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FICO® Forums >
FICO Scoring and Other Credit Issues >
Understanding FICO® Scoring >
Late payments after charge-off
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Late payments after charge-off
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Quest76
Visitor
Posts: 4
Registered: 07-05-2007
Message 1 of 27
Viewed 9,337 times
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Hello, On my Experian and Equifax reports, I have a Bank of America account that shows late payments taking place within the last 10 months, while the account had a last activity date ranging from Nov 2002 to Aug of 2003 (the 2 reports varied). I don't understand how someone can be late on an account 3 - 4 years after it had been charged off. My credit reports that I had received directly from those credit bureaus do not reflect those recent lates, only the myFICO reports do, and I have a feeling that these recent lates are negatively affecting my score. I spoke with a rep of yours a few months back and he had told me that those recent lates are very likely hurting me, and he suggested that I dispute with the credit bureaus directly. Although they were not showing on the credit bureaus reports, I followed that advice. The reports came back looking the same (without those lates), but they are still showing on the myFICO reports. (Equifax ended mixing mine and my brothers files which dropped my score further, but that's another story). My question: Can you guys remove the lates that had taken place AFTER the last activity date, especially when those lates are not even showing on the credit reports issued by the credit bureaus directly? Thank you for your anticipated help and for opening up this type of dialogue with your customers.
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07-05-2007 02:38 PM
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Re: Late payments after charge-off
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Quest76
Visitor
Posts: 4
Registered: 07-05-2007
Message 4 of 27
Viewed 9,288 times
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Tuscani, Question... they can legally report something as 90 days past due when it's more than 1,800 days past due? Wouldn't 90 days late imply that a person stopped paying an account just a few months ago? As most in this forum know, recent negative activity is much more damaging to the FICO score than older negative activity. If the credit bureaus themselves are not reporting it as 90 days late in December of 2006, why is Fair Isaac? If your answer is the same: "because they can legally do it," you may be right, you may be wrong... it would probably take a legal precedent from a judge to clarify that argument. But that's not my point. My question is... why would they go through the trouble of changing the credit bureaus reporting knowing full well it will artificially lower my score? For example, if slapping someone was legal, why would someone want to slap another person to begin with?... simply "because it's legal?" Something may be legal, but it if causes harm to another person and can be justified as "legal", well then that's just malicious, plain and simple.
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07-06-2007 08:11 AM
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Re: Late payments after charge-off
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Quest76
Visitor
Posts: 4
Registered: 07-05-2007
Message 6 of 27
Viewed 9,275 times
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Tuscani, My EXPERIAN report directly from EXPERIAN reads: 30 days as of Feb 2003.... then 60, 90, 120, 150, 180, C/O follow right after. No more "late payments" from that point. My EXPERIAN report from myFICO reads: 30 days late - 6 times 60 days late - 1 time 90+ days late - 3 times (Dec 2006, Sep 2006, Oct 2003) _____________________ All I've asked was for Fair Isaac to remove those dates next to the 90-day late field? EXPERIAN does not even have those lates. The Fair Isaac rep told me I would have to dispute it with the credit bureaus directly... I did... the credit bureaus came back with the same info that they've always had, WITHOUT those lates. Fair Isaac took it upon themselves to add those dates. This is done with EQUIFAX as well. The only one that is reported accurately is TRANSUNION, which also happens to be my highest score.
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07-06-2007 09:25 AM
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Re: Late payments after charge-off
[ Edited ]
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2IMPROVE
Regular Contributor
Posts: 62
Registered: 07-03-2007
Message 9 of 27
Viewed 9,230 times
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I called Experian today regarding this, and was informed that I need to contact the creditor. She said that I previously disputed the item and it proved to be valid. I told her at the time the status did not say what it says now " Charge Off/Now paying". She was very short with me and said I needed to contact the creditor. I sent a certified DV letter to the creditor today.
Message Edited by 2IMPROVE on 07-06-2007 02:37 PM
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07-06-2007 02:36 PM
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Re: Late payments after charge-off
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Quest76
Visitor
Posts: 4
Registered: 07-05-2007
Message 13 of 27
Viewed 10,291 times
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Hi Tuscani, Just following up: In my email dated 7/6/07 @ 9:25am I explained how Fair Isaac added those recent dates of being 90 days late on the myFICO Experian report (whereas Experian directly does not show those recent dates). In your email dated 7/6/07 @ 1:23pm you mentioned that Fair Isaac cannot add information, but that you were going to look into this. Just checking to see if you've gotten any feedback about this? Thanks Tuscani.
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07-11-2007 07:08 AM
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Re: Late payments after charge-off
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Noah_Bodie
Super Contributor
Posts: 4180
Registered: 03-11-2007
Message 16 of 27
Viewed 10,261 times
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dazednconfused wrote: you pay the charge off, zero balance the account and it's still reported as derog. So much for accurate reporting....
It is accurate. A paid CO is a derog.
