Credit Score Mortgage Issue [Edited]

dwhiteley5034

The "Credit Card" section of my credit score shown in Quicken is including my mortgage at Chase along with my credit cards, reducing my score to a much lower value than it should be. If you are going to include mortgage, it should be a separate category since it has no reflection on the use of your credit cards.

Quicken Anja

Hello All,

Thank you for taking the time to report this issue to the Community, although we apologize for any frustration or inconvenience experienced.

This issue has been confirmed internally as a bug and it has been reported to our Development and Product teams for further investigation and resolution. Therefore, this Idea post has been changed into a discussion thread instead.

Though we do not currently have an ETA, once a solution is created it will be made available as part of a future release.

Thank you!
(CTP-3794)

Quicken Anja

Hello again,

This issue has been reportedly resolved and the ticket has been closed.

We advise anyone still experiencing this issue to reach out to Equifax for further assistance as our internal investigation also confirmed that this issue is being caused by Equifax (click here for news article reference).

Thank you!

Quicken Anja

Hello @dwhiteley5034,

Thank you for taking the time to reach out to the Community with your request.

I went ahead and changed your post to an Idea so other users who have the same or a similar request can vote on your idea by clicking the up arrow (see below).

Ideas are also reviewed by our Development and Product teams in order to improve Quicken and implement new features requested by customers.

Please, be sure to add your own vote as well.

NotACPA

Your mortgage may not be a part of your credit cards ... but it's a HUGE part of your overall "credit" and thus your credit score.

And, it's the credit scoring companies (primarily FICO) that makes this determination.  I doubt that Q can do anything about it.

Pennypincher

Dear Quicken,

This is not a feature request. This is a bug in the way that Quicken is now *inaccurately* handling/serving up the credit card information and the credit score vs. how it accurately has been for the past several years.

For a more detailed explanation of what we are seeing screen by screen, please see: https://community.quicken.com/discussion/comment/20246791#Comment_20246791

Sincerely,
A user for 21 years

cdburgerjr

I am seriously disappointed in the Quicken support community at their behavior over this change in their software. It is clearly a bug that displays "undefined" as a value for some of the fields in the credit score dialog. Mods are acting oblivious and now trying to say a bug report is an "idea" for a feature request.

I'm not voting for a "feature" that is trying to hide the fact that the correct behavior had been present for at least 7 years and changed in an update.

Quicken, Inc., please do the right thing an accept responsibility. Mods, please become more familiar with the product before making assertions about it. At the very least, understand what people are really writing before you respond to them.

adri

I concur with comments from @dwhiteley5034, @Pennypincher and @cdburgerjr. This is a new issue, obviously a bug and needs to be addressed. With all the identity theft going, this is a scare that none of us needs.

NotACPA

NOBODY ever said that it's a "Credit Card Score".  It's a CREDIT SCORE, and your mortgage is most definitely part of your credit.

Any lender that doesn't include your mortgage in calculating your creditworthiness is just plain foolish.

Pennypincher

> @NotACPA said:
> NOBODY ever said that it's a "Credit Card Score".  It's a CREDIT SCORE, and your mortgage is most definitely part of your credit. Any lender that doesn't include your mortgage in calculating your creditworthiness is just plain foolish.

You are absolutely correct, nobody in this thread ever said or even implied something called a Credit Card Score.

Beyond that, your comment doesn't make any sense to me.

We all know that there are different types of consumer debt and that they affect our credit scores in different ways. In fact, here's a primer from Equifax, the agency providing the data to Quicken, on how it sees "credit card debt different from medical bills, a mortgage or a student loan": https://www.equifax.com/personal/education/debt-management/types-of-consumer-debts/

The issue, that you seem not to be having and therefore cannot help us get Quicken to fix, is that Quicken/Equifax is now erroneously feeding one type of debt (Mortgage) into a category that is clearly titled "Credit Card Usage". And that results in an inaccurate percentage of credit card usage. The new Credit Card Usage, being wildly inflated by the mortgage loan being added in, is well beyond the "credit utilization rate of 30 percent or less across your total revolving accounts" that the credit agency wants to see. (Note: Equifax calls out "revolving accounts," which credit cards are, and mortgages are not.)

