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Moderator
guiness56
Posts: 22,406
Registered: ‎01-17-2008
0

Re: Need serious advice

That analysis comes from the CRA not FICO.   The CRA see the inquiries as hurting your score but FICO only counts them as one.

Member
Hoss_Delgado
Posts: 18
Registered: ‎01-04-2013
0

Re: Need serious advice

That was a bit confusing because I am looking at that here at myFICO and being shown that it is hurting my score. I am new to this so I guess I am going to have to catch on to a lot. So the ScorePower section is all Equifax.... in Fair Issacs determines what my FICO is based on that report.

 

Crap! Do you have 3 separate FICO scores?

Or one average FICO based on the info from all 3?

 

I am going to be mad if I am paying FICO for my score and only getting to see one of the 3.... lol. 

Moderator Emeritus
webhopper
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Need serious advice

In my recent experience with mortgage inquiries... they counted as one for 30 days and at the end of 30 days my score dropped around 15 points from inquiries. the inquiries plus a high balance reporting on my only credit card at the time made me lose mortgage approval and I had to start.from.scratch and ended.up with a 20 yr loan instead of a 30 year loan.

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Moderator
guiness56
Posts: 22,406
Registered: ‎01-17-2008
0

Re: Need serious advice

[ Edited ]

You have 3 separate FICO scores because there are 3 different CRAs.  However, TU and EQ are the only ones a consumer can buy.  EX quit selling theirs to the consumer in 2009.  Other than myFICO, it is hard to even find those.

 

Where are you getting your score?

Member
Hoss_Delgado
Posts: 18
Registered: ‎01-04-2013
0

Re: Need serious advice

I clicked your 101 link and see the answer there. Very informative.

 

I am still mad though. I came to FICO to get my real score lenders use. But I am only getting 1 of 3 they might use. How cheesy. I'm disappointed. So how do I go about getting the other 2?

Moderator
guiness56
Posts: 22,406
Registered: ‎01-17-2008
0

Re: Need serious advice

[ Edited ]

I thought you could get TU and EQ here.  You can't get EX anywhere any more except through a lender.

 

There are many different flavors of FICO. 

Member
Hoss_Delgado
Posts: 18
Registered: ‎01-04-2013
0

Re: Need serious advice


guiness56 wrote:

You have 3 separate FICO scores because there are 3 different CRAs.  However, TU and EQ are the only ones a consumer can buy.  EX quit selling theirs to the consumer in 2009.  Other than myFICO, it is hard to even find those.

 

Where are you getting your score?


 

myFICO.com

When I log into my account it says Fair Issac Corp in the browser.

 

So in hindsight I should have paid the $18 or whatever to get my TU Report? And then I would have had my TU FICO? Crap. I did not know there were 3 and you would think since there are 3 that FICO themselves could provide all 3.

Moderator
guiness56
Posts: 22,406
Registered: ‎01-17-2008
0

Re: Need serious advice

Even though there are 3,  each one is owned independently.. Fair Issacs is for the scoring models and has nothing to do with the CRAs or who they choose to make their FICO scores available to.

 

Yes, you could have got both.

Member
Hoss_Delgado
Posts: 18
Registered: ‎01-04-2013
0

Re: Need serious advice

I still don't feel any more comfortable or convinced about the original topic.

 

I still fear that fighting to remove this has just as much potential to hurt my score as it does to help it.

 

I am still not clear on which way this one is going to go.

 

I fear removing the blemish may in turn hurt due to the loss of the account, the account age, and the perfect 2.5 years or so of payment history before I had to buck up.

Mega Contributor
RobertEG
Posts: 18,505
Registered: ‎03-19-2007
0

Re: Need serious advice

I dont see that you are the one who has to "fight."  You can shift the burden to them.

Somene used your identity to establish an account without your authorization.  Congress amended the FCRA to address the catch-22 situation where a consumer cannot independently prove anything because they did not authorize the transaction.

 

You have the FCRA identity theft procedure available to you, and if you follow that process, you are entitled to have the information immediately blocked from your credit report under FCRA 605B. They have no say or input in the matter.  The CRA must block the information from your CR, provided you submit to them a sworn police report and proof of your identity. 

 

You also have the ability to shift the burden to THEM to provide all their business records related to the alleged accoun by simply sending a copy of the police report to the creditor pursuant to FCRA 609(e).  A compulsory mini-discovery procedure that does not require going to court.  You can additionally send a copy to any debt collector, compelling them to provide information, pursuant to FCRA 615(g)(2).

 

The identity theft process is an alternative to the FCRA dispute process, and thus avoids any dispute flag and the entire dispute process.  The dispute process is seriously lacking when the consumer does not have documentation to support their assertion of inaccurate reporting, and thus usually results in a simple verification by the creditor.

The FCRA dispute process does not include provision for compelling them to document their verification, so use of that process usually leaves the consumer hanging.  Ergo, congress enacted the identity theft process.

 

All you must be willing to do is to put your assertion that you never authorized the account into a sworn police report and mail copies to the CRA and creditor/debt collector.

You are not required to prove your assertion, just make a statement to that effect that does not include any knowingly inaccurate information.

 

 

 

 


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