MyFico Ethics

[ScarletFever]

I had not received an update from ScoreWatch in a month. This despite three three negative items removed, plus a collection from Verizon removed that was incorrectly and erroneously reported in December 2007. All items were updated with CRA's. As you know,  a recent collection is devastating to a MyFico score.. The Verizon account was removed because I had sent a fax to the VP in NJ after having no success speaking to more than 10 Verizon reps for a collection that was bogus. I then sent four e-mails to My Fico asking to explain why a month has gone by with no report, but received nothing but standard, automated replies about calling them because they could not explain it in an e-mail. How condescending. We all get how the scoring system works. We"ve discussed it ad nauseum. MyFico finally responded with actual answers after the fourth and last strongly worded e-mail, but the answers  were the same banal excuses that had nothing to do with my specific situation. Everything updated with CRA's, no new negatives, no other changes, blah, blah, blah..

After twisting their arm and threating e-mails, I finally get a score that indicates an increase of 12 points. My utility also went from 9% to 1%,and reported as such, in addition to the above removals. I then send a specific question asking why the score plummets significantly when the collection is added, (some 50 points or more on Fakos..) and goes nowhere when removed? MyFico replies by saying that just because a collection is removed, it does not mean that a significant score increase is in order because the collection was there to begin with. Huh? I seriously hope that they are kidding, incompetent, or just plain stupid.It looks like MyFico may have a score policy that potentially impacts scores by taking into consideration removals. I do believe that MyFico is purposely slow on their alerts, hoping that impatient suscribers will spend the $10 on each new alert/score. Many of you have posted that you could not wait for the updates, and sprung for the new scores.

Any thoughts or similar experiences? Please, no comments about other possible changes in the report, as I"ve stated, the only changes were all positive. I hope that the relationship that MyFico has with CRA's is above board, and not duplicitous. I cannot believe their answer in regard to removals..

[Anonymous]

I know that I never received any alerts from TC when I had accounts removed.

And I've read on other threads here that SW is behind and was having technical difficulties and some are getting multiple alerts during a days time from them trying to catch up.

I truly hope that our scores are not affected by a removed collection. That would not be right, especially to those who had a collection placed on their report due to identity theft or a mix up of SS#, etc.

Have you checked to see how your alerts are set? I know on some products you can set them to receive alerts only if your score changes by a certain amount, or other factors.

[Junejer]

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@ScarletFever wrote:

I had not received an update from ScoreWatch in a month. This despite three three negative items removed, plus a collection from Verizon removed that was incorrectly and erroneously reported in December 2007. All items were updated with CRA's. As you know,  a recent collection is devastating to a MyFico score.. The Verizon account was removed because I had sent a fax to the VP in NJ after having no success speaking to more than 10 Verizon reps for a collection that was bogus. I then sent four e-mails to My Fico asking to explain why a month has gone by with no report, but received nothing but standard, automated replies about calling them because they could not explain it in an e-mail. How condescending. We all get how the scoring system works. We"ve discussed it ad nauseum. MyFico finally responded with actual answers after the fourth and last strongly worded e-mail, but the answers  were the same banal excuses that had nothing to do with my specific situation. Everything updated with CRA's, no new negatives, no other changes, blah, blah, blah..

After twisting their arm and threating e-mails, I finally get a score that indicates an increase of 12 points. My utility also went from 9% to 1%,and reported as such, in addition to the above removals. I then send a specific question asking why the score plummets significantly when the collection is added, (some 50 points or more on Fakos..) and goes nowhere when removed? MyFico replies by saying that just because a collection is removed, it does not mean that a significant score increase is in order because the collection was there to begin with. Huh? I seriously hope that they are kidding, incompetent, or just plain stupid.It looks like MyFico may have a score policy that potentially impacts scores by taking into consideration removals. I do believe that MyFico is purposely slow on their alerts, hoping that impatient suscribers will spend the $10 on each new alert/score. Many of you have posted that you could not wait for the updates, and sprung for the new scores.

Any thoughts or similar experiences? Please, no comments about other possible changes in the report, as I"ve stated, the only changes were all positive. I hope that the relationship that MyFico has with CRA's is above board, and not duplicitous. I cannot believe their answer in regard to removals..

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Hi Scarlet. I believe that the CSR would have been better served to explain it this way. If there are multiple collections in a file, only one is hurting the score at any point in time--the most recent. So, if you get an old collection removed, don't expect an increase (the newest one is still there laying the smack down on you). If the newest one is removed, then the scoring model reverts to the next newest collection remaining and the score may go up depending upon how badly collection A is hurting compared to collection B and so on and so forth. The last remaining collection to come off can reap huge score benefits, yet others report scores dropping, due to rebucketing and loss of avg age.

I hope that clarifies that piece anyway. The other thing is I think that SW is still "under the weather", if not altogether still broken. Waiting patiently for a SW alert that should take my score up.

[thotgal320]

I just got an alert from SW on something that happened two days ago. The alert I got is even dated for the 12th and it is now the 14th.

[Anonymous]

You also have to keep in mind that MyFico does not create the scores, they just provide a way for you to get them.

IMO EQ is just stinky about collections and scoring anyways.  I've had all kinds of improvements and EQ just sits there at the same score, but as soon as something bad hits, BOOM down she goes.

[Anonymous]

It is possible to not have a significant change if the collection was old.

[Junejer]

Yep. If it's the last one, sometimes people's scores drop, due to the new bucket they have just entered.