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Has anyone else seen this?

So the credit bureaus can now change your credit score by you just asking?!?!

AC *not sure I can trust them after years of dealing with their errors*
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Has anyone else seen this?

Can you be more specific on what you've seen or done that you think initiated the change? A credit boost could be due to any one of many different factors.

So the credit bureaus can now change your credit score by you just asking?!?!

No, the credit bureaus don't change your credit score 'by you just asking'. If you are disputing an item that is impacting your credit score, the impact that the item is having will usually be removed from your credit score while the dispute is ongoing. If the resolution of the dispute is in your favor, then the score will remain the same, all else being equal. If the resolution of the dispute is in the creditor's favor, then the item will go back on your credit report, and the impact will again be seen in your credit score.

AJ
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So the credit bureaus can now change your credit score by you just asking?!?!

And just to be clear: a dispute IS more than 'just asking'. You are challenging the validity of what the creditor has reported to the credit bureau. Since the creditor has the opportunity to respond within 30 days about why they think the information is correct, and they generally do respond, you need to provide enough information to the credit bureau to prove that you ARE correct, and that the information provided by the creditor really IS wrong.

And don't let the fact that the impact of the disputed information will be removed during the dispute process lull you into thinking that you can get a boost to your credit score any time you need one. First of all, there is a notation on your score report that information is being disputed, so the creditor is likely to ask for a new report in 30 days, and may wait until that new report is received before granting you any credit - this is especially true with mortgages. Secondly, if you dispute the same item(s) multiple times without providing any new proof, your disputes will be denied as 'frivolous'.

AJ
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This is what I'm talking about.

https://www.experian.com/consumer-products/credit-score.html...

AC *it wasn't about my credit changing*
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Secondly, if you dispute the same item(s) multiple times without providing any new proof, your disputes will be denied as 'frivolous'.

My experience with disputes has been a little more complicated. I filed a dispute with all three credit bureaus, but since they all work at different rates they pass bad info back and forth before the dust settles.

I've had a couple of items that I disputed and they were removed, and then two years later they show up again when I applied for a refi. When I sent them the documentation saying that the items had been investigated and removed, they said they had gotten the info from one of the other credit bureaus.

AC *just completely exasperating*
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AlsoChorizo,

You wrote, This is what I'm talking about.

https://www.experian.com/consumer-products/credit-score.html......

AC *it wasn't about my credit changing*


This looks like they want you to volunteer to give them access to accounts you have with 3rd parties that don't report to them... This may or may not boost your credit. Also whether or not that does you any good depends on whether the scoring model a prospective lender uses would even consider the information.

What this does for Experian seems obvious though. Having more historical data on consumers than their competition in theory increases the value they offer to lenders. So this also becomes a marketing tool for Experian when they sell their knowledge about you.

As a potential lender, the problem I see with this data is that it suffers from selection bias, so it may not add significant value as it can inappropriately skew results. But I'm not sure many lenders are sophisticated enough to understand the potential risks using this information might present.

- Joel
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But I'm not sure many lenders are sophisticated enough to understand the potential risks using this information might present.

Just as people out there think that your privacy settings on FB and other social media will protect you.

AC *experian is acting like a data mining company and not a credit bureau*
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*experian is acting like a data mining company and not a credit bureau*

I would say that Fair Isaac (the company that developed credit scoring) and the credit bureaus are actually some of the original data mining companies. They were mining data back in the 50s and 60s.

As far as the 'credit boost' - it's another attempt to be add a population without conventional credit to he credit bureaus list of potential lending customers, which will then be sold to lenders. Alternatives to credit scoring have been tried in the past, but are generally not as successful as credit scoring. For instance, FHA allows alternative credit information, like proof of rent payments, utility payments, etc. But FHA loans generally have higher default rates than conventional loans. And subprime lenders have tried (and mostly failed) to profitably make loans to the 'unbanked' population.

As Joel pointed out, the 'boost' in credit score may or may not actually occur. Even the Experian link you provided has fine print that says:

Results may vary. Some may not see improved scores or approval odds.

And even if the customer sees a 'boost' to their credit score, that doesn't mean that any lenders will want to use the higher score. Also in the fine print from the link:

Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether.

and

Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.

AJ
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