How do I correct FICO errors in compiling their report on my credit?

[Anonymous]

FICO is reporting that I am seeking to establish credit.  That is not so.  I am not doing that but I am using my Visa card frequently.  FICO also reports that I "make frequent use of my credit card".  That is true. I shop and buy online and use my Visa card to pay for the things I buy, but I also pay my Visa card in full each month.  FICO claims I have a high amount of outstanding credit and that is not so.  I have borrowed cash from US. Bank at 0% interest for one year and I am paying it back rapidly in order to have it paid in full within the year.   I have 2 (two) outstanding credit accounts, my Visa card and the US Bank loan.  These are in addition to my mortgage.  FICO makes me feel like it thinks I am a worthless neer-do-well, and I don't like that at all.

[guiness56]

Where are you getting this information?  Is it from reports pulled from one of the three CRBs?

[IOBA]

Your mortgage balance (principle) and your personal loan balance (principle) and whatever reports on your cc each month to the CB's are the numbers that FICO takes into consideration when calculating your debt.

In your mind, it's not a lot of debt.  In FICO's computer chip, it's a WHOLE lot of debt!

As your mortgage gets paid down, FICO will re-evaluate the debt load.   

Here are my numbers (when I get the mortgage):

Mortgage principle 270,000

Personal loan  (current balance) 9,100

CC (paid in full each month) 40

Total debt (that FICO sees) = 279,140.   <----  That's a LOT of debt!

What I see

Mortgage 1,100

PL 189

CC 40

Total monthly obligation = 1,329  <---- Not a lot of debt!

My PL is also at zero percent interest rate.   And at the rate things are going, will be paid off (or nearly paid off) by the time I get my mortgage, if I ever close on the house).

Hope this helps.