Comments on: The Facts About Credit Report Accuracy

By: EFX Moderator, EM

EFX Moderator, EM — Thu, 18 Apr 2013 18:55:10 +0000

Virginia, I'm sorry to hear about your troubles. Information on your credit report is collected by the lender and sent to the credit reporting agencies. It could be that your mortgage lender is reporting less information than they should to have it completely appear in your credit file. You could call them and let them know about this issue. If that doesn't resolve it, you could also file a dispute. It's often helpful to include additional information to support your claim, such as a credit report showing the mortgage information and a statement. Please let us know if you're able to get this resolved. Thanks for posting.

By: Virginia

Virginia — Mon, 15 Apr 2013 19:57:59 +0000

Where did my mortgage account go?

I periodically check my credit score and report across all three credit reporting agencies.

After looking at a recent report, I noticed a statement that read:

“There is insufficient information about mortgage accounts. You either have no mortgage accounts, or there is insufficient information about mortgage accounts, in your credit file. People without mortgage accounts or those who do not have sufficient information about mortgage accounts are considered riskier by lenders. It is important to have various types of credit that are held in good standing in your credit file, including mortgage accounts.”

I took another look at the report, and sure enough, the mortgage account is no longer showing. On my January 2013, and on my September 2012, and on all credit reports since first taking on a mortgage in 2009, have all shown my mortgage account.

So, sometime between January and April 2013, the mortgage account was removed from all three credit reporting agencies. But by whom?

This is still an active, ongoing account and it concerns me that it is no longer visible. Even closed accounts stay on file for seven years.

How does something like this happen?

By: EFX Moderator, EM

EFX Moderator, EM — Thu, 11 Apr 2013 15:32:48 +0000

Great question. The information on your credit report is supplied by the lenders. Lenders are not required to supply this information, but it should be accurate if they do. That includes the credit limit. You can file a dispute if information on your credit report is inaccurate. Here’s a link on tips on how to file a dispute: http://blog.equifax.com/credit/how-to-dispute-credit-report-errors/

I hope this helps.

By: KH

KH — Thu, 04 Apr 2013 10:04:04 +0000

Transunion and Equifax are right on the ball when it comes to updating credit info; Equifax is EXTREMELY slow when it comes to correcting inaccuracies. I once disputed some information in my credit file. Even after the result was updated, it still said that “The consumer disputes this account information.”- which I no longer did. Since it said this (only on my Equifax “file”) I was denied a mortgage loan, and someone else bought the house that I wanted to buy. Equifax’s incompetence is to blame for my missing out on the deal of a life time. An institution so inept should not be in charge of judging people’s creditworthiness. I’d love if they were removed from the credit scoring equation, since thy are ENTIRELY ignorant and useless.

By: 1isalone

1isalone — Wed, 27 Mar 2013 23:00:08 +0000

What can the consumer do about missing information? One of my creditors does not furnish my credit limit to the bureaus (2 that I know of), this missing information was used to deny a credit limit increase with another creditor. I know I can ask the creditor to report it but if they don’t then what is a consumer to do about missing information that hurts their score.

By: EFX Moderator, EM

EFX Moderator, EM — Thu, 21 Mar 2013 14:58:50 +0000

It’s great to hear a lender’s perspective, thanks for stopping by. Your department should have policies in place about how to report to the credit reporting agencies. You can contact someone in your office about how best to handle the accounts. I hope this helps and thanks for posting.

By: EFX Moderator, EM

EFX Moderator, EM — Thu, 21 Mar 2013 14:19:30 +0000

JMC, I’m sorry to hear that. It’s not that getting those services decreases your score, but many and frequent credit inquiries can have a negative impact on your score. Here’s some info on how credit inquiries impact your credit report: http://blog.equifax.com/credit/faq-how-long-does-information-stay-on-my-credit-report/

I hope this helps. Thanks for posting.

By: Lender’s woes!!

Lender’s woes!! — Mon, 18 Mar 2013 14:59:35 +0000

As a lender I am in a catch 22…Underwriting requires us to pull a new report if an item has been disputed to show that the dispute has been resolved. We do not know when the resolution will show up on the credit report so how many times do we pull the credit..or do we wait 30 to 60 days and cost the borrower money for the fees they have incurred on the loan to wait….then to start back over and risk the interest rate going up…what do we do????

By: jmc39

jmc39 — Thu, 14 Mar 2013 01:06:24 +0000

It’s unfortunate that getting cable services or cell phone service causes one’s score to go down. I relocated back to the US and setup cable and cell phone service. These credit inquiries made my credit score go down.

By: EFX Moderator, EM

EFX Moderator, EM — Mon, 04 Mar 2013 17:38:06 +0000

Vipul, We have tips on how to file a dispute here: http://blog.equifax.com/credit/what-to-do-if-you-think-theres-an-error-on-your-credit-report/

If you have any documentation to support the claim (letters canceling service, refund notices, etc), you can make copies and mail that along as well. It could help in investigating your claim.

I hope this helps and thanks for posting.