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Ladies/Gentleman,
There is a vast amount of information regarding child support and its affect on FICO scores. I would like to get a definitive answer once and for all!! If your child support is in arrears or reporting late currently or in the past, does that affect your FICO scores? I have read that FICO does not factor child support information, positive or negative. Which is correct? Does any type of child support information affect your credit score whether it be positive or negative? Thank you everyone for your help! Have a great day!
@Anonymous wrote:Ladies/Gentleman,
There is a vast amount of information regarding child support and its affect on FICO scores. I would like to get a definitive answer once and for all!! If your child support is in arrears or reporting late currently or in the past, does that affect your FICO scores? I have read that FICO does not factor child support information, positive or negative. Which is correct? Does any type of child support information affect your credit score whether it be positive or negative? Thank you everyone for your help! Have a great day!
Hello and welcome.
FICO will exclude certain items from your CR and one of those is child support. It doesn't matter if you are reported late throughout or on time, FICO will completely ignore that account.
Here's a quote from Barry, admin on myFICO:
FICO scoring is unbiased because it does not consider race, color, sex, marital status, salary, residence location, interest rates being charged, child support or rental agreements. FICO only looks at credit behavior which results in more consistency as to who gets approved and who doesn't. Using credit scoring, lenders can focus only on the facts related to credit risk, rather than their personal feelings.
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
Thanks for the reply! I have read that before but I have also read things on this forum that contradict that so I was trying to get a definitive answer. It says that it doesn't consider child support, but not very clear on whether it considers them when they go delinquent. Thanks for your responses in advance!
@Anonymous wrote:Thanks for the reply! I have read that before but I have also read things on this forum that contradict that so I was trying to get a definitive answer. It says that it doesn't consider child support, but not very clear on whether it considers them when they go delinquent. Thanks for your responses in advance!
FICO will completely ignore that account whether you are reported late throughout or on time
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
Thank you so much! You have ended a heated debate here in our office! Thank you!
While I believe you as you are an administrator, the folks who are disagreeing with me are asking if FICO clearly states the specifics in writing as it pertains to child support. Is there anywhere to find that?
@Anonymous wrote:While I believe you as you are an administrator, the folks who are disagreeing with me are asking if FICO clearly states the specifics in writing as it pertains to child support. Is there anywhere to find that?
I'm only a moderator. The administrator of this site who was quoted has these credentials:
I'm not sure how much higher on the food chain they'd like to go?
But I'll see what else I can find.
You know though that some folks won't admit they are wrong about something no matter what evidence is presented.
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
You are absolutely right!!! They contend that it says that "it does not consider child support" and it does say that but that it could be interpreted as it doesn't consider child support unless there is a delinquency. I think that if it doesn't consider it, it doesn't consider it but they think that a late payment or collection of any kind will affect you. What are your thoughts?
Here is a link that talks about What's Not In Your Score.
Among other things it says: Any items reported as child/family support obligations or rental agreements.
ETA: The key word being "Any".
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
Yeah, that link references what we are in the office are in disagreement about. They say that it does not consider any items meaning any tradeline that is a child support tradeline but that once it reports as an I2 or O2 - 9 that it will be considered. I think that no matter what the status that it will not consider it. Has that always been in affect or was it new to FICO 08? Are there any FICO scoring modules that do consider it? Thanks for all your help.