Recently Missed Payments???

[Anonymous]

I looked at my score today and my TransUNion score was quite a bit lower than the others so I tried figure out why.  In the "Understanding Your Score" area it shows that I have a "Recently Missed Payment' from two months ago.  No I don't! So I call and ask a CSR about it and she tells me "Three of your accounts were recently updated"  I ask if the information in the accounts shows a recent late payment, she says "It doesn't matter, these were derogatory accounts and how recent they were late depends on when they were reported not when the activity took place". She then went on to say, "If you missed a payment in January of 2002 but it wasn't reported until January of 2008, the FICO scoring algorithm would treat this a late payment in January of 2008"  Does this craziness sound right to anybody?

[haulingthescoreup]

It sure doesn't to me! Moving this post to General Credit Issues, as it is more an issue of CRA weirdness than FICO scoring.

[Anonymous]

Sounds like you got one of those yahoos that does not know what they are talking about. There are a lot of them at these CRA you know.

[Anonymous]

If this was a collection- then this make sense.

[Anonymous]

After seeing that my post had been moved and re-reading it I realized that I hadn't been as clear as I should have been.  The Customer Service Rep that I talked to wasn't at the CRA, it was a CSR from myfico.com that "explained" this to me.  I did talk to the CRA about this and they said there were NO late payments being reported!!  This is definetly a "scoring" issue as the only place that says I have lates is at myfico.com.  The only thing in my credit report that has changed is the "Date Reported" for these accounts.

[SmartCookie]

If the account is reporting with a negative status, that is up to the company reporting it to change (if they will).   When something causes an account to update (dispute or a dozen other things) it will re-report the status.  

for example

Status: late 30 days

30 day late 1/03

last reported: 01/01/05  this will not appear as recent lates

Status: late 30 days

30 day late 1/03

last reported: 05/01/07  this will appear as recent lates

Status: pays as agreed

30 day late 1/03

last reported: 05/01/07  this will not appear as recent lates

[haulingthescoreup]

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@Anonymous wrote:

After seeing that my post had been moved and re-reading it I realized that I hadn't been as clear as I should have been. The Customer Service Rep that I talked to wasn't at the CRA, it was a CSR from myfico.com that "explained" this to me. I did talk to the CRA about this and they said there were NO late payments being reported!! This is definetly a "scoring" issue as the only place that says I have lates is at myfico.com. The only thing in my credit report that has changed is the "Date Reported" for these accounts.

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Whoops, maybe I should have left it in Scoring after all! Although there's a lot more traffic here.

I will try to get Barry to check out your situation, although it might be several days. It's odd that only the FICO reports show this, and that makes me wonder about how it's coded.

Please let me know if you'd like me to move your thread back. It's completely your decision. --hauling

edit: BTW, if you do want the thread moved, please click on the envelope at the top right and pm me. The posting traffic has just exploded on the forums, and I'm afraid I might miss it if you just reply here. thanks!

Message Edited by haulingthescoreup on 01-04-2008 05:35 PM

[Anonymous]

What SmartCookie says doesn't seem to match up to what it says on the myfico.com site.  Here's a quote from myfico.com:

"If you missed a payment, your FICO score evaluates how recently that missed payment occurred. In general, the more recent the missed payment, the more impact it has on your score."

Note that it doesn't say how recently it was reported it how recently the missed payment occurred.

As I understand the changes in the new FICO 08 scoring system, older missed payments are supposed to become even less important than new ones. If SmartCookie is right, any creditor could keep any score lower by simply updating their information on a periodic basis.