Reply
Valued Contributor
ivyalmighty
Posts: 1,451
Registered: ‎03-19-2008
0

UHOH.. terminology change = 10pt score drop

I am a *little* concerned... I pulled my reports again today, and my EX has dropped 11 points. This is WITH six collections now showing as "paid" and three collections being deleted entirely. The difference is this: Five of the six paid collections have changed the terminology to this:

"Paid account/was a collection account, insurance claim or government claim or was terminated for default"

From something that was along the lines of this:

"Collection account seriously past due/transferred to collection agency"

I'm very concerned about this change in wording, now broadened to include an insurance or government claim, or terminated for default...it is significantly decreased my scores on EX. Need guidance in correcting this. These were all medical bills.
Valued Contributor
ivyalmighty
Posts: 1,451
Registered: ‎03-19-2008
0

Re: UHOH.. terminology change = 10pt score drop

Can anyone help explain this wording and how I can correct it?
Moderator Emeritus
ByrdMan
Posts: 7,975
Registered: ‎12-19-2007
0

Re: UHOH.. terminology change = 10pt score drop

Hi Ivy, it's not the wording that caused the score to drop, it was the fact that the update (to the wording) brought the collection activity more recent. That's why your score dropped.
___________________________________________________________________
Do what is true in spite of the consequences--your future is only as true as you are.

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.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}