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Moderator Emerita
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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: ABSOLUTE FICO INSANITY Re: Does an installment loan hurt my score? NOW EQUIFAX LYING

Wow, I am now officially over my head. There are other people who have gone through this before, though.

Can you copy/paste this last post (maybe leaving out the first paragraph) onto a new thread on Rebuilding Your Credit? I know that others have had accounts improperly deleted, but I don't know how they handled it. You should be able to request the creditors to re-insert the accounts, but this might go beyond that to a question of what on earth the CRA's are up to.

Again, this is out of my tiny little world of trying to get some of my own demographics updated. Please try over on Rebuilding. We also have plenty of other mods who will see your post there, and I'll continue to follow it. Geeze, what a mess!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
New Contributor
tmacar
Posts: 91
Registered: ‎03-25-2008
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Re: ABSOLUTE FICO INSANITY Re: Does an installment loan hurt my score? NOW EQUIFAX LYING

It's a new thread under Rebuilding Your Credit, the title is: EQUIFAX is Deleting Good Accounts And Flat-Out Lying About It.

I hope somebody can tell me what to do.
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
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Re: ABSOLUTE FICO INSANITY Re: Does an installment loan hurt my score? NOW EQUIFAX LYING

tmacar you have to know who you are dealing with at these CRA's. To top it off most of them don't even care.
New Contributor
tmacar
Posts: 91
Registered: ‎03-25-2008
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Re: ABSOLUTE FICO INSANITY Re: Does an installment loan hurt my score? NOW EQUIFAX LYING

Are you kidding? NONE of them care. They only obey the law at all because too much of a systemic disregard for a particular part of it might result in FTC action. They don't worry much, if at all, about the lawsuit provisions of the FCRA because they know very well that most of their victims just don't have the money to hire a lawyer to bring a Federal court case against them.

Unfortunately, that is exactly the case with 99% of all consumer "protection" laws. They say that companies should not do this and that, and that if they do those things the consumer has permission to sue them. Gee, thanks. And exactly where is the consumer to apply to get the up front funds needed for the lawsuit?

Almost none of them include any kind of routine enforcement action by some government agency.
Mega Contributor
RobertEG
Posts: 18,139
Registered: ‎03-19-2007
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Re: Does an installment loan hurt my score?

I only repeat from prior posts a request for clarification as to where these comments attached to our credit scores come from.  The FICO scores themselves are generated directly by the CRAs from software that they purchase from FairIsaac, and that is fact. But who is then the source of the inane, inconsistent, and contradictory comments/advice that each CRA attaches to their credit scoring evaluations?  I dnot think it is a FairIsaac program, but I simply do not know  I suspect that it is from a separate third-party source that parses the CR and/or scores, and generates alerts and comments pegged to certain triggers, and not to any details of the actual internal FICO algorithm.  But who?
If anyone could answer this question, I think it would go a long way towards our understanding of the merit of these comments that raise so much controvery amongst all on here..
HELP!
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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: Does an installment loan hurt my score?

Robert, why on earth would you think that these are not FICO comments? They mirror published FICO advice.

As you yourself are the first to announce, FICO scoring is incredibly complex. There are many, many factors involved, and as one area of your credit changes, the balance among these factors changes, and new areas become important.

Yes, it's very humorous when the history part keeps flip-flopping back and forth, but that's because they combined the overall history factor and the average history factor into one comment, so you can have great overall length of history and terrible average history, as do I. Sometimes it's on the positive side, and sometimes it's on the negative side, depending on whether one of the other factors being considered is carrying more weight at the moment.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
New Contributor
tmacar
Posts: 91
Registered: ‎03-25-2008
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Re: Does an installment loan hurt my score?

The weird changes in those comments between 3 different reports is what clued us in to the fat that I may very well have been rebucketed.

However, now I wonder. EQ put disputes on all my open accounts, even though I told them not to, and putting an account into dispute usually pulls it out of the scoring process, I think, so maybe THAT's why I suddenly lost all those points. I notice that I lost the points on the 9th, and I know EQ received my letter on the 8th, and they say they started processing it on the 9th.

On the other hand, I don't see any "consumer disputes this account" remarks in the accounts. Do they put those remarks in during a dispute, or only after a dispute is finished in a way the consumer disagrees with?
Moderator Emerita
Community Leader
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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: Does an installment loan hurt my score?

I have a phantom "consumer disputes this account" on my Sears MC. Citi has a place on their card sites where you can send a message about your account. I used it three times to ask for GW on my one-and-only late, and two times I got back a completely irrelevant reply that made it obvious that it was "read" by word recognition software.

On the third time, I tweaked my message in an attempt to generate the response I wanted, and "bing" --suddenly my score hops up and all three CRA's state "consumer disputes account", which I didn't. This was back on 12/18, and the fool thing is still there, although it's supposed to go away after 30 days. The score hop has faded off now as best as I can tell (it's been 15 months since the late.) Don't know how and from where the dispute came --Sears MC CS denies all knowledge of it. Maybe Citi's computers have begun to think independently. No one knows how it got there, and no one knows how to remove it, since it has to be removed by whomever put it there. I guess I have to message HAL 9000 again. :smileytongue:

So when and if you'll see that comment, I don't know. That falls under the "mysteries of CRA's" for me.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

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