Credit Score Dropped 47 Points Help

[Karefree]

I have the Equifax Credit Monitoring tool.  On 9/28/10 my score was a 556 then on 10/1/10 I received an email alert that one of my auto account changed from opened to close and  my score dropped to a 509.  I called Equifax and they verfied the account is open and they made a mistake and changed one of my accounts from open to close.  The problem was escalated to the technical team.  Here is my issue they correcedt the problem by changing the account back to an open account, but my score didn't change, so I am out of 47 points because of an error on their part. I called in yesterday and spoke with a respresentative and a supervisor and they said it takes a couple of days for the score to update, but I think they didn't know what to do, so they were trying to ruch me off the phone.  What should I do  am so upset?  Any suggestions

[llecs]

Which EQ service do you use? I ask because EQ offers both FICO scores and FAKO scores. The FAKOs are on the Credit Complete product and the FICO is on their ScoreWatch version. If you are comparing scoring changes on Credit Complete, then fret not, your FICO score didn't drop by that much. If on ScoreWatch, then we need to figure out what happened.

If on EQ's ScoreWatch, then know that SW will offer up two different things: a credit alert and a score alert. If there's a credit alert (e.g. your loan updating to closed), then SW will pull your score at that moment as well and you'll get alerted to a credit change and a score change. Unfortunately, one may not have anything to do with the other. In other words, your loan updating to closed may not have dropped your score but something else happening on EQ may have resulted in a score drop despite not being alerted to it.

Pull EQ from some source from somewhere and look at it carefully. Look for anything that could have changed that you wouldn't get alerted for by EQ's SW like a dropped account, lowered CLs, closed CCs being updated to $0, added lates, etc. And look for anything that changed that could have resulted in an alert (even though you weren't alerted) like changes in utilization, account changes other than the loan, added baddies or collections, updated TLs, accounts under dispute can drop your score in some cases, etc. Let us know if you see anything.

Finally, installment utilization is a tiny part of FICO scoring. There's a couple of things to note. First, even if a loan updates to $0, FICO will still read it as part of your mix if there is a balance reporting. Also, your mix will only be impacted if you have no other loans reporting a balance, and any impact would be minor in either direction (+/- in the single digits at most). Finally, installment utilization is a teeny tiny part of FICO scoring. What you described above would not trigger a drop that large. Look through EQ and let us know if you see anything.

ETA...if I had to guess, I would guess that something fell off. The CRAs like to update on the first of each month (not always, but mostly IME) and a dropped account on the first would produce a significant score change if it was old and helped your length of history.