Credit report kind of confusing?

Question

I had a collection account that I paid off afew months ago. On transunion and Equifax it says 0 balance, on Experian it still says I owe the collections. I'm tryin to dispute it right now. But, when I checked my credit scores Experian was way higher then the other two. Experian is 666, Transuinion was 644, and Equifax 611. I have two credit cards as well that showed all all three....but I don't understand how the one with a collections still on there is higher then the rest??

Answer 1

They might use a different scoring system.  There is no exact standard on how to score your credit report information.

Also, they might not be scoring exactly the same accounts.  Not all lenders subscribe to all three credit bureaus, the information contained in one report might be more favorable to you than the information in the other reports.

Answer 2

Unfortunately the CRA's do not share information.  Some lenders and banks report to all three, then some only report to one.

Send a certified letter/return receipt to Experian explaining the fact the debt has been paid.  Include copies from the other 2 agencies as well as any receipts from the original creditor showing payment has been made.

CRA's run like the government, they are never correct, they loose information, and they don't communicate among each other, and unless you do everything in writing, nothing gets done.

As to how the scores are calculated, well, even Einstein couldn't give you an honest answer.

Hope this answers your question.

Answer 3

They all have different scoring systems and not all creditors give the information to all the agencies. You are doing the best thing by submitting a dispute. It may be that just have not updated the record yet.

Answer 4

I guess it is because you probably have another wrong items in some of those 3 reports.

You can use credit repair agency, for example this one - http://creditreport.fateback.com

They will clean lots of such bad stuff from your credit report - and do it much faster than yourself, so your credit will go up.