And because of this input error, the calculated VantageScore 3.0 credit score that Quicken is providing is off. WAY off.

To reiterate, what was said in the original post from early February, this is a new error introduced in a recent update. So, if you haven't had an opportunity to update your credit score in the last 20 days, you may not be affected by this issue yet. Or if you don't have credit cards and a mortgage, you may not have this issue at all. Again, here's a breakdown of what we are seeing on the various screens: https://community.quicken.com/discussion/comment/20246791#Comment_20246791

NotACPA

@Pennypincher

BALDERDASH!

The complaint is that your mortgage is being included as part of your credit score.

OF COURSE IT IS!  It's probably the single biggest component of your credit score ... and to ignore such is simply ostrich-like.

Pennypincher

@NotACPA

Not trying to pick a fight, just want to keep this thread on topic.

From the Original Post in this thread:

> @dwhiteley5034 said:
> The "Credit Card" section of my credit score shown in Quicken is including my mortgage...

This thread has nothing to do with the importance of a mortgage on the credit score. Obviously, it's important. A mortgage, however, is absolutely not part of one's credit card usage.

We're simply asking Quicken to fix this bug that they recently introduced.

NotACPA

Exactly where are you seeing this.  Because I, just now, clicked "Credit Score" at the bottom my my Account Bar ... and my mortgage is most definitely not being included in the "Credit Card Limits" calculation while the mortgage IS included in the accounts shown in the Accounts Bar.  My mortgage is several times the "Credit Card Limits" figure shown.

AND, how do you know that this is something that Q is doing ... and not something that Chase or FICO are doing???

You're wrong about the meaning of credit, and you're wrong about calling it a bug.

cdburgerjr

[Removed - Violation of Community Guidelines]

The fact of the matter is, a Quicken dialog titled "Credit Score" is displaying in a section named "Credit Card Usage" a balance value that includes the mortgage balance and my RV loan balance. This dialog also shows an incorrect value for "Percentage of Credit Limit Usage" since it includes the mortgage/RV in the calculation.

Because of this BUG, Quicken shows I am using 45% of my CC limits, when the actual value is around 9%.

In the "Age of Credit" section, a Quicken dialog displays the word "undefined" where it used to display a message regarding the meaning of the age.

I do not expect mortgages to be included in Credit Card usage and I expect a meaningful message instead of "undefined". When software behaves in incorrect ways, we can rightfully call the behavior a bug. I recognize that the data comes from Equifax, and the balance values shown by Quicken do indeed match my Equifax credit report down to the dollar. However, it is Quicken's responsibility to show in their dialog written by their programmers the correct values labeled "PERCENTAGE OF CREDIT LIMIT USAGE", "CREDIT CARD DEBT", and "CREDIT CARD LIMITS". A mortgage is in no way, shape, or form rightfully considered a credit card amount, ergo it's a bug.

I am using the latest version of Q, R.38.30.

NotACPA

Do you see the fine print down at the bottom of the dialog?  "See a problem with your credit score?  Contact Equifax".

NOT A BUG.  Q can do NOTHING about this.

Jim_Harman

To clarify, it sounds like it is a bug or an error in Equifax's data, not a Quicken bug. Everything that is displayed on Quicken's Credit Report page came from Equifax.

Have you compared the report shown in Quicken with a report that you get directly from Equifax? You should be able to get one for free if you have not gotten one in the past year.

