Credit Score Mortgage Issue [Edited]
Answers
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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.2 -
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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?0 -
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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.2
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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.2
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It is not resolved in the subscription Quicken. I still show 88 percent of my credit card usage and I pay off my credit card every month.2
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I too have the same issue. My data in my Equifax report and credit score are correct at Equifax. In Quicken my mortgage is added to my credit cards and shows an erroneously high usage and a much lower than actual credit score. Thankfully credit inquiries do not access Quicken where the data is reporting incorrectly, but it certainly is annoying.1
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This issue persists. I too have checked my information on credit utilization and the percentage in the Quicken Report is higher by a multiple of 5 than the number in either Equifax or Trans Union. There IS a Quicken issue and it makes this feature useless.1
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Hi all, can you please let us know if you see if you were able to see your correct credit score (if the refresh date was 6/27 or after)? Thanks!
Quicken Janean
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Still seeing the same problem, but mine does not update again until August 24, 2023. :(
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The fix was issued today @LizP, so let us know in August if you see the fix. Thanks!
Quicken Janean
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the past several updates I have gotten consistent scores in quicken as shown in my other FI's that use the same system. However, my issue with Quicken is the incorrect descriptions and explanations for the categories that show in the Quicken Program. These are just plain wrong and I think are creating a lot of the confusion and angst among users.
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I was just able to update my Credit Score and hooray! the "Poor" rating for Credit Usage has gone away and my mortgage no longer is taken into account in that section. Thank you for making that fix!
Not to open a can of worms, but I do notice two things seem incorrect (still? or maybe are new?):
- When you click on "About Credit Usage" it says: "Credit usage shows you how much you spend on your credit accounts (credit cards & HELOC) as a percentage of your total available balances (your credit limits) for all of your credit accounts. ..." However, the Credit Limit amount definitely doesn't include my available credit in my HELOC. Unfortunately (for this note), I have a zero balance on my HELOC, so I cannot say whether the Credit Usage is calculated with or without the HELOC.
- In the section "Age of Credit", my average age of credit is over 11 years, but the red-yellow-green rating sliding scale shows an inconsistent "6-8 years". Additionally, the notes above the sliding scale just say "undefined" for both the headline and supporting text.
Again, thank you for fixing the Credit Score. It really did give me a panic attack the first time I saw that crazy large number!
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