On my Experian and Equifax reports, I have a Bank of America account that shows late payments taking place within the last 10 months, while the account had a last activity date ranging from Nov 2002 to Aug of 2003 (the 2 reports varied).
I don't understand how someone can be late on an account 3 - 4 years after it had been charged off. My credit reports that I had received directly from those credit bureaus do not reflect those recent lates, only the myFICO reports do, and I have a feeling that these recent lates are negatively affecting my score.
I spoke with a rep of yours a few months back and he had told me that those recent lates are very likely hurting me, and he suggested that I dispute with the credit bureaus directly. Although they were not showing on the credit bureaus reports, I followed that advice. The reports came back looking the same (without those lates), but they are still showing on the myFICO reports.
(Equifax ended mixing mine and my brothers files which dropped my score further, but that's another story).
My question: Can you guys remove the lates that had taken place AFTER the last activity date, especially when those lates are not even showing on the credit reports issued by the credit bureaus directly?
Thank you for your anticipated help and for opening up this type of dialogue with your customers.
Question... they can legally report something as 90 days past due when it's more than 1,800 days past due? Wouldn't 90 days late imply that a person stopped paying an account just a few months ago? As most in this forum know, recent negative activity is much more damaging to the FICO score than older negative activity.
If the credit bureaus themselves are not reporting it as 90 days late in December of 2006, why is Fair Isaac?
If your answer is the same: "because they can legally do it," you may be right, you may be wrong... it would probably take a legal precedent from a judge to clarify that argument. But that's not my point. My question is... why would they go through the trouble of changing the credit bureaus reporting knowing full well it will artificially lower my score?
For example, if slapping someone was legal, why would someone want to slap another person to begin with?... simply "because it's legal?" Something may be legal, but it if causes harm to another person and can be justified as "legal", well then that's just malicious, plain and simple.
30 days as of Feb 2003.... then 60, 90, 120, 150, 180, C/O follow right after. No more "late payments" from that point.
My EXPERIAN report from myFICO reads:
30 days late - 6 times
60 days late - 1 time
90+ days late - 3 times (Dec 2006, Sep 2006, Oct 2003)
All I've asked was for Fair Isaac to remove those dates next to the 90-day late field? EXPERIAN does not even have those lates. The Fair Isaac rep told me I would have to dispute it with the credit bureaus directly... I did... the credit bureaus came back with the same info that they've always had, WITHOUT those lates. Fair Isaac took it upon themselves to add those dates.
This is done with EQUIFAX as well. The only one that is reported accurately is TRANSUNION, which also happens to be my highest score.
DW is experiencing the same thing. A paid collection showing on all 3 CRs (paper copies from the CRAs as well as MyFico ScoreWatch) is showing no lates reported anywhere--except on her MyFico EX report. Paper copy of her EX report shows no lates reported on this TL. Her EX FICO is 70 lower than her TU FICO. These phantom lates appears to be the principal contributors.
I called Experian today regarding this, and was informed that I need to contact the creditor. She said that I previously disputed the item and it proved to be valid. I told her at the time the status did not say what it says now " Charge Off/Now paying".
She was very short with me and said I needed to contact the creditor. I sent a certified DV letter to the creditor today.
Sorry for the late chime in, but I would like the answer to OP's question also. I have the same issue with the way charge-offs are reporting. Another issue, although it is similar is that I have accounts reporting as currently derog, although they are paid in full and closed. How in the world can it be currently derog if there is no balance owed? Very odd. I hope Tuscani can figure this out for us...
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.