote:

Was that an installment loan? Do you have other open installment loans? If not then this could possibly be the reason for the drop. Open installment loans will help your credit mix and give you some positive Fico points for the mix of credit. I can't comment much from experience as I do not have any installment loans on my report.

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I do have an open car loan, but it's definitely not through Chase, and it's nowhere near being paid off (just opened last October). It's not so much that i'm worried about the point change, since I believe it's because of a hike in my utilization. I'm more concerned that there is incorrect info being reported somewhere, as I have a very common name. I don't want someone else's installment loan reported on my report - but again, when i look at the actual report, i don't see the loan myFico is referencing.

I'm thinking probably my best course now is just to keep an eye on my report.

[Anonymous]

CAPTOOL  wrote:

I've recently gotten two TU alerts that showed massive score drops in the 70 plus point range. Immediately pulled fresh TU reports and there were actually no changes, either in the info or in the score. My vote is glitch.

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Glitch in the matrix - someone must have taken the wrong color pill. Neo, is that you?! =p

[Anonymous]