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"Status" -Does it affect FICO?

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Anonymous
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"Status" -Does it affect FICO?

What does the STATUS mean on the reports? Is it the current status? Or worst status?

Does the status affect your FICO? I would think it does!?

I have many accounts that are showing past due with # of days, showing charge off even if paid etc.

I have disputed these over and over but am getting nowhere! Experian told me on the phone they are accurate and that it isn't the current status, it is whatever your last status was? Whatever that means??

What can I do to get this fixed? Plus there is different data depending on which system I pull from. MYFico, True Credit, and the Bureaus diret all have different comments and variations in status.

What a nightmare this credit clean up is! I am sooooo frustrated w/this system. No wonder this economy is in a financial crisis! Think how many people would have better mortgages, could afford their car payments etc. if the bureaus reported accurate information! uggghhh!

Message Edited by someday22 on 03-21-2008 08:45 PM
Message 1 of 7
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Anonymous
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Re: "Status" -Does it affect FICO?

Hopefully a mod or someone with lots of experience can give you some answers here as i would also love to know more about them.
 
Here is what I think (I may well be wrong lol)
 
When I disputed a charge off and the account was verified and updated to a current date it made the charge off look new..BIG FICO DING >> down 47 points!
 
Now with different CRAS same account some updated the date and others didnt..I don't know if this means they didn't really verify it or what.
 
I had asked a similar question to this a few weeks back why some updated the date and others hadn't and got no answers back from anyone Smiley Sad.
 
I think the status date is MEANT to be the date anything was last updated, changed etc..like I said that doesn't always seem to happen or be correct though.


Message Edited by CRASMAKEMEPUKE on 03-21-2008 08:54 PM
Message 2 of 7
Anonymous
Not applicable

Re: "Status" -Does it affect FICO?

Thank you. I want to know to. The "status" field I am referring to is a text field. It sometimes says "Current status" or just says "Status". Mine are all over the map.

The other field that is always wrong is "condition"? Wish I knew what these meant?!
Message 3 of 7
Anonymous
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Re: "Status" -Does it affect FICO?

Account status is very important in scoring-
 
I saw my biggest score increases my getting my "Account status" current on every account-
EXP - list accounts exactly as they are-
Status: Open/Current, was past due 60 days. 
Status: Closed/paid was 30 days past due
 
I actually have an Open auto on my Exp listed like this-
Status: Closed/Current, was past due 30 days.(even though I have 28 payments left on it)
 
On EQ and all of my accounts are lised as "Pays account as agreed"
Tu lists them as "Paid or paying as agreed"
 
I don't have first hand experiance with C/O's
but on negative accounts (in Status) FICO is going to use the most recent DATE to detirmine how to score it.  Either in the payment history, DOLA or by the Date reported. 
 

someday22 wrote:
What does the STATUS mean on the reports? Is it the current status? Or worst status?

Does the status affect your FICO? I would think it does!?

I have many accounts that are showing past due with # of days, showing charge off even if paid etc.

I have disputed these over and over but am getting nowhere! Experian told me on the phone they are accurate and that it isn't the current status, it is whatever your last status was? Whatever that means??

What can I do to get this fixed? Plus there is different data depending on which system I pull from. MYFico, True Credit, and the Bureaus diret all have different comments and variations in status.

What a nightmare this credit clean up is! I am sooooo frustrated w/this system. No wonder this economy is in a financial crisis! Think how many people would have better mortgages, could afford their car payments etc. if the bureaus reported accurate information! uggghhh!

Message Edited by someday22 on 03-21-2008 08:45 PM


Message 4 of 7
Anonymous
Not applicable

Re: "Status" -Does it affect FICO?

C'mon Timothy, we can certainly be more specific that this.....
 
For EX, the date of status is used to score
 
For TU, I believe it is the last date verified or updated.  On FICO reports, says 'date of last activity'.   I have asked many times but no one on this forum seems to know.
 
For EQ, it appears to be "date of last activity".  I have asked this too, with no response.  But by looking at myFICO reports, that seems to be the date.
 
 
Please, if anyone has any info to the contrary, let's discuss.    This is an important component of how FICO determines dates for scoring purposes, and aside from EX, it is murky.
 
 
Message 5 of 7
Anonymous
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Re: "Status" -Does it affect FICO?

Thank you! The education site provide is very helpful!!!


Plus, often times the status field is 100% wrong. It will say OPEN even though acct has been closed for 5 yrs and shows charged off? Or it will say DEROGATORY even though it was transferred to another lender and paid in full?

I have a feeling those status's matter. I would love to know if they are suppose to be the current status? If so, I will continue to fight it w/the CRAs to get it right.

Thanks again.
Message 6 of 7
Anonymous
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Re: "Status" -Does it affect FICO?

Okay here is some data that shows on my recent alert i got today that made my score go up 7 pts. The only change was two consumer stmts added to my file on Unifund and Washington/mutual which are 2 duplicate accts. reporting derogatory info at the same time??

here is what it said at the bottom of the alert:

***********
The history of late payments or description for this account is revised to be less derogatory. For example, if a late payment on your account was mistakenly reported, correcting this on your credit report may help your score.
**********

Note, the key work "description"...this leads me to think many of the fields matter and affect the score,,, status, description, condition, etc...

Geeze, i just wish they could publish on the website what matters and how it counts toward your score.
Message 7 of 7
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