42 points drop - no changes in credit report

[Anonymous]

I just checked my credit report and there was a drop of 42 points in my credit score. There are no new inquiries, no new accounts, no new collection accounts, no missed payments. My experian went down from 691 to 649. My Equifax went down to 637 from 677 and TU went down from 734 to 676. Again I repeat there are no changes to my credit file. 

I disputed an account few days back that I settled with Citibank which was paid 2 years back. Though that account still reflects the same things as my old credit report, no changes to that account too. Only thing that changed on that account is "Status updated" date to 4/20/2018. Could this be the case? but why should my Fico score drop, just because of this?

What could be the reason? Really devastated after my credit rebuild progress.

[gdale6]

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@Anonymous wrote:

I just checked my credit report and there was a drop of 42 points in my credit score. There are no new inquiries, no new accounts, no new collection accounts, no missed payments. My experian went down from 691 to 649. My Equifax went down to 637 from 677 and TU went down from 734 to 676. Again I repeat there are no changes to my credit file. 

I disputed an account few days back that I settled with Citibank which was paid 2 years back. Though that account still reflects the same things as my old credit report, no changes to that account too. Only thing that changed on that account is "Status updated" date to 4/20/2018. Could this be the case? but why should my Fico score drop, just because of this?

What could be the reason? Really devastated after my credit rebuild progress.

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Yes most likely that is the reason if it was a CO now it looks like it just happened in the eyes of Fico, doesnt matter that its paid but that it happened to begin with. This is the downside of disputing something that hasnt updated in a while.

[Anonymous]

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@gdale6 wrote:

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@Anonymous wrote:

I just checked my credit report and there was a drop of 42 points in my credit score. There are no new inquiries, no new accounts, no new collection accounts, no missed payments. My experian went down from 691 to 649. My Equifax went down to 637 from 677 and TU went down from 734 to 676. Again I repeat there are no changes to my credit file. 

I disputed an account few days back that I settled with Citibank which was paid 2 years back. Though that account still reflects the same things as my old credit report, no changes to that account too. Only thing that changed on that account is "Status updated" date to 4/20/2018. Could this be the case? but why should my Fico score drop, just because of this?

What could be the reason? Really devastated after my credit rebuild progress.

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Yes most likely that is the reason if it was a CO now it looks like it just happened in the eyes of Fico, doesnt matter that its paid but that it happened to begin with. This is the downside of disputing something that hasnt updated in a while.

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That's horrible. Yes, it was a charge-off account. What am I suppose to do now? Can I file another dispute saying that the charge-off was not recent and it is old and ask them to revert back the date? or should I file a complaint with CFPB? 

[DollyLama]

You can only dispute if the age of first deliquency changed. Once validated, and they hadn't updated each month, the dispute is now updated and most likely will report each and every month. Unless it is closing on 7 years to age off, best to try for a pay for delete, if they do not accept, pay in full if possible, so it will not longer report each month, but it will remain on your reports till it ages off. 

[Anonymous]

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@DollyLama wrote:

You can only dispute if the age of first deliquency changed. Once validated, and they hadn't updated each month, the dispute is now updated and most likely will report each and every month. Unless it is closing on 7 years to age off, best to try for a pay for delete, if they do not accept, pay in full if possible, so it will not longer report each month, but it will remain on your reports till it ages off. 

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Account was already settled back in January 2016. I just disputed the account because it was showing as late/charge-off. So I am not sure what caused this messive score drop. The only reason could be that they changed the charge-off date to recent, instead of 2 years back. I called Experian and they were clueless about what caused the score drop.

[BIGSTARXXX1]

Experian wouldn't know why your score dropped. They do not maintain/calculatethe FICO score - FICO is the propietary algorithm of the Fair Isaac Corp. 

[Thomas_Thumb]

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@Anonymous wrote:

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@gdale6 wrote:

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@Anonymous wrote:

I just checked my credit report and there was a drop of 42 points in my credit score. There are no new inquiries, no new accounts, no new collection accounts, no missed payments. My experian went down from 691 to 649. My Equifax went down to 637 from 677 and TU went down from 734 to 676. Again I repeat there are no changes to my credit file. 

I disputed an account few days back that I settled with Citibank which was paid 2 years back. Though that account still reflects the same things as my old credit report, no changes to that account too. Only thing that changed on that account is "Status updated" date to 4/20/2018. Could this be the case? but why should my Fico score drop, just because of this?

What could be the reason? Really devastated after my credit rebuild progress.

---

Yes most likely that is the reason if it was a CO now it looks like it just happened in the eyes of Fico, doesnt matter that its paid but that it happened to begin with. This is the downside of disputing something that hasnt updated in a while.

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That's horrible. Yes, it was a charge-off account. What am I suppose to do now? Can I file another dispute saying that the charge-off was not recent and it is old and ask them to revert back the date? or should I file a complaint with CFPB? 

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A charge off whether or not paid counts against Fico 8 score as long as it is on file. As mentioned, a status change may have refreshed the date. If the CO has been paid and shows as such it will not hurt Fico 9 scores.  You can try to get the charge off removed from your report by writing a letter to the creditor which would be beneficial to your Fico 8 and the older Fico mortgage scores.

[Anonymous]

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@Anonymous

I just checked my credit report and there was a drop of 42 points in my credit score... Again I repeat there are no changes to my credit file...

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A 42 point change can't happen without a change to your credit file.  If you want to say that you aren't seeing the change, that's fine, but I can assure you 100% that something definitely changed.  A score can't change 42 points unless the algorithm is seeing something different both pre/post score change.

[NRB525]

I thought a concensus was reached:
old charge off updated on the report
?

[Anonymous]

Perhaps that's the case.  If so, that's a change in the credit report, where the argument has been that there is no change.  I just think it's important not just for the OP, but for anyone else that stumbles upon this thread at some point to realize that any time there's a significant score change (42 points, for example) it's because of a credit report change.  It's all about identifying the change.