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Equifax agent told me MyFico is unreliable and not to trust them

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bmmob
Established Member

Equifax agent told me MyFico is unreliable and not to trust them

I have been arguing with Equifax and have had to call back five times because they were either rude or flat out disconnected the call over the past 24 hours. One guy was huffing and puffing telling me that it is the creditors fault and not theirs although I know the creditor is reporting accurately because Transunion and Experian report that data as it is received from the creditor and I told Equifax that they receive the same data and do not see how they always screw things up. The guy tried telling me that Myfico is wrong and Equifax is right since creditors pull the credit report directly form Equifax and not Myfico although Myfico score is calculated on how Equifax reports the data but how can myfico score be accurate if Equifax is wrong? I then said "if Myfico is so unreliable, how do they offer every Equifax Fico Score there is and Equifax does not"? He then continued to tell me those scores are still wrong because yet again, creditors pull from Equifax and not Myfico. Equifax is literally the worst bureau out of the three major. It has to do with how the account status section in equifax reports as the payment status section on myfico. Equifax has one account status listed as "not more than four payments past due" and two "charge off" account status which is the payment status for myfico and myfico assumes the accounts are still deliquent and not paid. Transunion and Experian both report "paid charge off" "paid/was a charge off" then equifax reports "charge off' with no paid status means it is considered deliquent in the eyes of myfico. They also added the "Deliquency first reported field" as May 2021 of which myfico is showing a recent missed payment 7 months ago thanks to Equifax although my discover account was settled in August 2019. They refuse to fix it and tell me I am wrong but little do they know, last night, I came accross the full 355 page Credit Reporting Resource Guide from the Consumer Data Industry Association. I also found out that special comment codes can only be used if certain conditions are met such as "Account paid in full for less than the full balance" or something similar to that on the condition that Account Status Code 13 or 61-65 and Current Balance = 0. It shows exactly what fields (minimum) are required for reporting a charge off and a paid charge off below. The settled for less than full balance comment is under my Discover account with the status code for charge off but in order for that special comment to be there the account status code has to be 13 or 61-65 which is "Account paid in full, was a charge off" "Account paid in full, was a collection account" etc..

Also, a different representative from Equifax which was really sweet to my surprise, told me that the account status of charge off remains ONLY if it was sold to a collection agency/third party and is supposed to be "pays as agreed" ONLY if it were charged off AND paid with the same creditor since Equifax does not have paid or paid as agreed which is weird. So, with all that being said, the account status should show pays as agreed on charge off accounts if it were paid to that creditor and not sold to a third party. Equifax is weird. 

 

(a) How should charged off accounts be reported?
Answer: Report the following Base Segment fields:
• Scheduled Monthly Payment Amount = zero
• Account Status = 97 (Unpaid balance reported as a loss – charge-off)
• Current Balance and Amount Past Due = outstanding balance amount,
which may include fees and interest. If payments are made by the
consumer, report the declining balance in these two fields.
• Original Charge-off Amount = the original amount charged to loss,
regardless of the declining balance. This field should not be changed.
• FCRA Compliance/Date of First Delinquency = the date of the first 30-day
delinquency that led to the account being charged off
• Date Closed = For Installment and Mortgage accounts (Portfolio Types I
and M), zero fill. For Revolving, Open and Line of Credit accounts (Portfolio
Types R, O and C), if the account is closed, report the date the account was
closed to further purchases. Otherwise, zero fill.
• Date of Last Payment = date the most recent payment was received
Note: If a small deficiency balance is being charged off for accounting and general
ledger purposes only and the consumer is not being held responsible for this
amount, do not report the account as a charge off. Deduct the charged off
amount from the Current Balance of the ongoing account.

 

34(b) How should paid charge-off accounts be reported?
Answer: Report the following Base Segment fields:
• Scheduled Monthly Payment Amount = zero
• Account Status = 64 (Account paid in full, was a charge-off)
• Special Comment Code = If the account is settled for less than the full
balance, include AU.
• Current Balance and Amount Past Due = zero
• Original Charge-off Amount = the original amount charged to loss
• Date of Account Information = date paid
• FCRA Compliance/Date of First Delinquency = the date of the first 30-day
delinquency that led to the account being charged off
• Date Closed = For Installment and Mortgage accounts (Portfolio Types I
and M), report the date the account was paid in full. For Revolving, Open
and Line of Credit accounts (Portfolio Types R, O and C), report the date
the account was closed to further purchases.
• Date of Last Payment = date the most recent payment was received

Message 1 of 5
4 REPLIES 4
Anonymous1899
Valued Member

Re: Equifax agent told me MyFico is unreliable and not to trust them

 


Message 2 of 5
FireMedic1
Community Leader
Mega Contributor

Re: Equifax agent told me MyFico is unreliable and not to trust them

Whoa. Lets try this. Short Version.

Name of Creditor/ Balance/ Charge Off we know/DoFD. Date of first late payment that led to CO. Thats the fall off date.

If it was settled. Then it would say settled for less than owed. Or CO paid in full.

Collections paid should reflect that. But they dont go anywhere on FICO 8. FICO 9 ignores it.


Message 3 of 5
805orbust
Valued Contributor

Re: Equifax agent told me MyFico is unreliable and not to trust them

Amazing information. What doesn’t surprise me is their incompetence in every way. Let's not forget when they let the data of over 100 million people get out there. I'm amazed it's just been forgotten. Our ss#'s will never be secure. Everyone should have their reports frozen.



Message 4 of 5
Anonymous
Not applicable

Re: Equifax agent told me MyFico is unreliable and not to trust them

Don't feel bad.  You can supply the same info that they have.  I think it is just a tatic to try and brush you off.  If you have errors on your report and they refuse to fix them.  You might be able to have them removed.  Google serach FCRA Attorney. 

 

Message 5 of 5
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