Error in MyFico Score?

[terren2000]

You recently missed a payment or had a derogatory indicator reported on your credit report.

Your most recent late payment happened 2 Years, 5 Months ago

Most FICO High Achievers [?], about 93%, have no missed payments at all. But of those who do have a missed payment, it happened nearly 4 years ago, on average.

If you missed a payment, your FICO score evaluates how recently that missed payment occurred. In general, the more recent the missed payment, the more impact it has on your score. In your case, your last missed payment happened recently.

What to do about this: If the late payment on your credit report is valid, you should focus on continually paying all your bills on time. This will demonstrate a good payment history so that your last missed payment will have less of an impact on your score as time passes.

[terren2000]

Reason I say error.

If you see it says my number one reason hurting my score is a recent late payment, that happened 2 years ago.

That is wrong, my most recent late payment happened in 2004, which is 6 years ago.  But a collection took over in 2008.

So Myfico is caluculating that as a new late payment, why?  I wasnt late in 2008 on anything, if anything it should be a new account.

[IOBA]

"

You recently missed a payment or had a derogatory indicator reported on your credit report.

Your most recent late payment happened 2 Years, 5 Months ago

 "

I think the verbage was just off a little bit.  It probably should have read that your most recent late payment or derogatory indicator was 2 years, 5 months ago.

It sucks, but the good news is the collection should fall off 7-7.5 years from date of first default.  You mentioned it was six years ago...so the collection agency should fall off in the next 2 years.

[terren2000]

oh i see. thanks.

yea its 6 years old.

[terren2000]

One thing?

When the OC falls off next year, does the collection stay on?  The collection came on alter the n the Original Account?

[MarineVietVet]

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@terren2000 wrote:

One thing?

When the OC falls off next year, does the collection stay on?  The collection came on alter the n the Original Account?

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Yes it will. Unless you get a GW early deletion of the collection it will stay for 7-7.5 years (depending on how you read the law  ) from the DOFD that led to the collection.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work

[RobertEG]

Nothing ever, under the FCRA, is mandated to "fall off" of your credit file.

The creditors and debt collectors can continue to report to your credit file forever.

When anyone requests a credit report based on any information contained in your credit file, the so-called "drop off dates" of 7 years from a delinquency on OC account, and 7 1/2 years for COs and CAs, both as specified in FCRA  605(a), are, in actuality, only limitations on the CRA as to what they can therafter include in any normal  credit report they issue. 

While the inclusion of expired derogs are normally excluded from credit reports after the dates set forth in FCRA 605(a), those limitations are not absolute.

Those limitations are entirely removed under certain circumstanes, as set forth in FCRA 605(b). If you apply for a loan or insurance that involves a principal balance of $150,000 or more, access to your full credit file can be obtained with no restrictions of excluding any information that may have normally "fallen off" of your credit report.

[terren2000]

^^^

if they can continue to report forever, then why dont they?

Ive never had anything stay over the 7 year period.

[haulingthescoreup]

I believe that RobertEG is talking about your credit file, as opposed to your credit report.