Past Due Amount showing "Not Reported" Does this hurt?

[Anonymous]

I just ordered my three reports and scores via www.myfico.com/12 and have some cleaning up to do to get rid of errors, and have faxed off disputes.  However, I just noticed that many of my accounts, open and closed, are showing "Not Reported" under Past Due Amount.  I do not have ANY past due amounts, so all should be reporting as zero.  Is this hurting my score?  Also, on some of my closed accounts, the balance is also listing "Not Reported" on closed accounts, which should be zero also. I can see one or two maybe doing this, but my report has nearly all the accounts

Also, there is one account just prior to my BK filing that indicates 3 30 day lates, but only shows two months (May & Aug 2004).  The tally includes all three.  Should I dispute this as only 2 30 day lates rather than three?  They are from mid 2004.

I appreciate any thoughts!

[Anonymous]

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laurenjane wrote:

I just ordered my three reports and scores via www.myfico.com/12 and have some cleaning up to do to get rid of errors, and have faxed off disputes.  However, I just noticed that many of my accounts, open and closed, are showing "Not Reported" under Past Due Amount.  I do not have ANY past due amounts, so all should be reporting as zero.  Is this hurting my score?  Also, on some of my closed accounts, the balance is also listing "Not Reported" on closed accounts, which should be zero also. I can see one or two maybe doing this, but my report has nearly all the accounts

Also, there is one account just prior to my BK filing that indicates 3 30 day lates, but only shows two months (May & Aug 2004).  The tally includes all three.  Should I dispute this as only 2 30 day lates rather than three?  They are from mid 2004.

I appreciate any thoughts!

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"Not Reported" is not hurting you in the "Past Due Amount" field.  It's treated as $0.

Honestly I'm not sure about the $0 balance on a closed account reporting as "Not Reported," but my suspicion is that that's not hurting you either.

Regarding the account with the phantom 30-day late: A 30-day late from almost four years ago is not hurting at all at this point, or at least not enough to worry about, especially if the account was IIB (was it?) and if you have a BK still reporting.

[RobertEG]

FICO looks at the data contained in your CR.  If it is still in there, it is probably run throught the scoring algoithm.  Not reported, as far as I know, has no affect on scoring if the account is still active. Not everything, and especially most of the idiotic comments attached to your credit report on "pos" and "neg" things affecting your report, have actual influence in the credit score algorithm. 

Unless others with more knowledge of the FICO algorithm can share additional light, I would speculate that "not reporting," if the account is still active, may only be a warning that, if the account is not used within the next six months, it may lead to closure by the creditor.  I look at it as only an warning of inactivity, and that the creditor may close it if I dont charge a Hershey bar down at the 7/11 in the next month or two.   IMHO.

[Anonymous]

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RobertEG wrote:

FICO looks at the data contained in your CR.  If it is still in there, it is probably run throught the scoring algoithm.  Not reported, as far as I know, has no affect on scoring if the account is still active. Not everything, and especially most of the idiotic comments attached to your credit report on "pos" and "neg" things affecting your report, have actual influence in the credit score algorithm. 

Unless others with more knowledge of the FICO algorithm can share additional light, I would speculate that "not reporting," if the account is still active, may only be a warning that, if the account is not used within the next six months, it may lead to closure by the creditor.  I look at it as only an warning of inactivity, and that the creditor may close it if I dont charge a Hershey bar down at the 7/11 in the next month or two.   IMHO.

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Robert, I disagree.  "Not Reported" in a "Amount Past Due" field has nothing to do with inactivity.  My TU report contains that value for CCs I use every month, all of which are current and have $0 past due.  Again, these cards are NOT inactive.

Neither does "Not Reported" in the balance on a closed account indicate a warning of inactivity, because the account is closed.

"Not Reported" means just that.  The creditor did not report a value for that particular field the last time the account was updated.  In the case of "Past Due Amount," the creditor most likely did not report a value for that field precisely because the account is not past due, which is why it is interpreted as $0.

[RobertEG]

Cheddar,I stand gratefully  rebuked, rightfullty so!!!!  and am glad for your clarification.

The key to this forum is getting the rifght info out!

Message Edited by RobertEG on 05-03-2008 10:11 AM

[Anonymous]

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RobertEG wrote:

Cheddar,I stand gratefully  rebuked, rightfullty so!!!!  and am glad for your clarification.

The key to this forum is getting the rifght info out!

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Robert, it was not meant as a rebuke at all, simply a clarification.

[Anonymous]

The only entries that count as true negatives are:

collections
charge-offs
late payments
judgments
liens
foreclosures
bankruptcies
inquiries

Oh, and you get a small ding for "consumer finance accounts" (something I wish FI would either publish an objective definition to, or eliminate entirely).

Notations like "settled," "paid in full," "open," etc. don't mean anything next to a baddie.