Unfortunately the Contact Equifax link at the bottom of the page is broken.

unclealtkp

I am having the same problem, my mortgages are added into credit card usage. I did call Equifax and they told me on their credit report on me the mortgages were not in credit card usage so I disagree that it is their problem. After talking to Quicken support for an hour they told me that those numbers come from what they download from the financial institutions and I should contact them. I told the representative that the financial institutions have nothing to do with where Quicken puts the information, that was up to Quicken. I asked what Quicken was going to do about it and he again said to call the financial institutions. I again stated that it was a Quicken problem and they needed to fix it. I asked why Quicken was downloading information into credit card usage and he again tried to tell me it was the financial institution's fault. Unfortunately our call got disconnected before we were though, but I got nothing from the conversation other than Quicken was unwilling to admit they had a problem and were bound and determined to blame it on someone else.

Jim_Harman

Once again, regardless of what the Equifax rep says, this is almost certainly a problem with the data that Equifax is sending to Quicken and only they can fix it.

Is the credit score on an Equifax report the same as what Quicken shows?

ScotProf

I agree with comments from @dwhiteley5034, @Pennypincher, @cdburgerjr, @adri and @unclealtkp. When I click on "credit Score" in Quicken, my "credit card usage" section on the popup window includes the balances of not only my credit cards, but also my mortgage. The "percentage of creditlimit (sic) usage" is shown as 79% and, correspondingly, the bar-graph on the right shows me as being in the red section, "poor 61-100%". I am told that "You may be spending too much on your credit cards".

I clicked on the "Contact Equifax" link near the bottom of the window, but I was taken to an error page. So, I found the home page of Equifax, and I opened a "MyEquifax" account. I obtained a credit report. That shows the credit card usage and mortgage separately. In reality, my credit card usage is about 7%, and my FICO score is around 830 (much higher than is reported through Quicken).

So, there is no question that the credit report, as viewed through Quicken, is wrong. I don't know if Quicken is getting the correct data, but is displaying it incorrectly (in which case, it's a bug in Quicken), or if Quicken is getting incorrect data from Equifax. Either way, it seems to me to be something that Quicken should be looking into, especially since quite a few users are having similar experiences.

Sturmano

My credit score is high but when I look at details, it shows I'm using 90% of my available credit. I am not, my available credit is over 20K and I keep a balance lower than 1K. Why is it counting my mortgage as revolving credit? My mortgage balance should not be included in available credit.

Dupontnick

I am having the same problem as others. The Quicken credit report shows me as owing a rather remarkable half million dollars on my credit cards. Many hours on the phone to Equifax confirms that the problem is not with them - and they have just sent me a credit report to confirm the point. Is there any plan to fix this bug in Quicken (release R39.23)?

grumpycat

> @NotACPA said:
> NOBODY ever said that it's a "Credit Card Score".  It's a CREDIT SCORE, and your mortgage is most definitely part of your credit.Any lender that doesn't include your mortgage in calculating your creditworthiness is just plain foolish.

clearly you don't understand the problem- every idiot on the planet understands that a mortgage is part of a credit report, so spare us all the condescending attitude.

the problem isn't that the mortgage is included in the credit score, the problem is that the mortgage is being included as credit card dept in the credit score.

Credit card debt $648,512 credit card limit $767,296 credit card usage 85% of limit-
I belong to multiple credit score monitoring apps, quicken is the only one incorrectly displaying the info.

hope that helps you grasp the problem better.

NotACPA

Quicken only displays the info that it's provided.  CLEARLY you can't accept that.

liculs

To all - Equifax data is correct, how Quicken is displaying is not - period full STOP.

How anyone thinks showing Credit Card usage & combing mortgage data into that % display is ludicrous.

Quicken your smarter than that. Fix how you display the correct data coming from Equifax.

Jim_Harman

@liculs,
We all agree that the data displayed in Quicken is incorrect.

But how do you know that the data Equifax is sending to Quicken is correct? It may be correct on the Equifax website, but that does not necessarily mean that Equifax is sending the correct data to Quicken.

