100.00 rule.

[Anonymous]

It seems they cannot report items for collection under $100.  Does anyone know if this pertains to tax liens as well???????

[llecs]

CAs and liens can and do report for less than $100.

Edited to clarify...it is FICO08 that won't report for less than $100 and does include PRs and CAs. But it hasn't been implemented yet. So, anything less than $100 continues to report for the time being.

Message Edited by llecs on 12-23-2008 10:57 AM

[Anonymous]

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@llecs wrote:

CAs and liens can and do report for less than $100.

Edited to clarify...it is FICO08 that won't report for less than $100 and does include PRs and CAs. But it hasn't been implemented yet. So, anything less than $100 continues to report for the time being.

Message Edited by llecs on 12-23-2008 10:57 AM

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They certainly do. I had to get a late off of my report for a CHASE account that was supposed to be closed and wasn't. the "late amount" was a $29 yearly fee.... It was a pain to get removed too, and all for $29!

[GFer]

I have two paid collections reporting, both under $100.

[rivernh]

I just got 3 medical collections removed.  One was for $5 dollars.  Another for $15....the third for $50. 

[kay82]

  Interesting, so what if the amount is paid will it be removed? When is this going to be implemented? I have 2 from Verizon that are both under 100- one paid and one unpaid I would LOVE if these items were removed due to FICO08 because Verizon will not budge !

[cobra19]

I think you may have been referring to FICO 09 which, suposedly, will not zing you as much for collections < $100. It is unknown if that will also apply to tax liens as well.

[MidnightVoice]

From the article quoted in:

http://ficoforums.myfico.com/fico/board/message?board.id=creditnews&thread.id=3645&jump=true

referring to FICO 08, "TransUnion will offer the new score to lenders starting in late January, with Equifax introducing it in the spring, said Craig Watts, a Fair Isaac spokesman."

 and it says:

The new formula ignores small collection accounts in which the original debt was less than $100.

[llecs]

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llecs wrote:

CAs and liens can and do report for less than $100.

Edited to clarify...it is FICO08 that won't report for less than $100 and does include PRs and CAs. But it hasn't been implemented yet. So, anything less than $100 continues to report for the time being.

Message Edited by llecs on 12-23-2008 10:57 AM

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I goofed in my org. post. I typed "reported". It should have read that FICO 08 won't "factor" in debts for less than $100. The $100 or less can and very likely will continue to report. FICO has no say in what the CRAs report.