FICO Bankcard 9 showing delinquency

[Skye12329]

So the DH and i are getting ready to buy our first home. NFCU i see pulls a EQ score showing 629 and i thought that cannot be right. I think they pull a EQ FICO 9 score. So i sign up for credit monitoring on here to get my scores and my scores for FICO 8 range from 648-675 (Utilization is holding them down currently but working on that). I check the FICO 9 bankcard and it shows 679.

Both NFCU & Here show a delinquency being reported on my FICO 9 bankcard score, the other bureaus don't. However i have 100% on time payments, no collections or baddies. I cannot figure out for the life of me where this delinquency is. MyFICO mentions a serious payment of 60+ but my reports show all on time payments. I have never missed a payment in my life on anything. So wondering what can i do? Its only EQ showing this information. But like i said my reports are clean. 

Edit: corrected the score MyFICO was showing but NFCU is saying 629 while FICO 9 shows 679 with delinquency. 

[Anonymous]

Hi Skype12329:

     I think you have a few things confused (or you are not stating exactly what you mean). You say; “NFCU I see pulls a EQ score.” I am willing to bet if NFCU is your potential mortgage lender, they will (like every other mortgage lender) pull all three of your mortgage credit scores from TU, EX and EQ. So, one score will not be indicative of your true home borrowing power. Usually, the lender will use your middle score (not the average). In other words, if your mortgage scores are 730, 733, 771; then your middle score the lender will use is 733 (not 745).

     Next you state; “Both NFCU & [h]ere show a delinquency being reported on my FICO 9 bankcard score.” I think I understand what you are saying, but it is important to know for sure. Scores do not show delinquencies; reports do. Maybe you are mentioning the SCORE FACTORS listed under you FICO 9 bankcard score on your myFICO account; but this is just informative, not accurate for purposes of verifying your report data. The accuracy only comes from the actual report you get from the CRA (EQ in this case). Look on your EQ report and that is where you will see the delinquency, who they say reported it, when EQ says it was reported late, etc.

     Since you state this is only showing on your EQ report (and you know you have never been late on anything), it is probably an error. This will require you to file a dispute with EQ; but once again I would find out (via your report) who EQ is saying is reporting you late. Then check with that lender and verify they did not do something in error (or something happened you did not know about). At that point you can then dispute it with EQ. I recommend doing this long before you plan on applying for your mortgage for this could take some time (over a month at least).

     Finally, I really don’t understand why you are looking at your FICO 9 bankcard or FICO 8 scores at all. You said you are looking for a house. As I alluded to above, every mortgage lender I ever heard of uses mortgage lending algorithms. Those are FICO Score 2 for EX (also called Fair Isaac Model v2), FICO Score 4 for TU (also called Risk Score 04), and FICO Score 5 for EQ (sometimes referred to as Beacon Score 5).

Good Luck

Y

[Skye12329]

Thanks, I understand lenders will use middle mortgage score. This is the first time i bought all my scores from MyFico and noticed the Fico 9 Bankcard score which is the one NFCU offers as well. I had disputed it with Equifax and they sent me my report along with the results of: Nothing is showing delinquent. Yet MyFico and NFCU both say delinquencies were found in my report for Bankcard 9 score. I have checked over all my reports and can find absolutely nothing so i am so confused where NFCU and MyFico are finding this delinquency when i had disputed it directly with the Equifax as well. But like i said they found nothing on their end. So that is where i am confused on what to do. 

[Gmood1]

I've seen others here state they had similar issue with 800 plus scores. In the end, unless it's actually on your reports, I wouldn't worry about it.

[Anonymous]

---

@Skye12329 wrote:

Thanks, I understand lenders will use middle mortgage score. This is the first time i bought all my scores from MyFico and noticed the Fico 9 Bankcard score which is the one NFCU offers as well. I had disputed it with Equifax and they sent me my report along with the results of: Nothing is showing delinquent. Yet MyFico and NFCU both say delinquencies were found in my report for Bankcard 9 score. I have checked over all my reports and can find absolutely nothing so i am so confused where NFCU and MyFico are finding this delinquency when i had disputed it directly with the Equifax as well. But like i said they found nothing on their end. So that is where i am confused on what to do. 

---

My understanding (and likely the other folks more experienced with disputes may agree) is that when you file a dispute you have to reference a particular account on the report and then some specific data item within that account.

For example, a person might refer to an account listed as ABC Mortgage Lender and then object to an incorrect value of Date Opened (e.g. the Date Opened says March 2018 but it was actually opened 2008).

In your case, however, it sounds like you disputed a score you didn't like, or perhaps disputed some vague language on a credit monitoring product.  Because you did not reference a particular account, that may be why you didn't get a more helpful response from EQ.

