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FICO Empirica Reason Codes

Good day Forum

 

I recently came across the TransUnion Empirica score in South Africa, and this score is starting to be used here by the banks. However TransUnion is clueless over how the scorecard works. So I am hoping to find some answers on this forum.

 

I have a score of 599 and the main reason code is Reason Code 16, with the description of Serious deliequency or public record

 

I do not have any defaults or judgements against me and all accounts are paid up the only payment history is my credit card in September 2015 that went into 90 days. However as I understand payment history cannot fall into that range of reason codes.

 

Could someone possible assist me oin how can I improve and remove this Reason Code.

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Re: FICO Empirica Reason Codes

Hello GeorgeZA and welcome to the Forums!  My comments in blue below.

 


GeorgeZA wrote:

Good day Forum

 

I recently came across the TransUnion Empirica score in South Africa, and this score is starting to be used here by the banks.

 

If I am not mistaken, "Empirica" is just the tradename that had been formerly given to any FICO score drawn on TransUnion data.  Thus the score you have recently received might have been produced by any of these three models: FICO 98, FICO 04, FICO 8.  You should probably find out which model it was.  If you contact the entity that supplied the score, they should know.

 

However TransUnion is clueless over how the scorecard works.

 

When you used the word "scorecard" just now, I think you probably mean "model" or "algorithm."  Scorecards are something else entirely.  They are different groups of consumers that the designers of a model believe are similar to each other.  For example, there are score cards for people who's profiles have no derogs, are a certain age, and which have or have not used credit recently.  FICO 8 has 12 score cards.  FICO 04 may have a bit less or more, I can't remember.

 

So I am hoping to find some answers on this forum.

 

I have a score of 599 and the main reason code is Reason Code 16, with the description of Serious deliequency or public record.

 

We don't know which model was used, so it is hard to say too much here.  I pulled up the following list of FICO 8 reason codes and code 16 for TransUnion is "lack of recent revolving account information" -- nothing to do with delinquencies. 

 

http://www.fico.com/en/wp-content/secure_upload/FICO_Score_Reason_Codes_1424PS.pdf

 

But code 16 might well refer to delinquencies in FICO 04 or FICO 98.  Given that you don't know which model it was, I would focus on the text of the reason code, which as you give it is "Serious delinquency or public record."  That's pretty straightforward.  It means you either have a public record or you have some account that was at one time seriously delinquent.

 

I do not have any defaults or judgements against me and all accounts are paid up the only payment history is my credit card in September 2015 that went into 90 days.

 

A 90-day late is certainly classified as a "serious delinquency."

 

However as I understand payment history cannot fall into that range of reason codes.

 

Unsure why you think that this can't be what is being referred to.  Seems to me that this is is the only possibility.  "Delinquency" refers precisely to payment history.

 

When is the last time you pulled your TransUnion credit report?  (Report, not score.)

 

Could someone possible assist me oin how can I improve and remove this Reason Code.

 

You need to make sure you have pulled your TU report and identified what it is on your report that is being referred to.  Then you need to make sure that the item on your report is accurate.  (It sounds like the late really did happen, if I understand you right.)  If it is that account that has a 90-day late, you may wish to try a strategy called Goodwill Letters.  If you do a search about that on this site you will find out more.  Also suggest you try googling that phrase as well.


 Good luck....

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Re: FICO Empirica Reason Codes

Hi

Thank you for the reply and the insightfull info. Empirica is modelled in FICO 8, however has unique features apparently only known to TransUnion analysts.

However according to FICO 8 generally how long will a account show deliqunecy, as I went into 90 days more than 15 months ago?

I am trying to get a list of reason codes for your info.
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Registered: ‎07-17-2014
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Re: FICO Empirica Reason Codes


GeorgeZA wrote:
Hi

Thank you for the reply and the insightfull info. Empirica is modelled in FICO 8, however has unique features apparently only known to TransUnion analysts.

However according to FICO 8 generally how long will a account show deliqunecy, as I went into 90 days more than 15 months ago?

I am trying to get a list of reason codes for your info.

 

Anything on your report that hurts your score will continue to hurt your score as long as it remains on your report.  The only exception is inquiries, which are ignored by FICO after one year.

 

Thus, what you really want to know us how long that 90-day late will remain on your report.  The answer is that it will stay on your report for seven years -- unless it is removed by the original creditor.  The strategy of Goodwill letters, which I mentioned earlier, attempts to enlist the OC on your behalf to get the derogatory mark removed before the 7-year figure elapses.

 

Since 15 months of that 7 years has already passed, you would be looking at another 5 years and 9 months.

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