Just wanted to let as many folks know about this as I could. I called Myfico on Friday because I had pulled my report and there was something confusing on it. In the score breakdown section it was telling me that my last late was 3 years 11 months ago. Now I KNOW that is wrong. My last late was in 2002. So I called and the rep had to escalate it to a supervisor because what she was reviewing with me matched what I was saying.
One of the supervisors called me today and told me this: The old accounts that were included in my BK? They were reporting incorrectly back in 2004, so I disputed them to get them corrected. In the process the "update" date was then March 2004. FICO calculates the late from the update date. Nice. I pointed out to him that it was a flaw and he used the normal response, "We can only go off the information we're given." He told me (and he very nicely said that it might not ever be a problem for me again - I certainly agree!) that I would have been better off to just leave those old accounts alone.
I should note that he was fantastic and we went over some of my other concerns. I just wanted to share this nugget. Luckily for me, those accounts are dropping off this month, so I'll just get them off and it'll be over.
One of the supervisors called me today and told me this: The old accounts that were included in my BK? They were reporting incorrectly back in 2004, so I disputed them to get them corrected. In the process the "update" date was then March 2004. FICO calculates the late from the update date. Nice. I pointed out to him that it was a flaw and he used the normal response, "We can only go off the information we're given." He told me (and he very nicely said that it might not ever be a problem for me again - I certainly agree!) that I would have been better off to just leave those old accounts alone.
I should note that he was fantastic and we went over some of my other concerns. I just wanted to share this nugget. Luckily for me, those accounts are dropping off this month, so I'll just get them off and it'll be over.
Starting Score: EQ 622, TU 676, EX 643 (mtg lender pulls) 2/1/12
I really don't understand why FICO is willing to just let this be the "status quo" - It seems to me that they are trying to be accurate and this is definitely a case of NOT being accurate. Hard to defend a risk model that has a glitch like this in it.
I guess my question then is, if there is this glitch in it, how many others are there?
What this experience has taught me is that I will not feel guilty about doing what I need to do (legally, naturally) to make my score work for me. The FICO rep was very nice but I got the feeling from him that this is the way it is and we have to accept it. I really agree with the comment above that if it was any other company, we'd all be taking it on.
I will go sulk in my corner now (at least until those accounts are removed).
I guess my question then is, if there is this glitch in it, how many others are there?
What this experience has taught me is that I will not feel guilty about doing what I need to do (legally, naturally) to make my score work for me. The FICO rep was very nice but I got the feeling from him that this is the way it is and we have to accept it. I really agree with the comment above that if it was any other company, we'd all be taking it on.
I will go sulk in my corner now (at least until those accounts are removed).
@Anonymous wrote:Wait a minute, FICO calculates the lates based on "Date of Status" for EX and DOLA for the other 2, not "Date last reported".If this is not true, that means your score would go DOWN each time you dispute and it comes back as "verified".Certainly that can't be true!!
That is what the rep told me and he was supervisor level (he called me back from FICO). He said I would have been better off just leaving those accounts out there, reporting incorrectly.
And this is what is scaring me right now. My scores are looking good - TU 712, EX 712 and stupid old EQ 673. TU handled my disputes properly and the accounts have been deleted, but if the others come back and say "Verified as correct" (which wouldn't be true and that's a whole 'nother posting!), I could see my scores drop. This has me sweating bullets. Unfortunately, I talked to the rep AFTER I did my clean-up disputes. Now I'm just waiting, impatiently I might add, to see what EX and EQ end up doing. Start crossing fingers and toes for me!