I think the information is formatted for display before being sent to Quicken, but one would have to look behind the scenes to know for sure.

mpage

Yes, I see this display as extremely misleading. It might be on the credit reporting agencies end, but Quicken is displaying it incorrectly. Whether or not this bug can be fixed or needs to be removed is up to the Quicken developers, but it needs resolution. Please fix this display in the next release.

Quicken Anja

Hello All,

Thank you for taking the time to report this issue to the Community, although we apologize for any frustration or inconvenience experienced.

This issue has been confirmed internally as a bug and it has been reported to our Development and Product teams for further investigation and resolution. Therefore, this Idea post has been changed into a discussion thread instead.

Though we do not currently have an ETA, once a solution is created it will be made available as part of a future release.

Thank you!
(CTP-3794)

Quicken Anja

Hello again,

This issue has been reportedly resolved and the ticket has been closed.

We advise anyone still experiencing this issue to reach out to Equifax for further assistance as our internal investigation also confirmed that this issue is being caused by Equifax (click here for news article reference).

Thank you!

Quicken Jasmine

Hello All, 

Our internal systems now show this issue as being resolved. 

Please do not hesitate to reach out with any further questions or concerns!

Thank you!
(CTP-3794)

DCU4Life

This is not resolved on my end. And the link to the article does not prove that the Equifax error earlier this year is the cause of the error in Quicken. I contacted Equifax support (they're worthless) and also opened an Equifax account to see if the error is on their end. My mortgage shows up correctly as a mortgage on their site, and not as revolving credit. But that does not mean the error is not on their end. Unfortunately, as consumer end-users, we have no way of knowing who is at fault. The way I see it there are three possibilities:
1. Quicken is at fault - Equifax is sending the correct data via API, but Quicken does not parse it properly.
2. Equifax is at fault - Equifax is lumping some mortgages and installment loans in the revolving credit category, and then passing this bad data through to Quicken
3. VantageScore is at fault - VantageScore is the third-party contractor that Equifax uses to calculate the credit scores on their website and in Quicken, so they could be the ones causing the error

With all of that said, none of the companies involved is taking any responsibility to find and fix the problem. And it is not clear that the error is actually impacting credit score calculations, or if it is simply a case of inaccurate data being displayed under the revolving credit utilization category. Sadly, it might take a lawsuit against all three parties to get anyone to take the issues seriously.

josborne3

My mortgage is listed as credit card debt on my report. How do I fix this? There seems to be a lot of "buck passing" between Experian and Quicken on this issue according to what I read here.

I filled a dispute with Experian. Got a message back that my dispute was resolved because there were no corrections needed. Tried calling Experian support and got the runaround but no resolution.

Read Experian was sued regarding this issue awhile back. Why has this glitch not been fixed either at Experian or Quicken?

JML1

Quicken reports I am at 84% credit usage. This is absolutely wrong. My correct usage is approximately 2%. The total credit card debt appears to be close, but the total credit limit of all cards, are completely wrong. It appears to me that they left off a digit which would cause the problem. The weird thing is the credit score looks right. Reading through the comments Quicken suggests the problem has been resolved but it hasn't in my case.

dwhiteley5034

Dear NotACPA, You are so far off the mark with your comments, I question whether you understand the issue. Is mortgage a part of your credit score? Absolutely! Is it part of your CREDIT CARD History? Absolutely not! No one is saying that mortgage shouldn't be included as a part of the overall credit score. Everyone is saying that in Quicken, it's showing up under the category: CREDIT CARD USAGE. That's not how it appears on any of my reports from the credit unions. Did you use a credit card for your mortgage? Of course not, so why does it show up under this category? Because Quicken doesn't report mortgage as a category. However, they take your mortgage balance plus actual credit card debt and report it as "CREDIT CARD DEBT". They then take this number and use it to calculate "PERCENTAGE OF CREDIT LIMIT USAGE" which is totally off the mark and doesn't reflect anything in the credit unions. This makes this entire section in the Quicken report useless.