Alert from myFICO score watch

[JShidell]

I just got an Alert from myFICO score watch about a min ago. Do I have to purchase my scores over again to see this update? I'm just curious because this is my first time using score watch.
Thanks

v/r
James

[BooBee]

Not really.  The score watch is alerting you that your score has changed.  Unless there was somethign significant that caused the change there probably was really no change to your actual report.

For example: If you made a large purchase in the past two months and allowed your UTL to go high, then you paid down the balance to a lower UTL you would see a nice bump in score but no change on your report other than the lower CC balances.  (this is just an example but it depends on what has change on your report which may not be significant).

I like score watch.  I don't get regular alerts but it's nice to get them when I do.

Message Edited by BooBee on 06-09-2008 10:58 AM

[JShidell]

Thank you.

I found it. It looks like it was an Account Change. Which may or may not affect me negatively. I guess I might have to pull my reports after all to see what might have changed. It shows what changed in the credit alerts tab within Score Watch but I'm not sure which credit reports were affected and if it affected my score or not. I think the Account Change is rather strange to.

My change went from:

Previously reported
Balance: $966
Past due: Not Reported
Status: Bad Debt; Placed for collection;
Last activity: 8/1/2004
High credit: Not Reported
Description: Charge off account

Newly reported
Balance: $0
Past Due: Not Reported
Status: Pays account as agreed
Last activity: 5/1/2004
High credit: $966
Description: Account transferred or sold charge


For 1. I haven't paid on this account since 04, so I don't know how they have the status as "Pays Account as agreed"
For 2. According to the description I think this account was sold to another collection agency. I'm not sure if that will hurt me more or not.


v/r
James

[Anonymous]

If this was a charge off...at first ..it had a balance...which was still being factored into your UTL..and hurting your scores...so now..showing $0 balance...it brought your UTL down...to where it was supposed to be...

[Anonymous]

But...if you don;t have a CA showing on your reports...for this account...you are about to...they should be sending letter...if you don't...I would pay them ASAP...in exchange for them NOT reporting to the CRAs at all...

[JShidell]

---

@Anonymous wrote:
If this was a charge off...at first ..it had a balance...which was still being factored into your UTL..and hurting your scores...so now..showing $0 balance...it brought your UTL down...to where it was supposed to be...

---

So that might mean an increase in my FICO scores? Or virtually no change.


v/r
James

[Anonymous]

I think..if you were going to get an increase...it would have showed it..as part of the score alert...some people see NO CHANGE...but you are going to see a BIG drop..when that collection appears....that's why you should deal with it...NOW...before it reports...

I myself have brought reports..after a scorewatch alert...because the alerts were so late...and seemed inaccurate...and low and behold...the score alert was wrong...I actually saw an increase...when it said I decreased...

[JShidell]

Okay thanks. I will contact the OC first thing tomorrow.
Thanks for your help.


v/r
James