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@RobertEG I had a question about this statmenet that I'd been trying to clarify myself
@RobertEG wrote:A secondary factor is while the debt remains unpaid, its period of delinquency is continuing to increase.
If they are not continuing to report escalating levels of delinquency, such as a higher monthly derog of 90/120/150/180+ late, then FICO is not viewing the debt as continuing to escalate in "lateness."
However, if the creditor is continuing to make monthly updates that show the debt remains unpaid, FICO effectively treats such updates as a contunued extension of the effective delinquency, and the derogs are not decaying in their scoring effect.
Is the creditor continuing to make monthly updates that show continued delinquency? If so, paying will terminate such updates, and permit the derogs to begin to age.....
I thought that the aging starts at the date of first delinquency? However based on your statement if I'm understanding correctly a creditor could theoretically update the TL forever, and it would stay on your report forever? If that is the case then is PFD the only way to get it removed? I have a TL that is not mine but I acknowledge responsibility for that gets updated every month and they are refusing to accept a PFD. They have updated every month for the last few years, before I was even in the credit game. Its very disheartening to hear this as that negative will basically be on my reports for forever it seems now.
@minimist wrote:@RobertEG I had a question about this statmenet that I'd been trying to clarify myself
@RobertEG wrote:A secondary factor is while the debt remains unpaid, its period of delinquency is continuing to increase.
If they are not continuing to report escalating levels of delinquency, such as a higher monthly derog of 90/120/150/180+ late, then FICO is not viewing the debt as continuing to escalate in "lateness."
However, if the creditor is continuing to make monthly updates that show the debt remains unpaid, FICO effectively treats such updates as a contunued extension of the effective delinquency, and the derogs are not decaying in their scoring effect.
Is the creditor continuing to make monthly updates that show continued delinquency? If so, paying will terminate such updates, and permit the derogs to begin to age.....
I thought that the aging starts at the date of first delinquency? However based on your statement if I'm understanding correctly a creditor could theoretically update the TL forever, and it would stay on your report forever? If that is the case then is PFD the only way to get it removed? I have a TL that is not mine but I acknowledge responsibility for that gets updated every month and they are refusing to accept a PFD. They have updated every month for the last few years, before I was even in the credit game. Its very disheartening to hear this as that negative will basically be on my reports for forever it seems now.
No, updating does NOT make it stay on longer. It only affects how strongly FICO scores it.
If you have a derog that is not yours, then you should use FCRA 605B (ID Theft provision) to get it removed.
Thanks for the reply Norman, I will look into that. It was a utility account opened by a family member in my name without my knowledge and I found out years later when I applied for my first cc. I've explained the situation to them and they want me to file a police report and press charges which I refuse to do. I'd rather just pay it and have them remove it which they refuse to do, I have no idea why they wouldn't as it should make no difference to them if they have their money. Thank you again for the info.
@minimist wrote:Thanks for the reply Norman, I will look into that. It was a utility account opened by a family member in my name without my knowledge and I found out years later when I applied for my first cc. I've explained the situation to them and they want me to file a police report and press charges which I refuse to do. I'd rather just pay it and have them remove it which they refuse to do, I have no idea why they wouldn't as it should make no difference to them if they have their money. Thank you again for the info.
FCRA 605B works directly with the CRA's, the collector has zero input in the process. While a police report may be necessary, you are not required to point a finger at anyone. Simply take a copy of your reports to the PD, explain that you have an account you know is not yours and you wish to make an ID theft report so it can be removed from your reports. Show them a copy of FCRA 605B if necessary.