Derog removal

[rredstick9]

Good news, I got a comcast collection account removed off my credit reports.  Using one of the letters you all suggested worked.  I am working on some others.  I pulled my credit report and I do not see the negative item on there any longer however my score did not change.  How long would that take for the score to change?  Is that normal for the item to be removed but no score update???

Thanks, 

[llecs]

Where are you getting your score(s) from?

[rredstick9]

Experian.com

[llecs]

Ignore their score, because it isn't a FICO score. Lenders don't use it either. IME, their services have offered a PLUS score (a FAKO) and that doesn't always update daily, even though they say it does. In any case, you can't assume that if the FAKO increases FICO would too, or vice-versa.

[rredstick9]

Sorry I am not understanding fico or fako what should I go by and how do I get the real score? Thank you

[llecs]

Lenders and creditors will rely on info on your CR when you apply, and most all of them will look at a FICO score as a basis for credit risk. "FICO" is a branded name for "credit scores", like "Band-aid" is for bandages or "Koolaid" for watered down sugary drinks. When someone asks for your credit score, the implied assumption is that it's a FICO score.

Unfortunately many companies have capitalized on that assumption and created a fake score (we call a FAKO) to either, 1) compete with FICO for other lenders, or 2) provide a non-FICO credit score for educational use or entertainment purposes. Virtually all lenders use FICO, but there are many FAKO scores out there available for purchase. Google "credit score" and you'll see hundreds of sites offering FAKO credit scores. These include Experian.com, TransUnion.com, freecreditscore.com, freecreditreport.com, tripleadvantage.com, creditkarma.com, creditsesame.com, privacyguard.com, truecredit.com, and hundreds of others. None of these offer FICO scores. Lenders don't use these other FAKO scores for the most part. In fact, sites like freecreditscore.com say their score isn't used by lenders and is "for educational purposes only". These FAKO scores can increase when FICO decreases and vice versa. They include stuff that FICO does not score, and vice-versa. The score ranges are different too.

Here are the only places you can get a FICO score:

Equifax - you can get your EQ FICO from myFICO.com, your lender, and from a couple of services within Equifax.com (3-1 w/ 4 FICO product, their version of ScoreWatch, and via  a single report and single score purchase provided it says "FICO"). They do sell a FAKO called an "Equifax Credit Score" so be careful.

TransUnion - You can only buy your TU FICO from myFICO.com or from your lender.

Experian - you can only buy your EX FICO from your lender. Experian blocked consumer access to your FICO a couple of years back and they won't let you buy it from anywhere without the help of a lender.

Aside from the above, there are some banks and CUs that offer FICO scores as a benefit or service. For example, you can get your EQ FICO for free or at a reduced price from Digital Credit Union, M&T Bank, and Unitus Community Credit Union. You can get your TU FICO from Wal-Mart if you have one of their CCs. Finally, you can get your EX FICO for free if you have a checking account with PA State Employees Credit Union (PSECU).