Thanks again for your help and your quick responses.

I'll hurry and start waiting :)

Your credit score is updated every time there is an entry made to your credit file. For example, trade creditors will report once a month to update your account with them such as showing an increase in your balance as a result of charges you have made, or a decrease in your balance as a result of payments you have made. Also, every time a "hard" inquiry is made will affect your score. "Soft" inquiries do not affect your score. Therefore, every time you request a Consumer Disclosure Report [which you request by mail which shows both hard and soft inquiries] and a Credit Report [which you pay for downloaded off Equifax's or Trans Union's website and only shows your hard inquiries] does not affect your credit score. Other entries such as collection accounts, court orders, consumer proposals and bankruptcies all affect your credit score. Also built into the FICO algorithm is the value of time. By that, I mean the longer you retain your credit cards, the higher your credit score will increase. In contrast, if you cancel a credit card, especially an older card, your credit score will drop. How much it will drop depends on your credit score at the time of cancellation. The higher the credit score at the time of cancellation, the greater the drop in your credit score. Therefore, before cancelling a credit card, give this matter careful consideration. In summary, credit scores are always in a state of flux and are changing constantly. It doesn't really matter when you request a credit score as long as you keep on top of your credit file on a regular basis.

Please see my blog on the Forum ---- Canadian Credit Repair ---- Correcting Credit Report Errors ---- Virtually Impossible. It will give you some background on what goes on behind the scene.

P.S. There is no truth to the story that credit bureaus can remove hard

inquiries from your report or will remove them. Once an inquiry is
made [hard or soft], it stays on your record.

Good Luck and have a GREAT DAY

and while I am thinking about it, I saw once on TV that said that if you contacted Equifax they could remove such items from your bureau as 'hard inquires' if you were attempting to get credit in a short time frame..or remove older items from your bureau as well.

any truth to this?

Hey Footloose,

Well this is certainly not the news that I wanted to hear, but thanks for your honesty in the situation.

I was hopeful that they would have had some level of control over this for scenarios such as this, but maybe that it is just wishful thinking.

I will take your advice and keep my eye on things every three months or so. On the same subject, do you happen to know when this score gets updated? Whether that is monthly or bi monthly ? And if so, what date? End of the month, start of the month?

Would prefer not run a credit score check at the start of the month and then find out mid month it updates.

Thanks again,
AU

The information that you received from Equifax is absolutely correct. While Equifax can amend, change or delete information in your credit file and subsequently on your credit report, they have no imput or control over your FICO score.

The FICO scoring model was originally developed in the United States by a firm called Fair Isaac and Company. The founders of the company, Fair and Isaac put together a mathematical formula or algorithm used to produce a FICO score. This algorithm is known only to Fair Isaac and Company. The three credit bureaus in the U.S. and the two credit bureaus in Canada have no knowledge of this algorithm. Therefore, without knowing the composition of the algorithm, it becomes impossible to change or adjust your score. Equifax has developed their own scoring model called a BEACON score and is generally available to their clients which is different from the FICO score. It shows the credit grantor who has requested your report the probability of you repaying a debt. Trans Union has developed their own scoring model called an Empirica score and is also made available to their clients.

Unfortunately, with your little problem, your FICO score has taken a small hit, however, with time it will improve. I would suggest that you get a score every three months just to monitor its progress. Remember, Rome wasn't built in a day so just be patient and you will be O.K.

Good Luck and have a GREAT DAY

Hi Everyone,

Looking for some assistance on the subject, below are the details

- owed debt from 2007, total amount 22.75, when I lived in Ontario and I was not aware.
- this was a change of address with outstanding money due after the move, and the money was due to Rogers.
- fast forward to December 2009, we are now in Alberta
- Global Credit was given this account to collect, and sent a letter to our previous Ontario address.
- Equifax does my address shown as updated when we moved here as we bought a house.
- the homeowner in Ontario forwarded this to us, yes, even after 1.5 years, nice people.
- I called Rogers made a payment the same day I received the letter from Global Credit
- I contacted Global Credit to inform I paid Rogers the outstanding amount
- The guy from Global was not happy, was very ignorant and belligerent and told me I could not do that, and needed to pay them.
- I provided Global with the Rogers confirmation number
- I suspect that this person might have applied this to my bureau at this time.
- I ran a credit check on myself at Equifax and found Global was on my credit bureau
- Contacted Rogers they said they had sent the necessary information to Global to close out the account
- Global was saying they had received nothing from Rogers, and that Rogers did not see payment made on the account.
- I had to fax Global my credit card statement to indicate it was paid on December 2 2009
- Once this was done, about 1 month later the account was closed, and Global and Rogers were satisfied
- another 5 weeks after that, I had my letter of release from Global marked without prejudice.
- Global stated that my situation was unique and the letter that they had sent me was to be forwarded to Equifax to have them removed from my credit bureau
- Global also said that due to my situation Equifax could adjust my credit bureau score as this was paid over 8 months ago.
- I faxed the letter of release to Equifax and asked them to remove it and adjust my credit score.
- They removed Global but no change to my FICO score (I ran a scorepower check on myself to see)
- I called Equifax today, got the Philippines, and the said that this was not true, they have no power over my FICO score and are able to do nothing.
- I was told to wait and with time my score would adjust as it should.

So with all this said, I do believe my situation may be unique, something was on my bureau that should not have been and for the past 8 months I have been battling this out.

The real problem I have is that my credit score has decreased over this time, and I am quite ticked off as this seems just downright 'unjust'.

Does anyone in the community know if this can be adjusted or I am really just out of luck?

Thanks for your ear and your help,
Alberta User