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Will I get my points back?

arholden
New Contributor

Will I get my points back?

I just got an alert an hour ago from MYFICO that my Equifax info had changed. I logged in and found that a collection was added to my account! For an ELEVEN DOLLAR BILL that I paid the cable company back in November!!!!

 

My score dropped 24 points. 24 POINTS!

 

I found the payment on my November Capital One statement, so I called the collection agency and they said to fax a copy of the statement over to them and they will review in 24-48 hrs. And that they will have it removed from the credit report if it was actually reported in error. Well, it was, and I have the proof, and will fax it to them tomorrow.

 

But here's my question- will I get those 24 points back??? I was just approved for a mortgage and am in the middle of house hunting. I cannot have my credit effed up! Just because something is removed, is Equifax (and hell, TU and Experian if it hits them, too!) required to give me back the points they took away?

BK7 discharged Feb. 2014
MYFICO scores: EQ 672 EX 677 TU 659
CapOne Platinum $4500, CapOne QS $4500 (both July 2014)
Discover $5500 (Apr 2016)
WalMart store card $700 (Sept 2014)
Amazon store card $850 (Sept 2014)
CareCredit $2000 (Jan 2015)
Message 1 of 4
3 REPLIES 3
Plip
Frequent Contributor

Re: Will I get my points back?

Yes. Your FICO score is based on a snapshot of your credit report at a moment in time. If the collection is removed, the post-removal FICO score will be the same as if the collection had never been on the report at all.

Message 2 of 4
silkysean
Regular Contributor

Re: Will I get my points back?


@arholden wrote:

I just got an alert an hour ago from MYFICO that my Equifax info had changed. I logged in and found that a collection was added to my account! For an ELEVEN DOLLAR BILL that I paid the cable company back in November!!!!

 

My score dropped 24 points. 24 POINTS!

 

I found the payment on my November Capital One statement, so I called the collection agency and they said to fax a copy of the statement over to them and they will review in 24-48 hrs. And that they will have it removed from the credit report if it was actually reported in error. Well, it was, and I have the proof, and will fax it to them tomorrow.

 

But here's my question- will I get those 24 points back??? I was just approved for a mortgage and am in the middle of house hunting. I cannot have my credit effed up! Just because something is removed, is Equifax (and hell, TU and Experian if it hits them, too!) required to give me back the points they took away?


You will be fine just make sure is deleted and you get a letter from hem as well.LIt will be as if it never happened 

Message 3 of 4
takeshi74
Senior Contributor

Re: Will I get my points back?


@arholden wrote:

But here's my question- will I get those 24 points back??? I was just approved for a mortgage and am in the middle of house hunting. I cannot have my credit effed up! Just because something is removed, is Equifax (and hell, TU and Experian if it hits them, too!) required to give me back the points they took away?


Any score is generated based on the data in the report.  If the report no longer has a collection then the collection will not have an impact.  As for the specific number of points, we can't tell you that.  A derog like a collection tends to have a significant impact but it is not the only factor that impacts scoring.  The specific number after the collection is removed would depend on all the standard factors at the time the score is generated.

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

 

We don't know how or if your other report data will change.  If all other data remains the same and only the collection was added and then removed then your score probably will recover the 24 points.

 

The CRA's don't give or take points.  They only maintain your reports.  FICO models are a product of the Fair Isaac Corporation, not the CRA's.  It's the scoring model that assess the report data and generates the score.

Message 4 of 4
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