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New Member
Untsaiyi
Posts: 2
Registered: ‎03-02-2012

Does myFICO share information with collection agencies?

Hey there,

 

I had a hard time pinpointing exactly where this thread should be posted, so if there's a more suitable place, please move this accordingly and accept my apologies. Anyway...

 

I'm looking to improve my credit and start paying back some old debts - which is why I'm here in the first place - but I'm worried about myFICO reporting my debit card information to a collection agency and them in turn having my bank account frozen. That would inevitably cause more harm than good, and most likely cause even more debt due to bounced checks caused from frozen assets.

 

Can someone here assure me that my financial information given to myFICO will remain private and not shared with anyone, especially collection agencies/debt collectors?

 

Thank you,

Untsaiyi

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: Does myFICO share information with collection agencies?

Welcome to the forums!

 

Hi, OP, I moved your post over here as there is a resident myFICO admin who checks in from time to time. Mods can't answer your question because we don't work for myFICO, but I can share my personal experience. I've been a paying member like many on here and before I came here, I had a dozen creditors chasing after me for unpaid debts. It never crossed my mind that mYFICO would sell my info, but I was concerned about myFICO.com sharing my personal contact e-mail, so much so, that I created e-mail that tracked spam. Of the past 4 or so years of being on here, nobody else spammed that e-mail, so I guess they aren't selling my personal info.

 

In terms of financial info, I never had issues with any of my credit or debit information used on this site. Plus I believe it would be illegal for any company to resell or provide your financial info without consent.

 

As far as the process goes, myFICO will pull a soft inquiry on your CR when requesting from EQ and/or TU. Neither EQ nor TU will have access to your CC or debit card information. Since they won't have access, I don't see how they could forward it to a collection agency or creditor.

 

 

Valued Contributor
Mustanglvr2006
Posts: 1,971
Registered: ‎02-06-2011

Re: Does myFICO share information with collection agencies?

[ Edited ]

llecs wrote:

Welcome to the forums!

 

Hi, OP, I moved your post over here as there is a resident myFICO admin who checks in from time to time. Mods can't answer your question because we don't work for myFICO, but I can share my personal experience. I've been a paying member like many on here and before I came here, I had a dozen creditors chasing after me for unpaid debts. It never crossed my mind that mYFICO would sell my info, but I was concerned about myFICO.com sharing my personal contact e-mail, so much so, that I created e-mail that tracked spam. Of the past 4 or so years of being on here, nobody else spammed that e-mail, so I guess they aren't selling my personal info.

 

In terms of financial info, I never had issues with any of my credit or debit information used on this site. Plus I believe it would be illegal for any company to resell or provide your financial info without consent.

 

As far as the process goes, myFICO will pull a soft inquiry on your CR when requesting from EQ and/or TU. Neither EQ nor TU will have access to your CC or debit card information. Since they won't have access, I don't see how they could forward it to a collection agency or creditor.

 

 


HI Untsaiyi and Welcome to the Forums.

 

I agree with IIecs, no problems here either.

 

I Wish you the Very Best of Luck in your credit rebuilding journey, you have come to the right place to educate yourself, when I joined this site just over a year ago, I knew very little about credit and what it takes to achieve excellent credit, and I've learned more in the last year than I have my entire life, the Members here are very willing to help educate people such as yourself.

 

Take your time, read around the Forums, don't be afraid to ask questions, or post replies, I hope you find myFICO a great place to be, I sure would not be where I am today (creditwise) had I not joined myFICO and followed the advice from our Forum experts.:smileyhappy:


Starting Score: 583
Current Score: 3-03-12-EQ-802 TU-806 EX-798 (EQ Beacon 9: 804 Lender Pull 3-08-12) All FICO's
Goal Score: 800+ across all three

Take the FICO Fitness Challenge


New Member
Untsaiyi
Posts: 2
Registered: ‎03-02-2012

Re: Does myFICO share information with collection agencies?

[ Edited ]

Thank you two for the honest answers and llecs for moving my thread to a better location.

 

Even without the "official word" from someone who works at myFICO, I decided to order anyway after reading your replies. Unfortunately it seems I don't have six months recent credit history so my score could not be obtained and my order was cancelled. :smileyfrustrated:

 

I suppose until my history is more up to date I'll just lurk around here and try to learn a thing or two!

Valued Contributor
Mustanglvr2006
Posts: 1,971
Registered: ‎02-06-2011

Re: Does myFICO share information with collection agencies?


Untsaiyi wrote:

Thank you two for the honest answers and llecs for moving my thread to a better location.

 

Even without the "official word" from someone who works at myFICO, I decided to order anyway after reading your replies. Unfortunately it seems I don't have six months recent credit history so my score could not be obtained and my order was cancelled. :smileyfrustrated:

 

I suppose until my history is more up to date I'll just lurk around here and try to learn a thing or two!


You're welcome Untsaiyi.

 

Do you know how far away from having the 6 months of credit history you need for FICO to be able to generate a score for you?

 

I hope you read around the Forums and learn as much as you can, by the time your credit history reaches the point where you can pull your score and report, you will already have a headstart with some valueable credit knowledge.

 

I'm Wishing you the Very Best.


Starting Score: 583
Current Score: 3-03-12-EQ-802 TU-806 EX-798 (EQ Beacon 9: 804 Lender Pull 3-08-12) All FICO's
Goal Score: 800+ across all three

Take the FICO Fitness Challenge


Administrator Emeritus
Barry
Posts: 4,386
Registered: ‎03-01-2007

Re: Does myFICO share information with collection agencies?

Hi Untsaiyi,

 

I commend you for raising the question, and can assure you that myFICO doesn't share any of your financial information with any 3rd parties.  :smileyhappy:

 

-Barry

Barry Paperno, assisted by an invaluable team of dedicated volunteer moderators, launched, grew and guided the myFICO Forums from 2007 to 2012.

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.

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