topic Re: This does not seem FAIR at all!!!!!!!! in General Credit Topics

This does not seem FAIR at all!!!!!!!!

Anonymous — Tue, 18 Jun 2013 15:40:13 GMT

Well, I just saw that now we CAN get an Experian FICO score, so i bought one.   It was my lowest score of all my FICO scores, at 705.   It said I have "multiple" accounts with late payments, derogatory remarks on them or in negative standing.
I strongly object to the use of the word "multiple"
as i had one (1) account that had one (1) late payment 3 years ago.

ONE.
NOT "MULTIPLE".
This feels like outright slander to me.   Huge exaggeration.   "multiple" my eye!
All my other accounts are flawless.

So i clicked the link on THIS website, embedded into the page of my Experian FICO report--------where it says "dispute this report" and it took me to an Experian phone number, and they said they can not help what FICO says about their info, that they have zero control over FICO calling ONE account as "multiple accounts".
I had my Vantage score, (lousy at grade C, with number of 724) but Experian report never states i have "multiple" accounts in negative standing, so they could not help me. They said Experian has zero to do with how FICO interprets their report of ONE account with history of ONE late payment,
as "multiple accounts in negative standing".

SO NOW WHO DO I CONTACT to get that word "multiple" taken off the headline over my Experian FICO account?   sure feels like an outright lie, to me anyway.

THANKS if anyone knows who i complain to about somebody here at FICO calling one (1) account---- "multiple" accounts.

LOL, probably when i find out who to talk to here at FICO, they will say, "oh, you need to talk to Experian" (just a guess, but, i'm expecting that to happen...)

Re: This does not seem FAIR at all!!!!!!!!

Gunnar419 — Tue, 18 Jun 2013 16:03:35 GMT

I can see how that description would disappoint you and tick you off. But you may be wasting a lot of energy and anger on something only you will ever see. Those MyFico descriptions are often weird. People with 25 year credit histories get told that their age of accounts is too short. People with utilization under 10% get told their utilization is too high.

Try to roll with it. It's what's on your report that counts, not those sometimes crazy descriptions that MyFico comes up with for our eyes only.

Re: This does not seem FAIR at all!!!!!!!!

p- — Tue, 18 Jun 2013 16:19:33 GMT

728sofar wrote: It said I have "multiple" accounts with late payments...

The stuff on here has three categories of information:

1. Your score. This is shown to anyone that buys your credit score as part of an application for credit. Many decisions are based on this score alone.

2. Your report data, i.e. accounts, inquiries, payment data, etc. This is the meat of your report that would be reviewed during a manual review after a credit app, or by companies who use their own scoring algorithms.

3. The "interpretation notes", i.e. items on this report that tell you why your score is high or low, or what to do about it. These are seen only by you, and are the myfico computer attempting to give you clues as to how to improve your score. This includes the phrase you are concerned about.

In short, it doesn't matter. Nobody sees that but you. Relax.

Re: This does not seem FAIR at all!!!!!!!!

Anonymous — Tue, 18 Jun 2013 16:23:36 GMT

And my guess is that they don't even have a note for "You have a single late payment" as a derogatory. Like it was said above it's only for you to help you determine what is holding you back from a perfect score. It's my understanding that even 800+ scores get at least one derogatory comment.

Re: This does not seem FAIR at all!!!!!!!!

Anonymous — Tue, 18 Jun 2013 16:55:08 GMT

Well, i am on hold right now, as we speak, with a FICO customer service rep. Thing is, she kept emphasizing that FICO can not change what is reported by Experian. A number of my accounts are reported by Experian as having "satisfactory" standing, not "good" standing. That was the moment i learned, that "satisfactory" is NOT "good", ha ha.
who knew?

Although, Experian says on each of those "satisfactory" accts, that there is NO negative or derogatory remarks to ANY of my "satisfactory" accts.

I agreed with her (multiple times) but i pointed out to her, that FICO is taking what Experian reported as "satisfactory" with "no derogatory remarks"
and that FICO (not Experian) is now, falsley re-labelling those accts as "derogatory" when, in fact, that is NOT what Experian reported to FICO.

