topic Re: Inaccurate Credit Score Reporting by FICO in Understanding FICO® Scoring

Inaccurate Credit Score Reporting by FICO

Counsel3 — Mon, 27 Jun 2022 01:39:07 GMT

FICO has inaccurately reported my credit score to Experian which has caused a decrease in my score of 43 points. I have not had any bad account or collections. This needs to be corrected by FICO immediately. I have had a consistent 720 - 750 score for 18 months.

Re: Inaccurate Credit Score Reporting by FICO

OmarGB9 — Mon, 27 Jun 2022 05:37:03 GMT

FICO is not an individual reporting entity. They merely created the formula. Each bureau utilizes the same FICO algorithm with minor tweaks for their respective score. Your creditors provide the data to the bureaus who in turn generate your score.

Have you gone through your reports to try and figure out what might have caused the score decrease (whether accurate or not; mistakes can and DO happen)?

Re: Inaccurate Credit Score Reporting by FICO

Gunnerboy — Mon, 27 Jun 2022 02:45:42 GMT

@Counsel3

Creditors are the ones reporting information to Experian.
FICO is an analytics company that created scoring models used by credit reporting agencies, such as Experian.
Experian uses reporting information from creditors to produce FICO scores.

You need to see a current version of your Experian report to see which of your creditors recently reported derogatory information to them.

Re: Inaccurate Credit Score Reporting by FICO

babygirl1256 — Mon, 27 Jun 2022 03:45:20 GMT

@Counsel3 I would access my free annual credit report, if you haven't already done so to see what has changed. As others have stated, FICO doesn't report data to the Credit Bureaus. Have you tried contacting Experian? If not, do so as they are by far the easiest to work with (in my experience). Best wishes resolving the issue in your favor.

Re: Inaccurate Credit Score Reporting by FICO

NRB525 — Mon, 27 Jun 2022 09:03:59 GMT

Sorry to hear about the score decrease.

This forum can provide discussion and recommendations to you for steps you can take.

The forum here is not a formal communication path for you to get credit scores disputed nor your credit reports corrected.

Re: Inaccurate Credit Score Reporting by FICO

SouthJamaica — Mon, 27 Jun 2022 16:26:11 GMT

@Counsel3 wrote:
FICO has inaccurately reported my credit score to Experian which has caused a decrease in my score of 43 points. I have not had any bad account or collections. This needs to be corrected by FICO immediately. I have had a consistent 720 - 750 score for 18 months.

FICO does not report your score to Experian.

Re: Inaccurate Credit Score Reporting by FICO

Czyln — Tue, 28 Jun 2022 14:09:40 GMT

This has happened to me as well, with the only changes being one inquiry and I have actually reduced my utilization to 4%.

Re: Inaccurate Credit Score Reporting by FICO

mcsea — Thu, 11 Apr 2024 01:48:06 GMT

There's no way my FICO is accurate. Says my Equifax is 588 but at the actual Equifax bereau it says it's 632 on myequifax.com

would be scared to see what my FICO says about my Experian and trans union

Re: Inaccurate Credit Score Reporting by FICO

markbeiser — Thu, 11 Apr 2024 02:12:27 GMT

@mcsea wrote:
There's no way my FICO is accurate. Says my Equifax is 588 but at the actual Equifax bereau it says it's 632 on myequifax.com

would be scared to see what my FICO says about my Experian and trans union

Myequifax.com shows your vantage 3.0 score, which is a very different thing than FICO scores, often with a very wide difference.
For instance, my current Equifax Vantage 3.0 score is 811, but my FICO8 score from Equifax is 776 because FICO8 scores are very much more sensitive to new accounts than Vantage scores.
The spread for my scores is currently even bigger for Experian and Transunion Vantage scores vs. FICO8.

Re: Inaccurate Credit Score Reporting by FICO

FicoMike0 — Thu, 11 Apr 2024 04:26:16 GMT

There may be errors on your Equifax report, but what Myfico reports is your score. You can get a second opinion from credit.com, but any difference is going to be from a different day. Credit.com has a 7 day free trial. Sign up for paid subscription, then cancel by day six.

Re: Inaccurate Credit Score Reporting by FICO

Barkius — Fri, 12 Apr 2024 20:11:30 GMT

OP and the other posters with score drops are going to want to familiarize themselves with different types of scores and learn how the scoring system works because there are vast misunderstandings in this thread.