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New Equifax scoring module

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CreditHealthy
Established Contributor

New Equifax scoring module

Good afternoon, I just received an alert that my equifax has been upgraded with the new formula that we have all been talking about on the forum. I lost 10 points but, from what I've seen on here,others have lost a lot more so I guess it could be worse. I carefully looked over my report in the section of "Understanding your Fico score" and I was wondering if anyone could shed some light on why fico is making a big deal of a public record that is due to fall off in December? I thought the longer something was on your credit report it becomes less of an impact? Thanks!

What's in my sock drawer? NFCU LOC 15,000] NFCU Cash Rewards 20,000][ Golden 1Platinum Rewards Card 6,600 Discover It 5,000,] {NFCU goRewards 17,500} Barclaycard 1250.00,]Cap one 750.00 ], Watering my garden for the next five years:-)
EQUIFAX 727 EXPERIAN 732 TRANSUNION 743 FICO} STARTING SCORE....554 July 2013
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Revelate
Moderator Emeritus

Re: New Equifax scoring module

Any major derogatory is one that is going to come back as a complaint anyway every single time.  

 

The score itself may not factor it nearly as highly when it's that old (my FICO '08 scores didn't appear to care much at all about my old IRS tax lien, or even my 3 year old State tax lien in comparison to EQ '04 at least) but when it's such an easy thing to pick on for anyone's credit report that has a public record or similar major derog, it's going to be pointed out always.

 

Wouldn't worry about it, I'd very much like to hear what happens to your score when it does finally come off: I just had my old one fall off but I had a new one on there which I just got airstruck of TU (that dispute came back lighting fast compared to the EQ one where I even gave them the IRS withdrawal form, sigh) and it's such a relief to make it that much further towards a clean sheet.

 

Will be tossing a flier GW letter at my State lien too, fingers crossed haha, but I'm stuck with a collection for a while anyway so meh.




        
Message 2 of 5
CreditHealthy
Established Contributor

Re: New Equifax scoring module

Thanks for that information Revelate, I will definitely keep you informed when It finally comes off in Dec. It's a state Tax lien that I didn't even owe, I just filed late, and they ended up owing me money! I wish I could get this removed early but I heard California is kind of strict. Good luck with your GW letters for you tax lien:-)

What's in my sock drawer? NFCU LOC 15,000] NFCU Cash Rewards 20,000][ Golden 1Platinum Rewards Card 6,600 Discover It 5,000,] {NFCU goRewards 17,500} Barclaycard 1250.00,]Cap one 750.00 ], Watering my garden for the next five years:-)
EQUIFAX 727 EXPERIAN 732 TRANSUNION 743 FICO} STARTING SCORE....554 July 2013
Message 3 of 5
Revelate
Moderator Emeritus

Re: New Equifax scoring module


@JUNE2012 wrote:

Thanks for that information Revelate, I will definitely keep you informed when It finally comes off in Dec. It's a state Tax lien that I didn't even owe, I just filed late, and they ended up owing me money! I wish I could get this removed early but I heard California is kind of strict. Good luck with your GW letters for you tax lien:-)


Well given that my own state lien is from Cali, I'll definitely let you know if I get a positive result Smiley Happy.

 

My own excuse is nowhere as good as yours, but if it's falling off so late it probably doesn't matter unless you have a short term need for some application: certainly in your case I'd be taking the "lien filed in error" tact like I did with the IRS who filed a lien two weeks after I used one of their payment services... even the IRS officer was apologetic on that one.: that would be a first for me in talking to them haha, almost worth it for that alone.




        
Message 4 of 5
CreditHealthy
Established Contributor

Re: New Equifax scoring module

Sweet!! Thanks!

What's in my sock drawer? NFCU LOC 15,000] NFCU Cash Rewards 20,000][ Golden 1Platinum Rewards Card 6,600 Discover It 5,000,] {NFCU goRewards 17,500} Barclaycard 1250.00,]Cap one 750.00 ], Watering my garden for the next five years:-)
EQUIFAX 727 EXPERIAN 732 TRANSUNION 743 FICO} STARTING SCORE....554 July 2013
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