She explained, that FICO uses some formulation, to come up with the word "derogatory" out of the word "satisfactory". I said if she can point to me, where i had even one (1) late payment on ANY of those accts, she'd have a point,
BUT
I have the records on those accts going back to 2007, and not one late payment ever happened, so FICO "formulary" has NO EVIDENCE to somehow twist the word "satisfactory" into the word "derogatory". Experian clearly states on the report, that all the accts have NO derogatory remarks, only just that one (1) report, with history of one (1) late payment, 3 years ago.

I told her i want FICO to either relabel my Experian FICO report to read "Has multiple accts in satisfactory standing"
or
to relabel my FICO acct as "has ONE acct with derogatory remark".

one of the other.
I also have several accts that Experian reports as "good" standing, too.

But, for FICO to take a list of many accts, ALL labelled as either good, or satisfactory, and decide to call that "MULTIPLE" accts with "derogatory" standings, is a flat out lie. It's NOT what Experian reported to them, at all.
She has gone to get her supervisor to decide what to do.....

ROLL WITH IT? Roll with a LIE on my credit report? What? Why?
I do NOT have "multiple accts in derogatory standing". It is a LIE.

"NO one will ever see it"? NO, i am in process right now, of having my credit checked by a property management group, and i have NO doubt, they are going over my credit report right now as we speak.....

Re: This does not seem FAIR at all!!!!!!!!

p- — Tue, 18 Jun 2013 16:59:40 GMT

@Anonymous wrote:ROLL WITH IT? Roll with a LIE on my credit report? What? Why?

"NO one will ever see it"? NO, i am in process right now, of having my credit checked by a property management group, and i have NO doubt, they are going over my credit report right now as we speak.....

I'm not sure if you read what I posted, but you need to read it again. I don't think you understand what you are looking at. Go pull your reports through www.annualcreditreport.com. You will see all of the report data, but none of the "myfico comments".

The property manangement group will not see the myfico comments, because they are not buying a consumer monitoring product from myfico.

No. One. Will. Ever. See. It.

The myfico comments are NOT a part of your credit report. They are part of an interpretation/explanation that came with it, because you bought a consumer report here. MyFico doesn't put anything on your actual credit report. People that you apply for credit with will not see it.

Re: This does not seem FAIR at all!!!!!!!!

Anonymous — Tue, 18 Jun 2013 17:00:59 GMT

SCORE!! I am off the phone now, and a supervisor just agreed with me, that it IS a mistake made by FICO, (not Experian) on my experian FICO score.

He said he has to "escalate this report" to some higher ups who do have power to change the FICO report,
sounds good, right?

but, on the downside, it will take 72 hours or more, for them to get around to even looking at it,
and
i have NO idea how long it will take FICO to remove the remark, "has multiple accounts in derogatory standing" off of my experian FICO score.......

and, like i said, i am being approved TODAY, right now, at this very hour, for a new home.

I would have disputed the experian FICO score before today, but, i just now found out, that experian FICO scores are "back" again. I was here like 2 or 3 weeks ago, and back then, there was NO experian FICO score, none could be had. (cuz of some disagreement/split between FICO and experian for past few years, one could ONLY get an Equifax or a TU fico score)

dawg, now i hope that property managment group does NOT realize that yes, you can now check someone's experian FICO score again......cuz mine is wrong. dang...(bites nails..)

Re: This does not seem FAIR at all!!!!!!!!

p- — Tue, 18 Jun 2013 17:04:32 GMT

Seriously.

Go pull your free reports from annualcreditreport.com and see what they say. Forget about what myfico comments say about the report, just look at the actual report.

On your Actual report it will divide the accounts between "Potentuially negative" and "accounts in good standing". Only two labels. That's it.

Re: This does not seem FAIR at all!!!!!!!!

dodfire — Tue, 18 Jun 2013 17:06:03 GMT

Calm down Tiger!!

As everyone has told you, it is a generic statement that ONLY you see.

