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Just checked my report more carefully, it looks like another company ran an inquiry on my credit report. How in the heck does that drop my score by 57 points though?! Geez! I didn't even give them permission to check!
While the account had the dispute comment, certain things like payment history (experts, correct me if I am wrong) were not being included in your FICO score. You could have had negative aspects of the account not being included in your score calculation while the comment was in there, making it artificially higher. This is why lenders require that the comments be removed in order to pre-approve/approve a loan.
@bosox52981 wrote:While the account had the dispute comment, certain things like payment history (experts, correct me if I am wrong) were not being included in your FICO score. You could have had negative aspects of the account not being included in your score calculation while the comment was in there, making it artificially higher. This is why lenders require that the comments be removed in order to pre-approve/approve a loan.
ooooh woooow :::stares in awe:::
never knew that was the reason why! it makes sense somewhat...so essentially when we get our reports and they offer all that free "advice" about how you have this ro that hurting your score, it may not really be including it if its disputed??
@bosox52981 wrote:While the account had the dispute comment, certain things like payment history (experts, correct me if I am wrong) were not being included in your FICO score. You could have had negative aspects of the account not being included in your score calculation while the comment was in there, making it artificially higher. This is why lenders require that the comments be removed in order to pre-approve/approve a loan.
This is correct. The financial aspects of accounts in dispute are excluded from scoring. This includes payment history, balances, delinquencies, etc. The non-financial aspects are factored into FICO scoring - for example, the date opened, its effect on average account age, and diversity of credit.
Sucks because the builder accepted my offer and a check for 2k yesterday. Now I'm stuck in this limbo period and THIS happens. All I can do is pray that something will work out. The weird thing is my LO recalculated today and said that my score hasn't changed much, but I still need to have Transunion delete the comment that it's being disputed.
@bosox52981 wrote:While the account had the dispute comment, certain things like payment history (experts, correct me if I am wrong) were not being included in your FICO score. You could have had negative aspects of the account not being included in your score calculation while the comment was in there, making it artificially higher. This is why lenders require that the comments be removed in order to pre-approve/approve a loan.
Years ago; There used to be a company in my town that basically disputed everything bad on the credit report so your score would get high enough for an approval.
@Anonymous wrote:OMG! After Experian deleted the comment my score dropped by 57 points!!!!!
How are you monitoring your Experian score? Did your LO tell you it dropped 57 points?
GOOD NEWS! I finally got TransUnion to remove the comment! I called their "special handling department" and tried to report the comment as fraudulent, then they said that it wasn't fraud but the agent Elaine Walker said she would call the CA herself, and for me to call back later that day. Well I did and it was removed from my TU account. I called my LO today and he said it's off of my report and my scores are the same!