Here are two things you can try:

First, as others have suggested, pull your full credit report at Equifax.  In a situation like this you want to use annualCreditReport.com, which is the gold standard.  Then carefully scrutinize every account on it.  It sounds like you have some idea what the problem is purported to be, which is a Day 60 late somewhere on some account. 

Second (and only after pulling your EQ report at ACR and reviewing it) consider giving Equifax a call.  You already have a dispute opened with them which should have a ticket number.  You can ask an agent to walk through your report with you and ask them if they say any "derogatory" information, specifically payment history problems like a Day 60 late.

If those strategies don't pay off, I'd do the following.  Keep making progress on your known scoring issues.  For example, you acknowledge that your credit card utilization is much higher than you would like.  Work on paying that down.  Ideally you want to payy all cards to zero except one, with the remaining card reporting a small positive balance.  Keep your myFICO Ultimate subscription active (and upgrade it to the $40/month flavor if you haven't already) and use it to monitor your mortgage scores.  If -- after you made a lot of progress on your CC balances -- you still do not see any mention of any lates or delinquencies listed under the EQ mortgage score, then you can assume that the weird delinquency thing is some odd artifact of FICO 9 and can be safely ignored, at least as far as the home purchase goes.

[Anonymous]

     Like CGID said, “My understanding…is that when you file a dispute you have to reference a particular account on the report and then some specific data item within that account.” Except for personal data (like wrong address or employer etc.) I fully agree with this statement. Furthermore, I would follow all that CGID says, especially with respect to ACR; however, I am still at a loss when you say, “MyFico and NFCU both say delinquencies were found in my report…” Where are you seeing this on your myFICO account? Is it under the SCORE FACTORS section as I asked before? If it is, then like CGID said you can probably ignore it. If it is on your report, well then you will see who the creditor is.

     If your information is under the SCORE FACTORS, as I said before, this is (for me) informative and fundamentally useless supposition created by an algorithm. I have one such factor that says, “The remaining balance on your mortgage or non-mortgage installment loans is too high.” My installment loans consist of a cosigner for my daughter & son-in-law on an auto loan ($2,700 of $32,000 remaining; and $82K on a $415K home mortgage loan remaining). Other installment loans are PIF/PAA and aging off over the next half decade plus. I know my mortgage is high until it gets below $32K (8%), but it is not that high. Not so high as to be considered (for me) a negative score factor. It is definitely limiting and will probably keep me from getting 850s until it does get down; but I would not consider it negative (just a limitation to attaining an irrelevant score snapshot).

     So if this is where you are seeing it, well don’t worry (even though I still don’t understand 60 days late reporting here). If it is on your report, find the lender and dispute it properly. Good Luck.

Y

[Cindy_FICO]

This is from our credit scoring expert, Tom Quinn - 

"The reporting of “Loan Modified” on a credit obligation is considered a derogatory indicator by FICO Score 9 (and within the auto and bankcard versions of FICO Score 9) and would trigger the negative score factor “You have a serious delinquency (60 days past due or greater) or derogatory indicator on your credit report.” to surface.  This particular narrative (Loan Modified) first became available in the Equifax data when FICO Score 9 was developed.  That is why it is not impacting the older FICO Score versions."

[Anonymous]

I have same issue; no lates but FICO 9 reports serious delinquency.  I had my mortage modified 2009 but it was never late; I was proactive about my financial situation. Also that mortgage loan is now closed and has been for 2 years.  How can FICO report delinquency when it never happen?!?!?!  Lenders, insurance companies and many others look at score when deciding rates (in case of insurance how much one pays). My FICO 8 is 83+ on all reports but FICO 9 on all reports is mid 750 which is impacting me I want to get a loan/CC. FICO is assuming that someone with modified loan was late and that's isn't the case for everyone.  I've already decided to get a lawyer to take them to court for harm.

[Anonymous]

I have the exact same issue - with my FICO 9 showing that it’s being negatively impacted by a ‘delinquency’  This is bringing it down to 730, when all my other scores are in the 780- 810 range. And of course when I check my actual reports, there is no delinquent account whatsoever, anywhere.  In my case, I had a loan modified as well, and also was never late at all. So it does seem that a loan modification at some point is triggering this issue.

This is problematic to say the least; I’m trying to figure out what options I have to fix this. As more lenders start using FICO 9, it could become a widespread problem - Wells Fargo I know uses FICO 9 as the free score they provide to account holders.

Did you ever pursue this with a lawyer- and what was the outcome?

[Revelate]

Well at some level a loan modification means you paid less than what was agreed to originally?

It’s not the same but foreclosures and short sales and DMP’s all are penalized, if the complaint is the label of late when from what Cindy suggests it is a derogatory, possible that whatever service you are getting it from simply doesn’t translate the reason codes well: 60D+ late or other derogatory is the one I have which encompasses a wide range of public record style credit sins.