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Serious delinquency on fico score

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Senior Contributor

Re: Serious delinquency on fico score

@Aspireto850 A mortgage satisfies the installment loan component for optimal scoring as it is an installment loan.













(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated March 2020.

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? (clean/dirty), Number of accounts open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AoYR-Age of Youngest Revolver (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new accounts, with open loan on record.
If you don't know where you fall, just list whether you have any baddies, your number of open and closed accounts, AoOA, AoYR and whether you have a loan on record.
For utilization questions, list individual and aggregate utilizations, revolving and installment. please.
Message 21 of 37
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New Member

Re: Serious delinquency on fico score

I confirmed with FICO that the language used "early termination/insurance loss" is triggering the derogatory indicator in my case. I'm having a heck of a time getting GM Financial to take this seriously. Somehow the language was removed from my Equifax files and boom- 100 point increase. So I'm confident this is the issue. I can't believe more people aren't having this issue, but they probably aren't aware of it. I couldn't figure it out until I subscribed to myFICO. It's really an issue with the FICO 8 calucation. There is actuall nothing wrong with what GMF put in there except the algorithm interprets it as a negative item. None of the other FICO models do this, but all of the lenders are still using FICO 8.

Message 22 of 37
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Established Contributor

Re: Serious delinquency on fico score

Glad you got to the bottom of it. I've been a firm believer (despite varying viewpoints on this subject) that the narrative codes placed in the comments section (if negative) does impact the score and that hit can be significant as you can see.

 

This may have been suggested but if you're having difficulty with the other credit bureaus removing it use the CFPB as it's an extremely helpful resource to get these types of issues resolved.

 

Good Luck and Happy Holidays!!!









Message 23 of 37
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Senior Contributor

Re: Serious delinquency on fico score

TCRABIS yeah that definitely sounds derogatory. I’m glad you got that removed. Congratulations indeed! Probably the word loss is a keyword. But you didn’t do anything wrong so it should not be derogatory against you but as you said the algorithm is catching it! Great job getting it fixed at EQ.













(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated March 2020.

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? (clean/dirty), Number of accounts open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AoYR-Age of Youngest Revolver (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new accounts, with open loan on record.
If you don't know where you fall, just list whether you have any baddies, your number of open and closed accounts, AoOA, AoYR and whether you have a loan on record.
For utilization questions, list individual and aggregate utilizations, revolving and installment. please.
Message 24 of 37
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Senior Contributor

Re: Serious delinquency on fico score

TCRABIS Do you still have it on your TransUnion and Experian CRs? And are those scores comparatively lower, now that your Equifax shot up? (Who knows, the keyword list could vary by CRA.)

If so, hopefully you have climbed the ladder at GMF and found somebody willing to correct it. So simple for them to correct the comment, if you can find somebody that is willing and has the authority.

May I ask how you contacted FICO and got them to confirm the comment would cause a derogatory indicator?

If the only change was the comment being removed (AND the account remained on your CR and your score shot up), IMHO that’s pretty explicit it was the cause. And again, I think it was the keyword “loss.”

I assume your negative reason codes shifted? I assume the derogatory reason statement disappeared? From Equifax?

BTW, I hope every member and their family are having a relaxing and enjoyable holiday season.













(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated March 2020.

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? (clean/dirty), Number of accounts open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AoYR-Age of Youngest Revolver (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new accounts, with open loan on record.
If you don't know where you fall, just list whether you have any baddies, your number of open and closed accounts, AoOA, AoYR and whether you have a loan on record.
For utilization questions, list individual and aggregate utilizations, revolving and installment. please.
Message 25 of 37
Highlighted
Senior Contributor

Re: Serious delinquency on fico score

TCRABIS Also, how did Version 9 react?













(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated March 2020.

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? (clean/dirty), Number of accounts open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AoYR-Age of Youngest Revolver (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new accounts, with open loan on record.
If you don't know where you fall, just list whether you have any baddies, your number of open and closed accounts, AoOA, AoYR and whether you have a loan on record.
For utilization questions, list individual and aggregate utilizations, revolving and installment. please.
Message 26 of 37
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New Member

Re: Serious delinquency on fico score

The same thing happened to me my EX and TU are reporting delinquent accounts. I have images for them but i cannot add it heres the information causing our FICO TO DROP

 

"

Bills Paid On Time Recently
You've recently been paying your bills on time.

Your most recent missed payment happened

Unknown

While you have missed payments in the past, you have recently been paying your bills on time. Staying current and paying bills on time demonstrates lower risk.

About 98% of FICO High Achievers have no missed payments at all. But of those who do, the missed payment happened nearly 4 years ago, on average."

 

"

Serious Delinquency

You have a serious delinquency (60 days past due or greater) or derogatory indicator on your credit report.

Number of your accounts that were ever 60 days late or worse or have a derogatory indicator

1 account

The presence of a serious delinquency or derogatory indicator  is a highly correlated predictor of future payment risk. People with previous late payments are more likely to pay late in the future.

As these items age, they will have less impact on the FICO® Score.

Most late payments stay on your report for no more than seven years.

Virtually no FICO High Achievers  have a 60 days late payment or worse listed on their credit report."

 

"

Message 27 of 37
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New Member

Re: Serious delinquency on fico score

any solution to this please?? I am thinking of suing if toyota and EX/TU dont resolve this..... EQ is fine

Message 28 of 37
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New Member

Re: Serious delinquency on fico score

So it isn't Toyota. It's how the fico algorithm processes the language. The account shows insurance loss but is the balance at 0$. Once the balance was finally paid after the insurance and gap paid, which took forever, the derogatory mark went away and my score went back to 800.
Message 29 of 37
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Senior Contributor

Re: Serious delinquency on fico score

@lorenaaa760 You've got to get Toyota to delete those comments, unless the balance is showing over zero and that’s what’s causing it.













(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated March 2020.

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? (clean/dirty), Number of accounts open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AoYR-Age of Youngest Revolver (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new accounts, with open loan on record.
If you don't know where you fall, just list whether you have any baddies, your number of open and closed accounts, AoOA, AoYR and whether you have a loan on record.
For utilization questions, list individual and aggregate utilizations, revolving and installment. please.
Message 30 of 37
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