Hello Chris and thanks for your email.
Each of the three (3) credit reporting companies, Trans Union, Equifax, and Experian use different data to create their FICO scores, but the percentages for determining FICO remain relatively constant. As a result, you're likely to have a high score with one, a low score with another and middle range score with the third. When a mortgage broker or lender states that the minimum FICO for a conventional loan is 720, they are actually referring to a "mid score" rather than just one score. The mid-score or "middle score" is actually calculated by taking your highest score of the three agencies, the lowest score of the three and finding the score in the middle. Thus, if Experian is 700, Equifax 720 and TransUnion is 760, then the middle score is 730--halfway between the highest and lowest value.
At present, if your highest credit score is 746 and your lowest is 676, then your middle score is 711--just a tick away from where you need to be.
Work with your loan broker to have the recently paid debt and verification of payment noted to your account. In some cases, the lender can get your FICO rescored in one to two days. However, you'll need to provide to the broker a copy of the receipt showing the payment received in full by the vendor who filed the claim.
Area Pro Realty