Equifax playing God with my Scores

[Anonymous]

Ok... someone.. anyone.. please explain how a score can just continue to drop and drop over a few months.. with absolutely no new information at all being reported.

I have 3 old debts that became charge-offs in 1996. Other than that my credit has been perfect. And yet.. since last October my Equifax score has gone from 688.. to 640.. to 609.. and today it is 590.

When my lender (I'm trying to close on a house) pulls my credit, his third party shows the Date of Last Activity for 2 of those old debts as the current month. But when I pull Equifax they are accurate.. showing as 96.

Is there something on the EQ online report that I'm not seeing? I also noticed that the 3rd old debt had been reaged and am fighting that.. but this 30 days before you get corrections kills you when you are in the middle of buying a house.

Anyone have a similar experience or have any advise on how to figure out what is happening? Thanks so much!

[kb9tbq]

When doing dispute involving purchase of a house:

1. Dispute with Equifax by fax 281-878-1974 (I know this to be an affiliate fax number) but they might just forward to Equifax.

2. Specifically add this statement: "Dispute regards applying for mortgage loan with _____________, please rush processing. Expected closing is within _________ weeks."

3. Also add this statement: "Please update creditors dating six months back having accessed credit report, with changes having been made."

This should help you move disputes along faster.

To explain scores, just depends on who you are getting the scores from. Are you using one source each time or are you comparing from serveral sources. There will be a difference being that different models are being used, but for your purpose (go by the FICO model which the creditor is using).

There is no one true score; just multiple models that apply for each industry using them. Plus the scores the CRAs gives consumers will always be different from what creditors see.

[Anonymous]

Thank you SO much! I'll do that right away... (:

Also.. FYI.. the specific scores I mentioned were all directly from Equifax - since I learned a while ago that everyone who claims to provide a "credit score" isn't pulling your FICO or Beacon from the agencies.. but is using their own model. Painful and expensive lesson (:

Thanks again for the info on contacting EQ!!! You're a gem

[kb9tbq]

You can count on a 20-50 point difference between the consumer version and the creditor model.

Each industry uses specific model developed for them. Like Auto industry will be looking at auto loan model, Banks look at an intallment model, Personal Finance company has their own model. There are more of these but just for examples of what you are facing.

Consumers usually don't get access to FICO developed scores, since the CRAs each develope their own scores as well. Some creditors even purchase the CRAs models instead of FICO.

I usually recommend buying one score and nothing else. Like there are the monitoring services out there - don't bother with the scores they sell - will only mess you up between the difference.

I always go directly to the CRAs and buy the score they sell. TransUnion though - recommend buying the more expensive of the 2 scores they sell.

It is ok to get the scores, but to understand that it is just for your own personal developement to work from and know what next needs improvement. Scores are my favorite subject, since once you understand what makes them tick you can manipulate the results on some areas to get the best results.