Equifax Payment Keys

[Anonymous]

Ms. Watson,
Here is the end to this dispute. This should help you to understand where EQUIFAX has a problem in their reporting system that has resulted in myself and probably others taking drops in their credit score.
My Verizon Account was reported from Verizon as closed paid collection and listed as CA for March and April 2008 and June July 2007. Here is the Payment Key for any single Credit Report obtained from EQUIFAX. Notice how it distinguishes from Collection Account(CA) and 120-149 days past due(120)My Verizon account on my 6/19,18,20,23 2008 is listed as CA for March/April 2008 as it should be. NOT 120 days past due.

Meaning Symbol
Pays or Paid as Agreed: *
30-59 Days Past Due: 30
60-89 Days Past Due: 60
90-119 Days Past Due: 90
120-149 Days Past Due: 120
150-179 Days Past Due: 150
180+ Days Past Due: 180
Collection Account: CA
Charge Off: CO
Foreclosure: F
Voluntary Surrender: VS
Repossession: R
Not Reported: NR


Attached is a copy of the dispute Results I received from EQUIFAX. For March and April 2008 and June July 2007 it is marked G under Account History and Status Code.

Account History and Status Code Descriptions
1:30-59 Days Past Due
2:60-89 Days past due
3: 90-119 Days Past Due
4:120-149 Days Past Due
5: 150-179 Days Past Due
6:180 or more days Past Due
G: Collection Account
H: Foreclosure
J: Voluntary Surrender
K: Repossession
L: Charge Off

Notice how the key allows EQUIFAX to distinguish between 120 days past due(4) and a collection account(G) Notice my account is marked G(Collection Account) as it is being reported from Verizon

Now here is YOUR PROBLEM Here is the payment key for Equifax Credit Watch™ Gold with 3-in-1 Monitoring with FICO® Score Here is Where and WHY my Verizon account is being reported by YOUR SYSTEM as 120 days past due for March/April and June/July instead of as a Collection Account as it is being reported from Verizon and on the other areas of your system. It does not matter how many times Verizon tells you it is a closed and paid collection account. YOU ARE GOING TO REPORT IT as 120 days past due because your PAYMENT KEY FORCES IT TO. YOUR PAYMENT KEY HERE does not allow you to properly distinguish between a Collection Account and a 120 days past due account as do YOUR other payment keys. This key lumps the two together and incorrectly reports a collection account 120 days past due.

Payment History KEY ; Symbols
Meaning Pays or Paid as Agreed *
30 Days Past Due 30
60 Days Past Due 60
90 Days Past Due 90
120+ Days Past Due/ Collection Account 120
Payment Plan PP
Repossession or Foreclosure RF
Charged Off to bad debt CO
Not Reported NR

Message Edited by RichardDorrough on 06-24-2008 10:10 AM

[haulingthescoreup]

Thank you for the list of keys. You have already posted this on your other thread. Please refrain from multiple postings, as it clutters up the boards and leads to confusion with parallel threads.

I wish you luck.

Message Edited by haulingthescoreup on 06-24-2008 08:20 AM

[Anonymous]

Thank you. I was just trying to give the keys issue it own thread. I feel it important to all those that are having a closed collection reported as 120 days late.

[Anonymous]

Remember this. In my case this a closed and paid collection account. Because Equifax used the 3rd payment key my account reported by Verizon as closed collection is not only reported by Equifax as a CA but also includes a 120 day RECENT past due payment designation so that I am penalized twice for the same account.Once for having a collection account and once for having a RECENT Late Payment. This resulted in my score dropping 40 points.Six months from now if for any reason Verizon reports this account again to Equiafx or Equifax updates with Verizon than Verizon is going to report this as a closed paid collection. Equifax will then, six months from now, as it has done now mark my report as 120 days past due and AGAIN give me a RECENT LATE Payment and seriously delinquent account which will AGAIN drop my credit score. This will happen every time Verizon reports this account for the 7 years it is on because Equifax refuses to fix this 3rd Payment History key.

Ask yourself if Equifax has ever done this to you.Ever wonder why all of a sudden you credit score dropped and you are mysteriously 120 days past due on an account. Ask yourself if exposing Equifax for this is "Slamming the Company" Ask yourself if Equifax is slamming your future by holding you by the credit testicles. Show this to as many attorneys as will listen and file complaints with the FTC. Equifax has had to pay off a few lawsuits already. Perhaps a few more will change their attitude. Pay attention to whether this thread is locked or is erased because Fair Issac and Equifax are partners and this information exposes wrong doing on the part of Equifax. Publicly exposing and providing a forum for these Equifax "Horror Stories" is considered by a myfico forum administrator as "Slamming the Company" and "does not belong here". Any information that shows a CRA to be erroneously reporting information and results in repairing the consumers report 'Belongs Here" We are led to understand these forums are to help consumers understand and fix their credit reports and scores. I guess that is true as long as it does not expose Equifax/Fair Issac.???

Message Edited by RichardDorrough on 06-24-2008 06:45 PM

[marty56]

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RichardDorrough wrote:
Pay attention to whether this thread is locked or is erased because Fair Issac and Equifax are partners and this information exposes wrong doing on the part of Equifax. Publicly exposing and providing a forum for these Equifax "Horror Stories" is considered by a myfico forum administrator as "Slamming the Company" and "does not belong here".

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I hardly think any of the mods here quailify for the smoking man/woman.  Just read comments in the FICO products section and you will see that there is no censorship going on here other than the ususal type found in any forums and some reasonable additions specific to FICO.

I also dont think that any of the mods, with the exception of Barry work for MyFico and all probably have had some issues/questions with credit before since that why they came here in the first place so they are one of us.

Message Edited by marty56 on 06-25-2008 03:05 AM