topic Re: CRA Reporting VS. myFICO Reporting in Understanding FICO® Scoring

CRA Reporting VS. myFICO Reporting

Anonymous — Thu, 03 Jan 2019 22:24:24 GMT

Hello friends,

Another question for today - and I apologize if this has been addressed already.

Is there a particular reason myFICO continues to report (or at least store) data that has been removed from the 3 CRA's? The reason I'm asking is that I have multiple collections that were removed from my credit profiles yet they continue to show on the myFICO app. I'm subscribed to both Experian and myFICO credit monitoring so I'm able to see and compare my data regularly enough to notice this trend happening.

Thoughts? And thanks for any insight into this.

Re: CRA Reporting VS. myFICO Reporting

Pikaboo-icu — Thu, 03 Jan 2019 23:10:03 GMT

How long has it been since the items were deleted?

Thing is; I have the My Fico product that gives me score updates and a new 3B report each month;

Many things do NOT update until the next month's report is redeemed.

So have you redeemed/purchased a new CR from My Fico since the items were removed?

If no, that's why..

Re: CRA Reporting VS. myFICO Reporting

Anonymous — Thu, 03 Jan 2019 23:12:51 GMT

Hello Pika!

I was actually tempted to purchase another 3B report (for the bargain price of 20% off! ...) but I haven't yet. My quarterly report update isn't supposed to happen again until March. Are you saying that if I buy another report it will force a current update for all 3 FICO scores?

Re: CRA Reporting VS. myFICO Reporting

Pikaboo-icu — Thu, 03 Jan 2019 23:21:04 GMT

@Anonymous wrote:
Hello Pika!

I was actually tempted to purchase another 3B report (for the bargain price of 20% off! ...) but I haven't yet. My quarterly report update isn't supposed to happen again until March. Are you saying that if I buy another report it will force a current update for all 3 FICO scores?

I'm 99% sure yes..

But I update mine every month (I don't pay because I pay the big bill each month and it's included). LOL

My Fico scores update; the F8 is usually already up to date and doesn't change but all the others do- F9, Auto, Mort and all that.

I just did mine today..

That said; It's only if there were changes to your report- and you say there were.

But anything that causes a score change to F8 should have already occurred.

Can I be any more confusing.. Sheesh

I will feel like a giant heel; if you pay and they don't change, so keep that in mind.

Re: CRA Reporting VS. myFICO Reporting

Anonymous — Thu, 03 Jan 2019 23:28:01 GMT

Hmmmm...

I may hold off on purchasing another 3B report - even discounted - until maybe someone else who might have additional insight into how myFICO works can chime in. It makes sense that the visible scores now would, in fact, be updated each time you open the app (as a paid subscriber), but if negative information was removed... I'm curious why the scores wouldn't adjust and update to take that into consideration.

No worries either way. I wont blame you for anything~

Re: CRA Reporting VS. myFICO Reporting

Pikaboo-icu — Thu, 03 Jan 2019 23:33:46 GMT

Thank you.. I would be having to get your email via pm and PP you the cost. LOL I can't handle guilt..

I can tell you that you need an alertable (is that a word? Spell check says NO lol) score change for My Fico to update..

Like this: Many people come and are shocked their score went UP when they added an inquiry.

Well, the inquiry is not what caused their score to go up, they got notice of a score RISE when there was a triggerable (also NOT a word lol) event.

But there is sure to be somebody that knows for certain if the new report will generate new F8 scores..

Re: CRA Reporting VS. myFICO Reporting

Anonymous — Thu, 03 Jan 2019 23:43:37 GMT

I'm not entirely sure yet on all the in's and out's of myFICO yet. This is mostly because I haven't been a subscribing member too long!

Have you ever bought a discounted 3B report in-between your quarterly updates?

Re: CRA Reporting VS. myFICO Reporting

Pikaboo-icu — Thu, 03 Jan 2019 23:48:29 GMT

Well mine are every month so no, sorry..

Re: CRA Reporting VS. myFICO Reporting

Anonymous — Thu, 03 Jan 2019 23:53:26 GMT

Wait, what? You get a refreshed 3B report each month? I'm starting to question which option I subscribed to!

My 3B reports are every 3 months but I do get scores and alert adjustments daily, though.

Re: CRA Reporting VS. myFICO Reporting

Pikaboo-icu — Fri, 04 Jan 2019 00:02:14 GMT

LOL

I got the Ultimate 3B+ I'm kind of a fanatical SPAZ about watching my credit.

https://www1.myfico.com/products/fico-scores-credit-monitoring

It's $39.95 per month.. I KNOW I can do the $1 trial, cancel, rinse repeat but it's worth it to me to not have to do that.

Re: CRA Reporting VS. myFICO Reporting

Anonymous — Fri, 04 Jan 2019 00:07:33 GMT

You can read up on the product you have purchased here:

https://www1.myfico.com/products/fico-scores-credit-monitoring

You will see that myFICO offers a version that costs $40/mo and one that costs $30/mo. The $40 gets you a 3B report monthly; the $30 package gets you that report quarterly.

You will also see that the only score that gets updated outside of the monthly or quarterly report is the FICO 8 Classic score.

Just as an FYI, many people opt not to pay the $480 or $360 per year for reports and scores. Reports can be obtained at least monthly and often weekly for free. And there are free options for FICO 8 scores (or nearly free, such as Credit Check Total which costs a buck).

Re: CRA Reporting VS. myFICO Reporting

iv — Fri, 04 Jan 2019 00:17:23 GMT

@Anonymous wrote:

My 3B reports are every 3 months but I do get scores and alert adjustments daily, though.

