Diff in Negative Reporting? Experian vs Fico Experian

[coffeepleeze]

I have 2 collection/charge offs from 2009 & 2011.  Both paid.  The regular experian site is listing them as Closed-Current (with the grey check mark box - not the red negative box) with notes that they were co's.  The Fico Experian report is listing them as paid/settled co's with the negative flag indicator.  Both of these co's had corresponding judgments as well that are marked satisfied. the regualr experian report is saying that it helps my score that I dont have any judgments (although they're listed there under public records) and the Fico Experian report has the 2 public records marked as negatives of course.  Why the difference in the way these items are portrayed?  Just trying to get a handle on how negative my negatives are hurting me...  Thanks! 

[rckstrscott]

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@coffeepleeze wrote:

I have 2 collection/charge offs from 2009 & 2011.  Both paid.  The regular experian site is listing them as Closed-Current (with the grey check mark box - not the red negative box) with notes that they were co's.  The Fico Experian report is listing them as paid/settled co's with the negative flag indicator.  Both of these co's had corresponding judgments as well that are marked satisfied. the regualr experian report is saying that it helps my score that I dont have any judgments (although they're listed there under public records) and the Fico Experian report has the 2 public records marked as negatives of course.  Why the difference in the way these items are portrayed?  Just trying to get a handle on how negative my negatives are hurting me...  Thanks! 

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Collections and Chargeoffs are negatives. Judgements are public records are negatives.

The reason they don't show in the Experian report, is because they decided that once an account is paid, it no longer has a negative factor from a reporting standpoint. This is their opinion and that is why you need to be careful trusting any advice from companies that sell scores not used by lenders.

FICO credit scores 100 percent score charge offs and collections as negative, hence why it is showing that way on your FICO purchased Experian report.

So, ulitimately it comes down to if you want to know/trust your FICO score or not, because FICO ranks those as negatives. Combine that with the fact FICO is used by 90 percent of all lenders, the choice is clear.

-scott

[coffeepleeze]

Thanks for the input Scott - was hopeful that perhaps they had been updated less negatively thru recent cra dispute and that perhaps fico hadnt reflected it yet...  As soon as I can get all scores (every version, every cra) over 640 and pull my first mortgage app, it'll be interesting to see what version of what reports they pull.  Thanks again for the explanation. 

[rckstrscott]

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@coffeepleeze wrote:

Thanks for the input Scott - was hopeful that perhaps they had been updated less negatively thru recent cra dispute and that perhaps fico hadnt reflected it yet...  As soon as I can get all scores (every version, every cra) over 640 and pull my first mortgage app, it'll be interesting to see what version of what reports they pull.  Thanks again for the explanation. 

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Mortgage lenders all pull FICO - I wouldn't worry any scores other than FICO. The ones sold on this site, the Experian and Equifax ones are usually exact in most cases, but the TU one is off because they sell a version most lenders don't user for home purchasing.

You cannot use the 640 threshold for all scores not FICO, because they might go to a different number. Such as, oh, 990 as opposed to 844 or 850-- so if you have a 640 score on Experian but it goes to 990, it is misleading.

When I was going for my mortgage, I worked on making all the informaiton on my reports realitively uniform if I could, then I would pull Equifax from this site because it will almost always be what the lender pulls.  So if you know the Equifax, and your reports are all similar, then you can guage how far over 640 you are. My EQ was 686 when I pulled for the house, the TU was 722.

-scott