What Date fields affect FICO scoring

[Anonymous]

Hi all,

I have a problem with a collection agency reporting a debt as recent when its over 5 years ago (2002).  Since the Date of First Delinquency is not shown, I am writing to the CRAs to determine when it is. 

I am aware that the law is clear on what date field (DOFD) should be used in determining when negative information drops off.

But I am not aware of any law that dictates how a FICO score is calculated.  I was wondering, is there any date fields other than Date of First Delinquency that could hurt my FICO score if they are incorrectly listed as being recent?  Which of them should I be concerned about.

Any info would be appreciated.

[RobertEG]

There are NO laws at all governing credit scores, or their generation.  The only law is the Fair Credit Reporting Act, which only requires that each consumer be entited to receive one free credit report and score every 12 months.  The CRAs have complied with this law by setting up annualcreditreport.com .  Other than that, the FICO scoring algorithm is a trade secret, and at the discretion of each CRA as to their scoring criteria.  They have reported that lates stay for 7 years, execpt for bancrupticies, which stay on for 10 years.  But that is not statutory in any manner.

[Anonymous]

If its a trade secret, then should I dispute each date field that is incorrect?

[RobertEG]

Dispute to whom?  The benevolent holder of the secret?

I think you have a better chance of having latte and ciche somblay with Jesus tomorrow at lunch.

I once remeber as a child, standing out in the snow, and urinating fantastic, steaming  patterns of yellow against cold white, and thinking that it was neat.  I know longer have such urinary illusions.

Message Edited by RobertEG on 02-05-2008 12:04 PM

Message Edited by RobertEG on 02-05-2008 12:09 PM

[Anonymous]

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RobertEG wrote:

There are NO laws at all governing credit scores, or their generation.  The only law is the Fair Credit Reporting Act, which only requires that each consumer be entited to receive one free credit report and score every 12 months.  The CRAs have complied with this law by setting up annualcreditreport.com .  Other than that, the FICO scoring algorithm is a trade secret, and at the discretion of each CRA as to their scoring criteria.  They have reported that lates stay for 7 years, execpt for bancrupticies, which stay on for 10 years.  But that is not statutory in any manner.

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Ummmmm, not entirely.

The FCRA has a number of provisions about credit scores.  See Section 609, "Disclosures to consumers."

Consumers are not entitled to receive a free score every 12 months.

Section 605 of the FCRA specifies what information cannot be included in a credit report -- and that includes collection accounts which are over 7.5 years old.

I have always followed Snoopy's advice: don't eat yellow snow.

[MidnightVoice]

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RobertEG wrote:

There are NO laws at all governing credit scores, or their generation.  The only law is the Fair Credit Reporting Act, which only requires that each consumer be entited to receive one free credit report and score every 12 months. 

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I don't think we get a free score - I wish we did!!

[RobertEG]

You guys are absolutely right, and I mispoke,  There is no requirement under the Act to provide credit scores at any time.

[Anonymous]

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BryanM67 wrote:

If its a trade secret, then should I dispute each date field that is incorrect?

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Yes, absolutely.  They are required to report accurately, regardless of how any field may or may not be used in scoring calculations.

And even though it is a trade secret, posters here have been able to glean enough information from their own experience and that of other posters to determine which date fields are important to FICO.

We do know, for example, that FICO penalizes you for a recent DOLA, even though that has nothing to do with DOFD.  (This is why paying an old collection can actually hurt one's score.)