Re: This does not seem FAIR at all!!!!!!!!

p- — Tue, 18 Jun 2013 17:11:31 GMT

728sofar wrote:...a supervisor just agreed with me, that it IS a mistake made by FICO, (not Experian) on my experian FICO score...He said he has to "escalate this report" to some higher ups... i hope that property managment group does NOT realize that yes, you can now check someone's experian FICO score again......

1. Creditors have always been able to check experian FICO scores. It wasn't available here for a while for consumers to check their own, and now is again.

2. This site doesn't "make" your score. Or change it. It evaluates the information for the consumer, i.e. you.

3. Yes, it is a mistake by myfico that the thing says multiple accoutns with lates, but that mistake is not a part of your report or score. It is part of the information that is for your eyes only.

What you buy here is different from what the creditor sees. There is more detail and analysis in the report. Take the score from here, and look at your actual annualcreditreport.com reports. That is alot closer to the format they will see.

Re: This does not seem FAIR at all!!!!!!!!

Anonymous — Tue, 18 Jun 2013 17:16:30 GMT

//"Try to roll with it. It's what's on your report that counts, not those sometimes crazy descriptions that MyFico comes up with for our eyes only."//

Oh, sorry, i've been on the phone with FICO, guess i did not read that remark carefully,
so let me get this straight-------------so the property management group pouring over my credit reports, will not see the remark "Has MULTIPLE accounts in derogatory standing" that is like a banner across top of my experian FICO report?

It's right on first page, front and center across top of my experian FICO report,
it's the frist thing you read,
but *I* am the only one who can see that remark on the report?

For real, it's the headline across top of the report, not like at some last page of advice, nope, it's written right across the top front page of my experian FICO report...but that line will be blocked out to prevent creditors from seeing that one remark?

Re: This does not seem FAIR at all!!!!!!!!

llecs — Tue, 18 Jun 2013 17:24:15 GMT

The prop. mgmt group will see different reports than what you pulled on here. Don't sweat it.

Re: This does not seem FAIR at all!!!!!!!!

Anonymous — Tue, 18 Jun 2013 17:31:59 GMT

OH THANK YOU, YOU ARE SURE?
OH whew, and whew....
sorry i was so freaked out, i am, admittedly, a little overwhelmed right now trying to get new home, and seeing my just-now-available experian FICO report saying "has MULTIPLE accts in derogatory standing" was jsut what i didn't need today, knowing someone is looking at my credit RIGHT NOW, as we speak, right this minute....

So creditors do not buy or even check OUR fico scores,
creditors only check our annualcreditreport info?

but creditors do not try to find out our FICO score? really?

Re: This does not seem FAIR at all!!!!!!!!

Anonymous — Tue, 18 Jun 2013 17:35:05 GMT

well, i mean, i NOW am gathering, that creditors will not see the remark across top center of my experian credit report which reads "has multiple accts in derogatory standing"
but,
now i am curious, if creditors do seek to learn our FICO "numbers"?
or they only seek out our info on annualcreditreport?

Re: This does not seem FAIR at all!!!!!!!!

llecs — Tue, 18 Jun 2013 18:15:51 GMT

Lenders see totally different reports than we do, similar to the one you pulled via annualcreditreport. Your lender may or may not use a FICO and if they do, they will see a 3-digit number and the top negative scoring reasons behind that number (even those with 800 FICOs will have the top 4 negative reasons). One of the 4 scoring codes might be something like "you have a recent derogatory" or something like that. The formatting will vary.

BTW, to be sure that is the only account that is viewed as a negative, look in your FICO report on the Accounts page. Any account with a red flag next to it is a negative.

Re: This does not seem FAIR at all!!!!!!!!

Anonymous — Tue, 18 Jun 2013 18:32:36 GMT

Thank you for info, now, at the risk of having everyone beat on me, when you say //"Your lender may or may not use a FICO and if they do, they will see a 3-digit number and the top negative scoring reasons behind that number (even those with 800 FICOs will have the top 4 negative reasons). One of the 4 scoring codes might be something like "you have a recent derogatory" or something like that. The formatting will vary."//
does that mean my property managment group WILL probably see the words "Has MULTIPLE accounts in derogatory standing"?
(IF they check the Experian FICO report, i mean).

