Correcting Negative Info Made My Score DROP?

[Anonymous]

I have a question about scoring. Ok, I had a 640 EFX on 12/9/08. There was some wrong information regarding two of my accounts, so I sent letter to have that information fixed. One of the account is an old collection account that was still showing open and not paid. The other account was a auto loan that was still showing a balance when I paid it off early 2007.

First when I guess the disputes went in my score dropped 5 points. Theyn when they corrected the misinformation to reflect a more positive light my score dropped another 19 points., No other baddies or anyhting else has been added to my report and i have been on time with ALL my bills.

What is up with that? I dropped fro 640 to 635 to 619. I DONT UNDERSTAND!!!!

Message Edited by Scamp on 12-30-2008 11:52 AM

[Anonymous]

Did that leave you with no open installment accounts?

[GFer]

I found the hard way too, that anytime you dispute something it is then updated in the process. When it's 'updated' FICO sees the item as more recent and thus, the score drop. Totally unfair, but what can we do?

[Anonymous]

The auto loan that I described to you was being reported as open with a large balance. They didn't update the account since April 2007. The other account was a collections account, that was showing un paid....It is slated to fall off in March/April 2009.

I have worked on my credit for the past several years and gotten rid of a lot of bad debt and bad accounts. I have everything on the up and up so far. I have 4 major accounts (Mortgage, 1 Credit Card, Loan from Cap1 for Lasi, and my ENORMOUS student loan). I am paying on time and really working hard to improve my score, but this takes the cake.

I hope that answered your question, sorry on being verbose.

[Anonymous]

So GFER you have experienced the same thing? How long after did you see a rise in your score. Of course EFX is the hardest. I read in a book (moderater I am not going to say his name or which book, so I dont get spanked again....lol!). There apparently are 88 categories in which one is rated and only three of those categories work for the creitditee (if that is a word).

[GFer]

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@Anonymous wrote:
So GFER you have experienced the same thing? How long after did you see a rise in your score. Of course EFX is the hardest. I read in a book (moderater I am not going to say his name or which book, so I dont get spanked again....lol!). There apparently are 88 categories in which one is rated and only three of those categories work for the creitditee (if that is a word).

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Hard to say, because I had so many other things going on. I can tell you that just since March of last year, my scores have improved a lot (almost 160pts just on EX!).

EQ is harder on lates and derogatory items--at least in my opinion. That's obvious just from my scores! My reports are really different though, as a lot of my accounts are not on EQ. All the 'good' accounts are on the others, (go figure!).

I have noticed that as the derogatorys age since the updates the pain is lessened. So while I do realize it's hard, be patient and just work on the things you CAN change!

Happy New Year!

[Anonymous]

Thanks for the encouragement! That really hurt when my score dropped so dramatically when poositive things were being reported.

Happy New Year to you as well!