Consumer complaint received 2023-06-07
Company: EQUIFAX, INC.
State: NJ
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Problem with a credit reporting company's investigation into an existing problem
Sub-issue: Difficulty submitting a dispute or getting information about a dispute over the phone

Complaint:
On XX/XX/XXXX, my my Equifax VantageScore XXXX as reported on XXXX XXXX dropped from XXXX, XXXX points, to a new score of XXXX. As of that date, the only change reported was that Between XXXX XXXX, XXXX and XX/XX/XXXX, your XXXX XXXX credit card balance decreased by {$240.00} from {$490.00} to {$250.00}. I wasnt aware that decreasing my revolving balance by 50 % on one card would cause such a drop in my credit score.

Having made four separate inquiries/disputes as well, let me share that they've still botched each of those. 

Dispute completed on XX/XX/XXXX regarding the collection account from XXXX XXXX should have been eliminated back on XX/XX/XXXX the first time! I sent them evidence that the account was closed but still left it open for another 30 days. WHY? 

Dispute completed on XX/XX/XXXX regarding my current address. They still have botched that up. Equifax shows my corrected address on Confirmation # XXXX, yet today on XX/XX/XXXX online, Equifax still have my old address listed as current. Maybe why I cant get through to them on the phone? 

Dispute completed XX/XX/XXXX regarding XXXX XXXXXXXX XXXX. Equifax is showing that a balance of {$970.00} is owed. I paid them {$970.00} on XX/XX/XXXX. See their attached notice dated XX/XX/XXXX. Attached is their statement from XX/XX/XXXX showing XXXX balance yet your Confirmation # XXXX from XX/XX/XXXX shows that I still owe {$970.00}? Funny, it also shows the wrong address that Equifax fixed three days earlier. 

Dispute completed on XX/XX/XXXX also has my wrong address that Equifax corrected on XXXX. 

Attached you will also see my Equifax credit score currently reflecting a XXXX score. Please note that my credit utilization is at 16 %. Note that the open box states, Your credit utilization represents how much credit your using compared to the total amount of credit available to you. Keeping your account balances below 30 % of your available credit may help your score. My question is that if its 14 % under that 30 % target, how is it not helping my score? Also, why are there still accounts showing balances? 
XXXX XXXX at {$970.00} when it should be {$0.00} XXXX XXXX at {$430.00} when it should be {$0.00} My utilization reflected on the other bureaus is at 6 %. Even at 16 % Equifax system scores me at XXXX? How is that even right when I had near 50 % utilization before and my score was at XXXX? 

I want an answer to Equifax 's justification in lowering my score. Why did it drop and why has it stayed there? In advance, please let me address the Factors affecting your credit score ; Hurting your credit score They shared with me ( attached ) : Lack of sufficient credit history. I bought my first home in XXXX. My first car on credit in XXXX. I have had credit before and even my oldest piece of credit on your bureau was established in XXXX. 21 years and 8 months isnt old enough? 

Lack of sufficient relevant real estate account information. Ive mortgaged three homes in my life. I currently live MORTGAGE FREE in a XXXX dollar home that my wife carries a small balance on to offset her much larger income. Why should I carry a mortgage when I dont have to? Im saving that opportunity for income earning potentials while the market is still adjusting. Thats what most people work for or towards and these bastards hurt my credit because of it? Not fair! Since when do they grade me on my assets or portfolio? 

You have too many delinquent or derogatory accounts. 2 accounts have negative information. Both with XXXX balances because theyve been paid. The most recent was last year after my XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. Had the account had an online payment method, they would have been paid timely like all the others. That said, even with those two accounts, I had a XXXX score. I dont think they warrant a XXXX drop after the fact. 

Balances on bankcard or credit card accounts too high compared to credit limits You talk out of both sides of your mouths! In your most current report, you say I have a 16 % revolving balance when it actually is just 6 %. Even 16 % is almost HALF the 30 % limit you state is the threshold. How does this even apply to me??? 

In comparison to Helping your Credit Score there is complete contradiction to the above. 

The balances on your accounts are not too high compared to loan limits Few or no installment accounts with delinquent or derogatory payment status Few or no bankcard or credit card accounts with delinquent/derogatory status You have few or no accounts that were opened recently Theres no logic to Equifax scoring XXXX I feel that I am being unfairly targeted by the banks and bureaus Ive made complaints to. Equifax and XXXX. In both, there were some " status '' items related to my complaints that had also dropped my scores issued by the creditors in question. Again, I feel like I'm being punished for standing up for myself. I would like to see a comparable persons score with similar debt ratios. They are not here to judge me on my assets. They are supposed to score me off my performance of payments. Ive been doing financing for going on four decades now. Never have I ever seen anything like this before. It makes absolutely no sense I had made a complaint back at the beginning of XXXX and they told me they would have this fixed in five days. I've received no correspondence from them at all. My attached XXXX score from today is XXXX based off the same data. Again, there's no reason for my score to be where it is.

Company response to consumer: Closed with non-monetary relief