I don't get it...

[Anonymous]

After a Ch. 7 discharge in March, soon after I got all 3 credit reports and filed disputes.

Myfico showed my Equifax Fico score as 552 and it went up to 583 after some disputes were resolved in my favor.

However, Myfico STILL shows incorrect info, 2 weeks later. It shows a $12000 loan as still being owed that was discharged in bankruptcy and it shows me as having a past due amount of $2000 on that same loan. However that listing was resolved and taken off my credit report, so why does MYFICO still show that wrong info 2 weeks later?

This is the wrong info that MyFICO is showing me:
#
Your most recent late payment happened
5 Months ago [*NOT TRUE! My last late payment was in November of 07 before filing bk!]
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.
#

You've made heavy use of your available revolving credit.
Ratio of your revolving balances to your credit limits
73%
For FICO High Achievers [?], this ratio is 7%, on average.
[This is WRONG! I only have one line of credit now which is $300 and I owe nothing on it. I have a student loan that I am paying off $6k on and I have never missed one payment even through bk.]

Is Myfico very slow in reflecting changes?

When I use the calculator as to what I should do to make my credit better it says that I should pay off the $12k that I owe on this loan! But I DO NOT OWE $12k on that loan, it was discharged in bk, AND it has already been taken off my credit reports per my dispute. Yet myfico still shows me only a 583 score and says I need to reduce my debt and make my late payments - neither of which are true.

This is very frustrating. How can I get my fico score up if they won't acknowledge the changes that have been made, per my disputes? I am beginning to think that MYFICO's report is nearly worthless...

Message Edited by pdsnickles on 07-18-2008 02:41 AM

Message Edited by pdsnickles on 07-18-2008 02:42 AM

[Anonymous]

Have you purchase a new report since then...your report is not going to automatically update...you have to buy another one....but...if you have SW...you should have gotten some type of alerts....although they are pretty slow...

[Anonymous]

The report you get from myFICO comes directly from the CRA that you request.

Are these changes showing on your report from EQ?

[Anonymous]

Oh, okay, I see the problem. Experian and TU have already updated my accounts with this new information after the dispute but Equifax is dragging its feet.
Equifax still shows me as having all this debt and late payments etc which was superceded by the bankruptcy.

So I guess I'll have to order another set of FICO scores, once Equifax inches its way to the finish line where the other 2 have already arrived and fixed the disputed info.

What I don't get is, they have my bankruptcy notated on my credit report, so why do I have to prompt them to follow through with noting my accounts as included in bankruptcy instead of late, etc... I mean, the info they have is contradictory. They KNOW the bankruptcy is filed and discharged, so why do I have to prompt them to follow through and get rid of the late payments? Isn't it obvious?

This whole credit reporting business seems like one big scam to make money off debtors who now have to order not one Fico score but 3, not one credit report but 3, etc. etc...
Just blowing off steam, because this is, as Jimi Hendrix once said, a "frustrating mess"!