Personal Finance

Okay smarty pants ... credit reports need help!

  • Last Updated:
  • Jan 13th, 2017 8:16 am
[OP]
Jr. Member
Jul 16, 2015
107 posts
12 upvotes

Okay smarty pants ... credit reports need help!

I've got some debt. I'm working on paying it. Okay now that I've got that out there I decided to check equifax and transunion to see my scores. Equifax - 766 .. good. Now transunion ... 669? Which blows. I have a derogatory account on here from the city of toronto for 51 dollars ... no idea what its for. It's not on my other report. I'm confused and mad because I've never had a late payment and I'm dillegently repaying my loans. Anyone have any experiences with this? I'd really want both scores over 700 by July. Help!
24 replies
Deal Guru
User avatar
Mar 23, 2008
11545 posts
7819 upvotes
Edmonton
As the other poster said... Your only recourse is to contact them and get it removed. Not much we can do for you.

C
Deal Fanatic
User avatar
Aug 24, 2016
7482 posts
7612 upvotes
The Prairies
Here I find myself saying this yet again!
Ignore TransUnion TransRisk credit score.
It is inaccurate, and totally useless as even an indicator to your credit worthiness.
It's been found to be as such by many many people.
Again, ignore it altogether. It's not worth worrying about or losing sleep over.
Member
Sep 9, 2016
204 posts
68 upvotes
Toronto
Make some phone calls and find out what the debt is about (obviously). The only chance that you get this deleted is if it was done in error and they correct it by you disputing it.

Remember that if it is a collection agency, there is the risk that by contacting them you are bring in attention to your account and they might remember that they forgot to report this debt to Equifax and update that too.

Also any payments on this account would result in a reset of date of last activity to the payment date which will affect when it drops off.

What do you need it for? If its for a mortgage i know RBC has been known to overlook this but will ask you to pay it off and they will want proof of payment.

Most other creditors, lucky for you, use Equifax rather than Transunion.
Deal Addict
Sep 24, 2010
1921 posts
215 upvotes
I got couple of wrong entries removed from Transunion myself too. GIve them a call
[OP]
Jr. Member
Jul 16, 2015
107 posts
12 upvotes
I'm stressed out to the max over this score. I just don't get how it can be so low in comparison to my other score at Equifax. My mortgage is up for renewal in August of this year, so I would like to have the best credit score possible. I've never had to renew before, and I'm worried about the process with MCAP. I'm really just disappointed in myself. Grr.
[OP]
Jr. Member
Jul 16, 2015
107 posts
12 upvotes
Maybe.

Can't really believe they'd put it on my credit report - thought that they'd get the money via plate renewal?
Newbie
Sep 21, 2016
4 posts
2 upvotes
I don't think you need to be stressed. I am a banker and most banks put a higher priority on their internal behavioral score (so in your case if you go to a bank that you already do business with, your credit score is just complementary.) And As I posted on another thread, the score that the bank uses is pretty much different than what you saw.on either transunion or equifax

cfpb-orders-transunion-equifax-pay-dece ... s-2072929/
Banned
Jul 18, 2016
2014 posts
780 upvotes
NatashaD097816 wrote: Maybe.

Can't really believe they'd put it on my credit report - thought that they'd get the money via plate renewal?
That's a good point. You're right. Can you see the name of the collection agency? You should call them and find out what its about.
Sr. Member
User avatar
Dec 28, 2010
628 posts
280 upvotes
NatashaD097816 wrote: I'm stressed out to the max over this score. I just don't get how it can be so low in comparison to my other score at Equifax. My mortgage is up for renewal in August of this year, so I would like to have the best credit score possible. I've never had to renew before, and I'm worried about the process with MCAP. I'm really just disappointed in myself. Grr.
... well I wouldn't worry about that too much. Mortgage companies are more interested to see if you made payments on time (on your credit cards, loans, etc).
I helped a couple with a credit score far worse than yours and even they got a better rate than before.
Do you want to meet the love of your life? Look in the mirror. | Byron Katie
[OP]
Jr. Member
Jul 16, 2015
107 posts
12 upvotes
I've never had a late payment. I called transunion and they said its because of the collection. I'm gonna take care of that and hopefully it'll go back up.
Sr. Member
May 29, 2012
511 posts
177 upvotes
Southern Ontario
I do for my rental house.
I went through mortgage broker and they were one of the few willing to put the reno costs into the mortgage for a rental.
I heard from my lawyer that did the deal, she thought MCAP to be one of the more difficult companies to work with as far as paperwork.
I know they asked me for a TON or documentation, more than I thought was necessary. One thing they did which I thought was a bit sneaky was when I was going over everything with my lawyer before closing date, the MCAP paperwork said the wrong mortgage rate, it was 0.1% higher then I had gotten approved for with the broker, not a big deal but I was already frustrated with them so it pissed me off but one call to my broker got it corrected.
paying variable prime -0.4% for a rental, the best I could find that would include the renovation costs of $20,000.

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