Nothing except the three FICO 8 scores will change until a new report (quarterly/monthly/paid) is pulled.

The alerts and score updates only trigger on specific things (different for each CRA, see https://www.myfico.com/Include/Store/Legal/FAQAlertMatrix for the details).

Deletion of anything (negative or postive) on your report is not one of the triggering items, so just the removal of those collections will not have even triggered a FICO 8 score update. The next triggering event for each CRA (balance/limit change, inquiry, etc) will include the removal of the collections in the updated score, though. (Also remember: the trigger for an alert is not necessarily the reason for a score change. It's just the event that caused the monitoring software to display the current score.)

If you've verified through other methods (free Experian, CreditKarma, etc), that the collections are gone from all CRAs, go ahead and pull an updated 3-B report if you want to see a full set of scores with the updated data. (Only if you need updated mortgage scores, or are just really curious, though - the cost can add up if you keep doing that!)

Re: CRA Reporting VS. myFICO Reporting

Anonymous — Fri, 04 Jan 2019 00:24:03 GMT

Right on. Thanks for all the additional information guys! Since March is a ways away in terms of the updates I really want to see before then, I'm most likely going to buy another report the one time so I can get a clearer picture what my FICO profile looks like.

Thanks, Pika and everyone for the responses!

Re: CRA Reporting VS. myFICO Reporting

Pikaboo-icu — Fri, 04 Jan 2019 01:05:34 GMT

@Anonymous wrote:
Right on. Thanks for all the additional information guys! Since March is a ways away in terms of the updates I really want to see before then, I'm most likely going to buy another report the one time so I can get a clearer picture what my FICO profile looks like.

Thanks, Pika and everyone for the responses!

Please update with what you find, when you do it.

I'm invested now. LOL

Thanks IV for explaining it so succinctly..

My garbled, disjointed mess even confused me.

Re: CRA Reporting VS. myFICO Reporting

Anonymous — Fri, 04 Jan 2019 01:15:33 GMT

Pika~

If you ever get to a point where you feel like your forum-ese might require an international translator, give Grammarly a shot.

Re: CRA Reporting VS. myFICO Reporting

Anonymous — Wed, 09 Jan 2019 17:56:18 GMT

The scores are most certainly not updated each time you open the app. FICO 08 Scores are updated upon alertable events as stated by the other members. If you purchase a new report, it will cause a refresh of all scores, including the FICO 08 scores. Scores are routinely updated WHEN the CRAs push info to MyFICO. It is NOT in real time and maybe 48 hours or more delayed. But,if you purchase a report, all scores are refreshed as of that moment in time.
I was actually waiting the other day until I verified through CK that a payment had been reported to the CRAs. This was a decent payment and I knew it would cause attend a 10-15 point increase. The payment had been reported (per CK), but MyFICO did not report any score change.
I ordered my new report, which I had waited a week to get my quarterly update, and when I pulled it, all my scores updated including my FICO 08s.
Hopefully I have given all accurate information. If not, more experienced members please correct me.

Re: CRA Reporting VS. myFICO Reporting

Anonymous — Wed, 09 Jan 2019 18:03:08 GMT

@Anonymous wrote:
The scores are most certainly not updated each time you open the app. FICO 08 Scores are updated upon alertable events as stated by the other members. If you purchase a new report, it will cause a refresh of all scores, including the FICO 08 scores. Scores are routinely updated WHEN the CRAs push info to MyFICO. It is NOT in real time and maybe 48 hours or more delayed. But,if you purchase a report, all scores are refreshed as of that moment in time.
I was actually waiting the other day until I verified through CK that a payment had been reported to the CRAs. This was a decent payment and I knew it would cause attend a 10-15 point increase. The payment had been reported (per CK), but MyFICO did not report any score change.
I ordered my new report, which I had waited a week to get my quarterly update, and when I pulled it, all my scores updated including my FICO 08s.
Hopefully I have given all accurate information. If not, more experienced members please correct me.

Thanks for posting your experiences with this. I still haven't purchased another report as of yet. My subscription isn't supposed to give me another one until March but I'm really interested in seeing an updated FICO profile before then.

Re: CRA Reporting VS. myFICO Reporting

Anonymous — Thu, 10 Jan 2019 01:09:26 GMT

Well you have that option, but keep in mind when your quarterly report is due, you don’t have to take it on that day. You can wait and strategically pull it at a later date. you might also consider changing to the monthly report update to see it refreshed more often.

Re: CRA Reporting VS. myFICO Reporting

Anonymous — Fri, 11 Jan 2019 00:40:11 GMT

Something I learned that I want to share with everybody, you may already know. Before I pulled my new reports I waited until the date that I knew an inquiry would drop off my MF report . In other words the MF reports only show inquiries from the last 12 months because those are the only ones that affect your score, so I waited until 12 months had passed from a particular inquiry. Well I should’ve waited 12 months and and a full day, because it was still showing. For example if the inquiry was on January 5 of 2018, I waited until January 5 of 2019 to pull a new report, but yet it still showed the inquiry and presumably still affected the scores. (Those are not the actual dates, so I got a couple more days to wait and see if my score changes anywhere else to know whether or not it actually affected the scores.) UPDATE:
After speaking with customer service, the actual date and time of inquiries log at the bureaus. Consequently, had I pulled in an hour or two later it would not have shown depending on the time the inquiry was entered on that date a year ago. So my advice is to wait a full 24 hours after the anniversary of the inquiry to avoid it showing on your MF report.