Need Help ASAP, Please. EQUIFAX SCORE DROPPED 140 POINT TODAY

[Anonymous]

Currently under contract. settlement date 8/2. 

Fico scores:  EQ 768, TU 699, EX 691

Mortgage: EQ 789, TU 680, EX 676

EQ is higher. no negatives reporting. Tu and EX has paid repo reporting. 

Just checked my Equifax report and my score dropped 140 points. Looked at the report and ALL the information reporting is inaccurate. My file changed from:

-8 revolving to 4 with incorrect balances, missing 3 cc, all with perfect payment history. 

-1 installment to 2 installment loans (originally had the two, then one disappeared from the report approx 5 months ago, as of today it is reporting again).

-No collections to 1 collection that was paid and removed by collection agency last month

-1 Citi card that was paid, disputed and removed from the credit report 2 months ago. 

EVERYTHING WAS CORRECT AS OF YESTERDAY. Now today its completely inaccurate. 

Called Equifax all morning.  One rep told me I have two files that need to merge.  My only option is to dispute the information which could take 30 to 45 days.  I cannot have any disputes for my FHA loan. 

Any advise?

[Mortgage-Specialist]

I just gave similar advice to someone else in your situation. Your LO hopefully has a mortgage credit simulator in which they can identify specifically what you need to do to get your scores back up. Then utilize Rapid Rescore which will update your credit score/s within a few business days. 

[toi34]

OMGosh....I feel your pain. I hope you get this corrected SOON. 

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@Anonymous wrote:

Currently under contract. settlement date 8/2. 

Fico scores:  EQ 768, TU 699, EX 691

Mortgage: EQ 789, TU 680, EX 676

EQ is higher. no negatives reporting. Tu and EX has paid repo reporting. 

Just checked my Equifax report and my score dropped 140 points. Looked at the report and ALL the information reporting is inaccurate. My file changed from:

-8 revolving to 4 with incorrect balances, missing 3 cc, all with perfect payment history. 

-1 installment to 2 installment loans (originally had the two, then one disappeared from the report approx 5 months ago, as of today it is reporting again).

-No collections to 1 collection that was paid and removed by collection agency last month

-1 Citi card that was paid, disputed and removed from the credit report 2 months ago. 

EVERYTHING WAS CORRECT AS OF YESTERDAY. Now today its completely inaccurate. 

Called Equifax all morning.  One rep told me I have two files that need to merge.  My only option is to dispute the information which could take 30 to 45 days.  I cannot have any disputes for my FHA loan. 

Any advise?

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[Anonymous]

Update: AFTER Spending all day on the phone with Equifax I finally got someone that understood my situation and tried resolve my issues. Per the rep, I had two credit files that needed to be merged. Not sure why when I only have 1 SS#.  Anyway, they have merger the two files, and hopefully all will be corrected in 72 hours. Praying all my hard work pays off when they update. 

I spoke with my lender....21 years in the business. I told her about the score drop, she said don't worry about the score, Lenders are the only one who can pull your scores.  Of course I told her about myfico scores and she denied it.  I bet her a cup of coffee that The scores were accurate so I gave her the scores from 6/11, which was the last time she pulled my report. Guess who has the same exact numbers, myfico.  She owes me the most expensive cup of coffee from Starbucks. 🤣🤣🤣

[WenW]

Thats funny, I remember saying the same thing about myfico scores to my loan officer!! They denied its existence but I had proof!! LOL

Knowledge is power! This community has been such an important part of this home ownership process!

[Anonymous]

thank you....they were reporting outdated information from months ago. Equifax is by far the WORST in customer service.  it's a shame that my mortgage EQ score is a 618 right now. 

Praying this gets fixed asap. 

[Anonymous]

Thanks for the advise. If it doesn't get resolved I will ask her to help me. She wasn't trying to hear anything I had to say about my score. Said she is trying to not pull my credit again, but may have to when the consolidated student loans report. Ready to get this process OVER.  

[CreditCuriosity]

Equifax is known to have split file on people and is a real pain to get resolved sometimes.  Hopefully they addressed it for you and got it fixed

[Anonymous]

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@CreditCuriosity wrote:

Equifax is known to have split file on people and is a real pain to get resolved sometimes.  Hopefully they addressed it for you and got it fixed

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Thanks for the information. I noticed a couple of months ago, maybe in Feb that my accounts from Equifax were slowly being removed. I called then to inquire and of course no valuable explanation was given. My accounts slowly reappeared, and was reporting accurately as of Saturday. I pray this resolves my issue. I would hate for my lender to repull credit and my scores don't work out correctly all because EQUIFAX is negligent with reporting accurate information. Sucks right now for me. 

[tooleman694]

Even if you lost 140 EQ, you still have a mid score of EX 676. You are fine.