Credit repair

Is Equifax the culprit?

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rabarritt

Joined: 10 Sep 2008
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Posts: 1

39 Magic Points

Subject: Is Equifax the culprit?

Wed Sep 10, 2008 6:43 pm

Do you think Equifax is the culprit in the housing problem due to low scores being kept low too long? What is in it for them?

I have paid off all my debts, kept my payments on time for a full year, kept my job, and my fico form Equifax doesn't go up. Its at 587 and they show it went up to 677 (on their site) and in one second, it drops to 587. Argh!! 3 weeks later it shows 613. I really think I deserve better then that! Could they be keeping it low, or is there something wrong with their data system?

Mary

Joined: 06 Jul 2006
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Posts: 324

8704 Magic Points

Thu Sep 11, 2008 10:38 am

Hi Rabarrit
Paying off your debts on time does not necessarily mean that your credit score would improve by greater amount. This is because, the credit score rises substantially only if you make the creditor agree for a pay for deletion agreement in writing before you pay off the debt so that as soon as the debt is paid in full, the creditor removes the negative listing from the report. Now, since the negative listing is still there in your credit report, the score cannot go up to such high levels so soon. The score has increased from 587 to 613 only because you have made payments on time for the last one year.
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carol

Joined: 27 Jun 2006
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Posts: 375

10293 Magic Points

Thu Sep 11, 2008 11:02 am

I agree with Mary and I don't think that there is any problem with the data system. To improve your credit score, you should continue making timely repayments on your existing debts so that your repayment history improves with time. Moreover, since you already have existing debt, you should not apply for new lines of credit, nor should you spend more than 30% of the existing limit on your credit cards. If you continue regular repayments for the next two to three years, your credit score would gradually reach above 650 and once all the negative listings gets removed from your credit report, you can expect your credit score to cross 700 points.
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Carol

fireyone

Joined: 26 Feb 2008
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Posts: 2858

1966 Magic Points

Thu Sep 11, 2008 4:59 pm

This is great advise. I never kn ew that you should leave most of your credit limit open until I came here and now I am working on payng down debts to at least that marker point.

goodnatured

Joined: 03 Nov 2007
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Posts: 3137

5332 Magic Points

Sat Sep 13, 2008 12:32 am

That is a big ripple up and down like that, how does your score look on the other credit reporting agencies?
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!

fireyone

Joined: 26 Feb 2008
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Posts: 2858

1966 Magic Points

Sat Sep 13, 2008 1:17 pm

Good question. I hear that your score is not the same on all three.

Justin

Justin

Joined: 17 Jul 2006
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Posts: 417

10874 Magic Points

Wed Sep 17, 2008 7:13 am

Yes, the FICO score for each of the three credit bureaus are different because they are based on the information on your credit report. Now since there are sometimes differences in listings in the credit report, the score vary from one bureau to another. This is the main reason why some creditors use middle credit score and average credit score for determining the credit worthiness of the borrower. The avarage credit score is mostly used by sub prime lenders who provides loans and mortgages to people with poor credit scores.
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Justin

fireyone

Joined: 26 Feb 2008
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Posts: 2858

1966 Magic Points

Thu Sep 18, 2008 1:56 am

Is it any wonder we are all confued? It really does make a lot better sense to do it that way though.


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