Fico 08

[Anonymous]

I was browsing the changes in Fico 08 and I noticed that missing payments less than 100 dollars will not effect scores, and also missing payments more than 2 years ago if your file is otherwise unblemished does not effect it either.

My wife has a Utility account that she "missed" a $50 payment for 3 years ago. She did not actually miss it, it is a long story but the entire thing is a mistake that we cant seem to get corrected on the report. Basically, utilities were covered in her apartment, she moved out, paid the apartment complex everything they said was due, and apparently they were short. The utility company then came after the 50 dollars 1 year later which she paid. Thing is, she never set up an account with the utility company, it was all through the apartment. And the apartment is even verifying that she paid all that was due. Anyway, It is still negatively impacting her score. Her equifax is at 650. She has 2 credit cards with 0 balances always paid on time, she is authorized user on my cards which have 0 balances. She has a utilization of 0% and total revolving credit limit (including my limits) of around 100,000. She has one past car loan paid in full. No mortgage accounts. I cant see how her score would be that low with only a 50 dollar missed payment 3 years ago, that Fico 08 is supposed to be ignoring. Any ideas why the new scoring model is not working as proposed?

Thanks

[Jazzzy]

Do you know that the score you are looking at is a Fico 08?

Has she tried a goodwill delete letter with the utility company?

[fused]

Very few creditors are using FICO08, and the scores that you pull at this site are not FICO08. This explains why you haven't seen the changes you expected.

[Anonymous]

Yeah we tried a letter. Everytime we get one in return that says per company policy that don't make any changes to credit bureau information.

I don't KNOW that it is a Fico 08, but I can assume. Didnt equifax go to 08 in July 09?

[Anonymous]

I pulled it directly from equifax though.

[AndySoCal]

FICO 08 is not avialible to the consumer yet.   Can you post a link a link where you were reading this ?  Equifax has released the FICO 08 score it is called Beacon 09.  It is not widley used yet by lenders because of the nations largest lenders have not announced  that they will accept this score model to underwrite with, Plus, all three bureaus do not have this model of the score released yet.

Message Edited by AndySoCal on 10-13-2009 09:41 PM

[Anonymous]

http://www.creditcards.com/credit-card-news/help/fico-08-formula-affect-consumer-credit-score-6000.p...

That is the link. And here is the specific text I was referring to.

"Equifax, one of the three major U.S. credit bureaus, said the FICO 08 changes are reflected in its BEACON 09 credit scoring product, which was released in June 2009. That makes Equifax the second national credit reporting agency to offer FICO 08 scores.  TransUnion made a similar announcement on January 29."

I pulled her credit directly from Equifax. So it should be the new Fico 08 model, no?

[llecs]

While FICO 08 has been released (also released for EX this summer), the scoring version of the FICO score sold by myFICO and Equifax.com is older than FICO08 (Beacon 9.0 to be precise). Only a teeny tiny minority of lenders are using the Beacon 9.0 version. It would be premature for myFICO and Equifax to offer FICO08 if lenders aren't even using it. A vast majority of lenders still use the same EQ score as found on here and Equifax.

[Anonymous]

Gotcha. So can we assume since they are adopting the model, that lenders will begin to use it over the next few months/year?

[llecs]

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Hawnted wrote:

Gotcha. So can we assume since they are adopting the model, that lenders will begin to use it over the next few months/year?

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Yep...it'll be more like years. As an example, TU98 (created in 1998) is the version of TU FICO offered by many lenders, myFICO.com, and transunioncs.com (ironically, the only places you can get a TU FICO score). Within the past year or two, a majority of lenders are now pulling TU 04. So it took about 3 yrs for a majority to adopt TU04. We can only guess, but FICO08 would be mostly used within 3-4 years, just in time for a new version to be released down the road.