Late Marks Fico VS Vantage

Anonymous · ‎05-17-2019

So I keep a record of my FICO and my Vantage score pretty regularly, just to make sure things are on the up and up. I just realized after a long time waiting a late mark I had on my credit report finally dropped off of all my credit reports for my vantage score this past month. My FICO score just updated yesterday and am not seeing it reflected on that yet. I've read that for whatever reason the Vantage scoring mondel updates more regularly. Should I expect the recent late mark drop to happen on my FICO score the next month or two? If not may I get some reasons why?

Thanks,

Anonymous · ‎05-17-2019

My comments below in blue.

@Anonymous wrote:
So I keep a record of my FICO and my Vantage score pretty regularly, just to make sure things are on the up and up. I just realized after a long time waiting a late mark I had on my credit report finally dropped off of all my credit reports for my vantage score this past month. My FICO score just updated yesterday and am not seeing it reflected on that yet.

I've read that for whatever reason the Vantage scoring mondel updates more regularly.

Both scoring models generate a brand new score the instant that the report is pulled. What you are probably thinking of is comparing different credit monitoring services (CMS's) and how often that CMS pulls a fresh report and score. CMS's that use FICO (e.g. Discover Scorecard, your various credit cards that supply free scores, etc.) might well only pull your report and score once per month. CMS's that use Vantage are a bit more likely to pull fresh reports frequently (Karma = once a week, WalletHub = daily, etc.). But there are certainly FICO-driven CMS's that update your score daily and Vantage based CMS's that only update once per month.

Should I expect the recent late mark drop to happen on my FICO score the next month or two? If not may I get some reasons why?

FICO tends to look at the severity of your lates and much less at their number. Here's an example. Suppose you had one Day 60 late and five Day 30 lates. One of your Day 30 lates drops off your reports. You might well get no scoring benefit because it didn't change the severity of your worst late (the Day 60).

Anonymous · ‎05-17-2019

@Anonymous wrote:
I've read that for whatever reason the Vantage scoring mondel updates more regularly.

The scoring model (Vantage vs FICO) isn't what's being updated. What happens is that data on your credit report changes (is updated) and then after that happens that data is fed through a scoring algorithm (FICO 8, VS 3.0, etc) and a score is generated. If you're saying your VS 3.0 score has changed, it's because the newer updated credit report data was used. If your FICO score didn't change, chances are that it's using the old data and you're waiting on that new data to be fed through the FICO algorithm to yield a new score.

Somewhere next to your score it should tell you the date that it was generated. Just to assign dates for the sake of discussion, perhaps your VS 3.0 score was generated on 5/15 and your FICO score on 5/11. Maybe the credit report data was changed on 5/13, meaning that the old data was used for the FICO score pull on 5/11, but the new data was used for the 5/15 VS 3.0 pull. This is of course assuming the same bureau data (EX, TU, EQ) is being used for both scoring models. If we're talking different bureaus, the data they contain and/or when they update can vary, thus introducing additional variables in addition to the element of time referenced above.