NOW, don't everyone beat on me too hard, just trying to clarify who sees what on my FICO reports. Sure seems this false accusation of "has MULTIPLE accounts in derogatory standing" would have to make my top 4 scoring reasons.

//"BTW, to be sure that is the only account that is viewed as a negative, look in your FICO report on the Accounts page. Any account with a red flag next to it is a negative"//

now, either i'm doing it wrong, or something, but, my account on myfico page, does not even have a red flag next to my Experian fico score, oddly enough. But, maybe i'm looking at wrong thing.
Currently, my page shows me the Experian FICO score, and my TransUnion FICO score,
neither has a red flag by them.
Myfico page does not currently show me my Equifax score anymore, perhaps cuz i bought that one on 6-2-31, maybe is too old to be seen by now.

Re: This does not seem FAIR at all!!!!!!!!

p- — Tue, 18 Jun 2013 18:48:17 GMT

728sofar wrote: does that mean my property managment group WILL probably see the words "Has MULTIPLE accounts in derogatory standing"?

Let me try to explain this another way. Yoru report is just the actual inquiry, payment history, balance, and creditor data. That's it. Your score is a number based on that data. The report form is different depending on where it's pulled. The reports pulled here have all kinds of extra stuff on them to help you understand what they mean. Creditors don't see that.

Depending on where it's pulled, your report will look very different. What will not change is the specific data for each account. That's what you need to worry about. The comments you mention don't show up on a lender pull.

Its like the difference between the score tables on the sports page, and an opinion piece on the game. All they get is the tables.

Re: This does not seem FAIR at all!!!!!!!!

Gunnar419 — Tue, 18 Jun 2013 18:50:41 GMT

@Anonymous wrote:
//"Try to roll with it. It's what's on your report that counts, not those sometimes crazy descriptions that MyFico comes up with for our eyes only."//

Oh, sorry, i've been on the phone with FICO, guess i did not read that remark carefully,
so let me get this straight-------------so the property management group pouring over my credit reports, will not see the remark "Has MULTIPLE accounts in derogatory standing" that is like a banner across top of my experian FICO report?

It's right on first page, front and center across top of my experian FICO report,
it's the frist thing you read,
but *I* am the only one who can see that remark on the report?
For real, it's the headline across top of the report, not like at some last page of advice, nope, it's written right across the top front page of my experian FICO report...but that line will be blocked out to prevent creditors from seeing that one remark?

That is true. They will not see it. As people keep trying to tell you, that remark isn't on your actual report. It's just MyFico trying to be helpful about interpreting your report for you. In this case, as in many others, it's not being as helpful as it intends. But those remarks are for your use only. They don't go to credit grantors.

Re: This does not seem FAIR at all!!!!!!!!

llecs — Tue, 18 Jun 2013 19:16:43 GMT

OP, this will help:

http://www.fico.com/en/FIResourcesLibrary/FICO_Risk_Score_Reason_Codes_1424PS.pdf

The above is what lenders would see; they will not see those 1-2-3-4 things listed in the beginning of your Ex FICO report. Depending on the version of FICO used (if used), they will see any 4 of the following codes listed in the above. So for the derog, for example, it'll say "Serious delinquency, derogatory public record, or collection filed" if a major late like 90 or more or "Time since delinquency is too recent or unknown" if a smaller late like 30 or 60 since these are more scored on recentness than level of derog (hence, 30 day lates are virtually ignored after 2 yrs). If you had multiple derogs, then there would be a code saying "Number of accounts with delinquency". Make sense? The one listed on your FICO report isn't one of these scoring codes. Unlike EQ and TU, EX reasons are less specific and are geared more towards the consumer.

Re: This does not seem FAIR at all!!!!!!!!

Courtyj725 — Tue, 18 Jun 2013 19:17:10 GMT

Thanks for that tidbit on descriptions Gunnar419.

I feel better now reading htis because I saw this in my reports and wondered, well how long is long enough?

I figured I'm low on credit lifespan in comparison (5 years longest and 1 year most recent because of barclay card & salli mae sls) but still, knowing that even at 25yrs people get that means i dont have to feel bad about what i simply cannot change.