Understanding FICO® Scoring

[The1]

I’ve recently had 2 major collection accounts removed from my credit report. I have all of my alerts checked, but I haven’t received any alerts showing an increase in my score. I checked with the 3 credit bureaus individually and they show that the removals did take place and my score has increased. I ordered today’s score through MyFico and it did show that the collections were removed, but my score hasn’t changed. This is a little disheartening because if this is the means to where the majority of creditors base their decisions, they’re not getting an accurate up to date score. For instance, the score that was given to me directly from Experian and TransUnion is now approx 30 points higher than what’s being shown in MyFico. Does anyone know why that is? Please Help!

[haulingthescoreup]

The scores directly from EX and TU are FAKO's, unfortunately. If the collections are gone from your FICO EQ report, and your FICO EQ score didn't change, you won't get an alert, because there's no change.

Do you still have another collection or another major problem account, or another baddie that is more recent than the removed collections? If so, it is unfortunately still driving your scores.

This doesn't mean that it wasn't worth getting erroneous stuff removed; it just means that it looks like you still have something else still to work on.

So this isn't a Scorewatch issue, but another of those maddening scoring issues. Hope that helps...

[The1]

Thanks for you help! For the past 2 years I’ve had 3 collections on my report that were all paid. It took me about a year to get the 2 removed but the other still remains. Every account I have is current and my credit cards are all at least around 5% balance. Since subscribing to MyFico my scores have increased somewhat, but I thought with the 2 collections removed it would increase substantially…..or at least a little..…but nothing??? I understand that some “Fako”companies provide credit scores that aren’t accurate, but the scores directly from the Credit Bureaus inaccurate also??? Message Edited by The1 on 06-08-2008 10:23 AM

Message Edited by The1 on 06-08-2008 10:33 AM

[haulingthescoreup]

Yes, it doesn't seem fair that after getting two of three collections off, nothing much would change, but as I understand it, the only way that the score would have been affected is if the removed collections were newer than the remaining one. And I'm not positive about that! There's a synergy effect of the severity of baddies and recency of baddies, and I'm very unclear about when one dominates the other.

And the scores directly from the credit bureaus, except for from EQ, are FAKO's. TransUnion (via TrueCredit) and Experian (the Plus score) both have a brisk business going in trying to sell their home-grown scores. But their scores result from completely different formulas from the FICO formulas, which they both also own, by the way. Equifax does sell your FICO EQ though.

Note: it is possible to buy your FICO TU score from TransUnion, but it takes some hunting. The score that you get with your credit report is just a FAKO.

[ByrdMan]

The1, basically the FICO scoring system only reads one collection at a time. IOW, only one collection is hurting your score at a time. So, if the two you got removed were three years old, but the one that remains is two and a half years old, it was the only one hurting your score anyway, so therefore, no score increase. Take heart though, YOU GOT TWO COLLECTIONS EXPUNGED FROM YOUR REPORTS. Keep pushing to get that final one removed, you should see quite the score bump from that final removal. GL

[bk2008]

Note: it is possible to buy your FICO TU score from TransUnion, but it takes some hunting. The score that you get with your credit report is just a FAKO

I think www.transunioncs.com is the site that sells the real deal. it seems the transunion.com website transfers over to the truecredit program. And truecredit isn't close to accurate, in score or information contained in the report.

[haulingthescoreup]

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bk2008 wrote:

Note: it is possible to buy your FICO TU score from TransUnion, but it takes some hunting. The score that you get with your credit report is just a FAKO

I think www.transunioncs.com is the site that sells the real deal. it seems the transunion.com website transfers over to the truecredit program. And truecredit isn't close to accurate, in score or information contained in the report.

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Thanks for posting the link! It's the "cs" at the end that takes you to that screen, and it's the same product that you can buy at myFICO.

I keep trying to come up with short versions of explanations, but it's just about impossible. There's always an asterisk or four floating around somewhere!

[marty56]

Bob Dylan said the answer is blowin in the wind.

The Who asked Timothy Leary and he didnt know either.

Marty says I have no fargin idea.

[Robwass61]

great answer...Im also in the same boat, got 2 of 3 collections removed but no big move yet...hoping with the final collection removed Ill get 20-30 points, I hope

[drkaje]

SW tends to run 4-5 days behind any major changes on my report, aside from new inquiries. Maybe there'll be a bump next week.