Equifax Dispute Lowered My Credit Score 72 Points In 2020!
In this article, I'll cover how to dispute a record on your Equifax credit report, a simple template you can use to make it easy, and what to expect in the event that your score temporarily drops as mine did.
(Don't worry, it all came back shortly.)
Let's start with some important resources:
- How to dispute any credit bureau
- Template to dispute any record on your credit file
- If you need help, we recommend you reach out to our friends at Credit Saint credit repair
If you already disputed a record on your file and Equifax lowered your credit score or if you need to dispute something, please see the article below.
In a recent study, we found that *48% of paying, credit repair clients got a 100+ credit score gain or more. If you don't have serious time to devote to your dispute letters, we recommend you hire the pros to help. Check out our #1 choice for professional credit repair.
I have been following the Credit Knocks three step 90 day credit sprint plan and my credit score was lowered 72 points after I made an Equifax dispute of my credit history.
Luckily, a few days later I got all of my credit score points back and then some!
However, I wanted to go over how to file an Equifax Dispute and my experience so that if you suddenly see your credit score sharply fall after disputing your credit history, you won't freak out.
(Like I did... for a few seconds.)
Don't Panic! Here's what to do if an Equifax Dispute Actually Lowers Your Credit Score.
This is actually normal, and something we expected.
The first step Credit Knocks suggests is that you review your credit records from each of the big three credit bureaus (TransUnion, Experian, and Equifax) and dispute any inaccuracies.
This article is one of many I have been writing for a series titled, My Credit Journey to a 700 Credit Score, please visit the link and bookmark that page to keep up with the latest published stories.
How To File An Equifax Dispute
There really should be a lot of thought and strategy that goes into disputing an Equifax record.
Strategically, you want the record to be removed the first time you file an Equifax Dispute.
Statistically, you will have a very difficult time having the record removed if your first dispute attempt is unsuccessful.
The last thing you want to do is not include the right information or reasons for the dispute and your request be rejected.
That is why I would first recommend that you speak with one of our Top Rated Credit Repair Companies.
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Here is the reality and gravity of screwing up an Equifax Dispute...
Negative credit records will cost you tens of thousands of dollars, or more, over your lifetime in additional interest rates.
A credit repair company will cost you a couple of hundred dollars over 4-6 months of service.
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Dispute Equifax Online
To dispute Equifax online you will need to go to their website and select 'Dispute'.
Their dispute page should look like the image above.
You have two options on this page.
If you have already filed a dispute, you can check the status of that dispute by clicking the 'Check A Status' button.
If you want to start a new dispute, you can do so by clicking the 'Submit A Dispute' button, as seen above.
Once you select that button you will need to prove your identity by answering a series of financial related questions that only you should know.
After you complete the security screening section you will be given access to your Equifax credit file.
Any records that appear inaccurate you may dispute by selecting the dispute button and explaining everything that is wrong with the record.
Equifax will respond to your disputes usually within 30 days and either remove or keep the record in place after their investigation.
Credit repair services can handle all your Equifax Disputes with a much more likelihood of success than a novice credit repair do-it-yourself-er.
Save yourself the headache and get it done right the first time, click on the button below to have a free consultation with our top rated credit repair company today!
Equifax Dispute - The Facts
On March 12th, 2019, I disputed multiple records for various discrepancies with all three of the credit bureaus.
(Let’s not dwell on why I slacked a few weeks on getting to this very important step to increasing your credit score... focus people!)
A few hours later, my Equifax Vantage 3.0 credit score was lowered 72 points.
You be the judge...
Due to the fair credit reporting act, anytime your credit score is lowered or raised, the credit reporting agency must tell you what factors were considered in this change.
Because of this, I have shared with you the reasons that my credit score was lowered 72 points according to VantageScore 3.0 for my Equifax dispute and I smell something fishy!
There was 18 changes reported on my Equifax credit report for March 12th.
Two of those changes were balance decreases for my credit cards.
These are positive changes and may have even increased my credit score a point or two if there had been no other changes found on my report.
Revolving Credit Utilization
The third change found on my report is a balance increase to my brother's Bank of America card of $14,418.
OK, this is the problem with being an authorized user on someone else's credit card and may be a reason you might want to consider a Tradeline instead.
Checkout 'An Authorized User And A Tradeline Walk Into A Bar' for more on the differences between Authorized Users and Tradelines.
If the owner of the credit card charges a lot of money and then doesn't pay it off, your revolving credit utilization will increase and your credit score will decrease.
But, would it decrease your credit score 72 points?
I don't think so, my FICO credit score 8 was decreased by TransUnion (6 points) and Experian (13 points) for the exact same reported activity.
The last section of reasons for my credit score decrease contains 15 remarks to my credit report as of March 12th, in the updated account information.
This is a list of all of the accounts that I disputed information within my credit report earlier that day.
If you click on the blue plus symbol next to the 'Remark Added to Account' there is an expanded explanation with the reason it is on the list.
The remark is the same for all 15 accounts.. the reason is because 'Consumer disputes - re-investigation in progress'.
So, to sum up...
The initial credit activities were positive and should have slightly increased my credit score.
And, the third activity that increased my revolving credit utilization should have decreased my credit score between 5-20 points.
So, why did I lose an additional 52+ points?
'Consumer disputes - reinvestigation in progress'.
I think that pretty much sums it up....
Everything is exactly the same... except the credit score point reduction....
As you can see, following all this credit repair stuff can become quite intensive. If you simply don't have time or need help, see our message below.
Increase Your Credit by 100+ Points
In a recent study at Credit Knocks, we found that *48% of clients who used a credit repair company got a credit score increase of 100+ points.
Consultation is quick, easy, and free.
Equifax Dispute Results In 96 Credit Score Point Increase
The reality is that by disputing my Equifax credit report, my credit score actually increased about 50 points.
For four days, I believed that disputing a credit record could seriously hurt my credit score with VantageScore 3.0.
My world was rocked and I didn't understand...
Then I got an email saying that my credit score had increased 96 points!
Can you believe it?
A one day credit score increase of almost 100 points.
As a result of my Equifax dispute, three already closed student loan accounts were removed from my credit history that contained delinquent payment histories.
Would the removal of three old and closed accounts with a negative reporting actually result in a 96 point credit increase?
I don't think so.
I have been tracking my credit score for all three credit agencies with both FICO and VantageScore and you can see them on some real interesting comparison chart graphs by going to this article... VantageScore 3.0 VS FICO Credit Score 8 Comparison Charts.
Do not get caught up in sudden large credit score increases and decreases.
This is a great lesson for all of us who monitor our credit too closely...
Do not get caught up in sudden large credit score increases and decreases.
Don't freak out if you see your credit score decrease suddenly after you dispute some records.
Give it a few days and you should see a positive result in the end.
Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.
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