Regular Contributor
Lucid08
Posts: 213
Registered: ‎11-01-2007
Credit Seminar - Interesting Information and Question(s)
[ Edited ]

If this belongs in the Auto FInancing section, feel free to move it.

 

I recently attended a credit seminar while at a local community college, and some of the imformation that was offered dealt with FICO scores associated with Automobile/CC/Mortage Enhanced Scores..

 

One of the presenters offered information on Auto/CC/Mortgage-Enhanced FICO Scores, but some of this information has me a little stumped. According to what I have read on this site over the past 3-4 years, most derogatory items will fall off after 7 years(with the exceptions of course) However, the presenter noted that when Lenders request and use the Auto/CC/Mortgage-Enhanced FICO scores, the information that derives these scores can be from a time period well beyond the 7 year mark. The presenter made it sound that if a person has ever had an Auto repossessed, an Auto loan go very late, a CC go into default or a Mortgage foreclosed, that this information could(would) be included in these Enhanced FICO scores, and that the potential lenders would be able to see the bad loans/accounts, regardless of age.

 

I thought I would come here and see if I could get some clarification on this issue, seeing as how the majority of derogatory items fall off a persons credit report after 7 years. So I would like to ask if these Auto Enhanced FICO scores, along with Credit Card Enhanced and Mortgage Enhanced specific pulls can actually carry information that goes beyond the 7 year mark??

 

::Edited for Grammar::

EQUIFAX - 640 1/05/12 - Goal of 720 by Mid May!
Transunion - 637 - 01/15/10