Hey, has the trick quit working with equifax where disputed items are not factored into the FICO score? I just recently had my equifax score drop from a 740 to a 666(yes I believe evil was involved) when a redated collection account showed up. When I disputed it and pulled my report on scorepower a couple of times (and where it clearly shows it in dispute), my score never changed. So my hope is that they only changed their policy on score power and not on the mortgage and auto ficos! Anyone know for sure?
My brother said if he has disputed something before his score didn't change the second time. I dunno.
I just disputed 2 things on EQ last week and the score did go up. BUT - it did not go up significantly. I have a score from Dec when these 2 accts were not reporting. With everything basically the same, the score difference from now to then is minus 37 pts. Somehow I think disputing on EQ has less effect on your score then it did before. Could be once I get a delete, the score will jump higher than now with the disputes. *shrug*
do you know for sure it changed after you disputed? Were you disputing every day? Also the FICO scores change every so often when they take a look at the database and see how people like you performed on their loans. My FICO score went down 40 points and there was absolutely no difference in my credit report. And a new reason code poped up which was too many bank card accounts.
The score jumped immediately after disputing. I have CW so I keep track of everything. MY CW score never changes unless something has changed on my report. If your report has dropped 40 pts, then I would take careful look at everything. Dates, if they re-charged off an acct (cap one loves to recharge off and make it look like it was done recently), etc. It might be something really small. Or it might not show for a day or two. I have seen a score change, and nothing showed on the online report for a day or two after. But if there is absolutely no change then you will just have to blame the RNG nymphs that like to play havoc on your score.
I thought the same until I read a pdf ... that was an advertisement for FICO. Basically they periodically go through the credit bureaus database and redecide what the major score factors are for people in your score profile...The interesting part is "z Updated regularly to keep up with changes in consumer credit behavior" BEACON scores risks through a range of convenient methods: â?¢ CRT â?¢ Direct Access Terminal â?¢ System to System â?¢ PC â?¢ Batch mode (Off-line) z Delivers precise and easy-to-use credit scoring â?? without complex data analysis on your end z Allows you to extend credit according to a consumerâ??s future credit risk while minimizing losses z Draws from a comprehensive, nationwide database of 190 million consumer credit files for comprehensive payment history z Updated regularly to keep up with changes in consumer credit behavior z Is an excellent risk scoring solution if you lack the volume or resources for a custom scorecard z Returns up to four reason statements explaining the most significant elements why the individualâ??s score is not higher â?? reason statements that can be used as Multiple targeted scorecards for accurately scoring both new and established credit files BEACON: A proven scoring solution for predicting low- and highcredit risks BEACON is part of a growing family of innovative products and services that comprise the Equifax Total Solution â?? your strategic master plan for growth and control. Call 1-800-879-1025 to contact an Equifax representative today. Or contact us on-line at www.equifax.com. explanations for applicants or customers not meeting your criteria z Offers four industry-specific models (Auto Finance, Bankcard, Installment and Personal Finance) to maximize risk prediction for these industries z Can be used on-line with a wide range of Equifax risk assessment products including ACROFILETM, ACROFILE PLUSTM, ACROSELECTSM and Decision PowerSM â?? as well as off-line with Equifax prescreening and account management products for solicitation strategies and portfolio review criteria SM
It's surprising that Harry Potter's Z scar isn't put into the formula as well!! (sorry couldn't resist *smile*) I have had CE and CW since last November, and I have never seen any changes in score unless there was a dispute or information was actually changed/deleted. One weird thing that I have noticed which doesn't really pertain to you - it has more of a HUH? factor. If your score is under 600, your past credit length is not noted as a positive factor under the fico descriptions. As soon as you are 600 and above, that positive factor is added back in. I guess if your under 600, then you aren't allowed to have a long history, only above 600.
Re: Re: Equifax trick AND one thing that REALLY burns my butt that we've discussed here is that if there is a derog of any sort, it seems, even if it is SOMEONE else's ERROR, and it gets deleted, you never regain the points they STOLE from you when it was put on there. Seems they have coded their program to embed derogs in your score. Makes me so glad we don't have to deal with credit in heaven!!
Taz, That is pretty interesting, because it implies for some people with derogatories length of credit history is a minor indicator of how well they repay. Also I just double checked what I stated about the score dropping 40 points. I looked at the reports side by side, line by line and they are absolutely the same except for two extra soft inquiries from ordering the report. All balances and dates are exactly the same. And I don't think there's any harry potter in the score, no magic, just straight B/S!! The best example I have for how poor fico scores are is one person I saw who had a 650 equifax score with a two year old $400 collection account three paid tax liens for about $6000 each and one 9 month old credit card au account. Yeah, there's a person I would loan money to!
ahh, interesting, john you might be right, it worked for me before and I believe i was disputing accounts. This time I was disputing a collection account.
Maybe it depends on if there's an affiliate involved. My EQ affiliate is CSC in Houston and no matter what I dispute - collection account, payment history, charge-offs, etc. - there is absolutely no change in the score because of the dispute. This has been true for the time I've been doing this - since September or so last year. I'm curious about the length of history - my average length is 5 1/2 years and it's listed as a negative. My score is low 5s (because some lousy CAs crawled out of the woodwork). Are you saying this will start being counted as a positive if I get over 600?
No it will not be counted as a positive... I have a clean report and one of my negative score factors is length of credit history... my oldest being 6 years, 8 months. By the way, I recently disputed several tradelines that were recent accts with high balances in hopes of increasing my score temporarily... it dropped 10 points.
age will almost always be a factor especially if you are pursuing credit. My oldest is 22 years old (remember they also look at the average age of revolving accounts and how long ago your last opened account was) which is much older than the average consumer and it is still a factor.
Re: Re: Equifax trick Chewtoy - I have been bouncing up and down around the 600 mark. Every single time it drops below 600, the positive length of history remark on the Fico goes away. It's bizarre but it happens. I can't explain why, and I see no reason for it. But then again Fico is bizarre...
