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Investigating A Error On My Equifax Credit Report

When the Federal Reserve lowered the target federal funds rate last week, lots of people started inquiring about refinancing options to see if they could get a better loan. I was among the crowd. I requested refinancing information through LendingTree and fielded a few offers before deciding that refinancing was not a viable option for me at the moment. One of the lenders pulled my credit and Equifax was obligated to tell me about it.

I learned that my score was a 643, not surprising that it’s not an awesome score because I recently closed out some balance transfer arbitrages, but the listing of items that adversely affected my score did concern me:

  1. 78 – Serious delinqncy, derog, public recd or collection with balance
  2. 58 – Insufficient length or lack of credit history
  3. L – Length of time since legal item filed or collection item reported
  4. F – Prop. of bal. to high cr. on bk rvlvng or all rvlvng accts
  5. Y – Inquiries impacted the score but not significantly

Items 2 isn’t much of a concern overall and items 4 and 5 are certainly related to my balance transfer arbitrage days, but what about Items 1 and 3? Legal item? Collection item? Delinquency? This calls for a trip to the Equifax for a copy of my credit report (my one freebie each year) and a side trip to their Equifax Online Dispute page [3].

After reviewing my account, there was one entry in the Collections category for an account with “PPL ELECTRIC UTILITIES,” a power company that appears to be located in Pennsylvania. About a year ago I cleared up some errors on my credit report from another bureau for a cell phone that wasn’t mine, an social security number linked to my account plus some address history; could this be a leftover from that account? It appears so.

What’s infuriating is that the other SSN was identical except a six was replaced with a zero and Equifax felt it was “close enough” to link to my account! I don’t understand why it didn’t have to be an exact match. Anyway, I submitted a dispute and we’ll how quickly they can get that resolved.