For the mods who work for FICO.....I think one thing that is in their illustrious model is wrong and harmful.
I have two baddies that I have been trying to get rid of. One has been deleted of EQ. Another is OLD (closing in on the 7 yr date) and I have disputed them regularly because the reporting is inaccurate...whatever.
So my scores were in the low to mid 600s. Maxed out cards were hurting my score. I disputed 2 of my aging baddies. They came back 'verified' (whatever). They were EXACTLY the same as before (which for Kays is funny because they verified on all 3 bureaus and the 3 bureaus DON'T say the same thing!!!!). The ONLY change was the report date. So in the WISDOM of the IDIOTS who formulated what they did.....my score tanked from 638 to 596. SAME data ladies and gents. Only a new last report date.
So what FICO is really doing is punishing consumers who dare to challenge the CRA. Risk factors....BAH HUMBUG!
Message Edited by Momof5 on 02-08-2008 11:29 AM
Starting Score: 472
Hi, Momof5, I feel your pain. I've been getting ready to try to get a medical collection off my husband's reports, and I'm dreading it.
It sounds like what you're facing is the typical crappy reporting by collection agencies, compounded by lazy, sloppy work by the CRA's. The problem for your scores is that they are driven by the info on your reports. FICO creates the scoring formulas used by the CRA's (and they each requested a different one.) These formulas crunch numbers. If the numbers furnished by the CRA's are incorrect, the resulting scores are affected. So the anger needs to be aimed at the CA's and CRA's, who are responsible for what appears on your reports.
Congrats on getting the one baddie off your EQ, and I'm sorry to hear about the other. Your situation shows why most people don't try to fix things that are ready to fall off. Collection agencies get worried when they see that the collection won't be showing (and hurting) much longer, so they love a chance to change all the dates around.
I'm just now starting to learn about collections, so I know just enough to be dangerous, but it sounds like the CA has done something wrong. You might want to post the exact details over on the General Credit board, and see if someone much more knowledgeable than I can offer some help. In the meantime, I have to take time this weekend to learn the process myself.
BTW, none of the moderators here are paid. (I wish!) I work in health information for the federal government in my day job, and in my part-time job, I do the same for a contractor. I think myFICO figured that since I seem to read every single post and reply to many of them, they might as well make me a mod and get something useful out of me!
--hauling (mom of 3)
It sounds like what you're facing is the typical crappy reporting by collection agencies, compounded by lazy, sloppy work by the CRA's. The problem for your scores is that they are driven by the info on your reports. FICO creates the scoring formulas used by the CRA's (and they each requested a different one.) These formulas crunch numbers. If the numbers furnished by the CRA's are incorrect, the resulting scores are affected. So the anger needs to be aimed at the CA's and CRA's, who are responsible for what appears on your reports.
Congrats on getting the one baddie off your EQ, and I'm sorry to hear about the other. Your situation shows why most people don't try to fix things that are ready to fall off. Collection agencies get worried when they see that the collection won't be showing (and hurting) much longer, so they love a chance to change all the dates around.
I'm just now starting to learn about collections, so I know just enough to be dangerous, but it sounds like the CA has done something wrong. You might want to post the exact details over on the General Credit board, and see if someone much more knowledgeable than I can offer some help. In the meantime, I have to take time this weekend to learn the process myself.
BTW, none of the moderators here are paid. (I wish!) I work in health information for the federal government in my day job, and in my part-time job, I do the same for a contractor. I think myFICO figured that since I seem to read every single post and reply to many of them, they might as well make me a mod and get something useful out of me!
--hauling (mom of 3)
"So what FICO is really doing is punishing consumers who dare to challenge the CRA. Risk factors....BAH HUMBUG!
I agree...!!! just going through a similar situation myself..made a dispute,(came back verified ) a date changes..fico computer makes wrong assumptions, score nose dives..myfico says talk to CRA's??!!!..
This is the 2nd account I have disputed that made me score take a major nose dive..!
What did myfico say ..did you call them?Surely there is something that can be done about this!..and when you say your date changed was it your status date?
another thread that may interest you to do with status dates/disputes...maybe if we all got together we could do something to make fico see somethings not working right...