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07-11-2007 11:19 PM
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Re: Late payments after charge-off
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Noah_Bodie
Super Contributor
Posts: 4180
Registered: 03-11-2007
Message 18 of 27
Viewed 10,253 times
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dazednconfused wrote: Apparently. But it sure doesn't seem right to me. How are you supposed to get ahead when you do the right thing? BTW Noah, do you know how long it will stay on your report? From the date of the CO or the date that you paid the CO? I do hope it is from date of charge off or first delinquency...
This is something I often rant about, and I'll take the opportunity to do so again. Never pay a collection or chargeoff, unless: a) You have to (served with a summons and complaint or you think they will, Prime mortgage lender won't give you a home loan until you PIF the CO or COLL, et al.) b) You get them to agree to PFD They prey on a person's lack of knowledge. You, me, and many others have been stung by this. Talked to too many people who've seen paid COs and paid COLLs drop from their CRs and they've seen big score improvements. It is complete B.S. to believe a paid CO or COLL does you any good. It is complete B.S. to believe that simply paying a CO or COLL does you any good. Paying a CO or COLL does not change the CRTP. Still drops 7 years, give or take 180 days, from DOFD. If it is now paid, try a GW letter to the OC. If it was settled for less than the full amount, then methinks one has grounds to pursue a PFD still.
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07-12-2007 10:08 AM
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Re: Late payments after charge-off
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Noah_Bodie
Super Contributor
Posts: 4180
Registered: 03-11-2007
Message 21 of 27
Viewed 8,726 times
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Calamity wrote: Lates always help your scores!
I beg your pardon?
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07-12-2007 05:55 PM
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Re: Late payments after charge-off
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 fused
Moderator
Posts: 13940
Registered: 03-12-2007
Message 22 of 27
Viewed 8,722 times
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Noah_Bodie wrote:
Calamity wrote: Lates always help your scores!
I beg your pardon?
I wish I could say it looks like a typo! 
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07-12-2007 07:26 PM
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Re: Late payments after charge-off
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Revike
Super Contributor
Posts: 582
Registered: 05-04-2007
Message 23 of 27
Viewed 8,716 times
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fused111 wrote:
Noah_Bodie wrote:
Calamity wrote: Lates always help your scores!
I beg your pardon?
I wish I could say it looks like a typo!
It is a typo: e-l-p should have been u-r-t. Only three letters mistyped. Very common mistake ...
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07-12-2007 08:17 PM
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Re: Late payments after charge-off
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Tuscani
Moderator
Posts: 6450
Registered: 03-29-2007
Message 24 of 27
Viewed 8,714 times
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Quest76 wrote:
Hi Tuscani,
Just following up:
In my email dated 7/6/07 @ 9:25am I explained how Fair Isaac added those recent dates of being 90 days late on the myFICO Experian report (whereas Experian directly does not show those recent dates).
In your email dated 7/6/07 @ 1:23pm you mentioned that Fair Isaac cannot add information, but that you were going to look into this.
Just checking to see if you've gotten any feedback about this? Thanks Tuscani.
I suspect it is a display error with the new report format. Assuming that is the case, your scores shouldn't be affected.
--------
CREDIT SCORING 101 - FREQ REQ THREADS - GW - PFD - RECONN
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07-12-2007 08:20 PM
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Re: Late payments after charge-off
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Noah_Bodie
Super Contributor
Posts: 4180
Registered: 03-11-2007
Message 25 of 27
Viewed 8,702 times
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Revike wrote:
fused111 wrote:
Noah_Bodie wrote:
Calamity wrote: Lates always help your scores!
I beg your pardon?
I wish I could say it looks like a typo!
It is a typo: e-l-p should have been u-r-t. Only three letters mistyped. Very common mistake ...
Wish I could say I agree, but I suppose I'm just going to have to set charges and blow the bridge before any more crawl out from under it.
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07-12-2007 11:40 PM
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Re: Late payments after charge-off------Tuscani????????
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cbjn1103
Regular Contributor
Posts: 144
Registered: 06-01-2007
Message 27 of 27
Viewed 8,234 times
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Prior to my eailer post today, I searched the forums and I am still searching the forums for an answer to my post. This is a copy of your post to the op ___________________________________________________________________________________ Quest76 wrote:
Hi Tuscani, Just following up: In my email dated 7/6/07 @ 9:25am I explained how Fair Isaac added those recent dates of being 90 days late on the myFICO Experian report (whereas Experian directly does not show those recent dates). In your email dated 7/6/07 @ 1:23pm you mentioned that Fair Isaac cannot add information, but that you were going to look into this. Just checking to see if you've gotten any feedback about this? Thanks Tuscani.
your post back to the op was: I suspect it is a display error with the new report format. Assuming that is the case, your scores shouldn't be affected. __________________________________________________________________________________ According to my scorewatch that I purchased today, it said that one factor hurting my score was one late payment within the last 7 months. Cap One is the only one showing a late payment in that time frame. I only have one other late payment, that was to JC Penny over five years ago and it was a 30 day late. Also, since this cap one acct is co and closed, dola was 05/2002. How can you be late on a closed account? I read over the FCRA and it states that if neg. info is reported, they must notify you within five days.
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11-09-2007 03:10 PM
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