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Bizarre FICO scores

Saturday, July 31, 2010

$84 NCO collection lowers FICO score by over 100 points

It’s incredible that someone with PERFECT credit and one utility collection has the same FICO scores as a person with collections and umpteen discharged accounts a year after filing for bankruptcy in June 09.  The bankruptcy court in California was so backed up, it didn’t order the discharge until late December 09.  The Trans Union and Equifax scores were above 660 in July 2010.

One $84 utility collection results in the SAME low score, whether paid or not:

NCO utility collection after move lowers FICO scores by over 100 points

Sunday, June 01, 2008

Suing Fair Isaac

A CreditFactors subscriber has been asking about disputing the information on the myFICO reports with Fair Isaac, suing Fair Isaac and causes of action.  Since often readers ask about litigation regarding Fair Isaac, I thought I’d share my posting:

Give me $100,000 and I’ll sue Fair Isaac and CRAs for all kinds of violations. About $90,000 will go to depositions of Fair Isaac and the CRAs and the rest goes to pay for legal research, filing fees etc. and I’ll pay myself $5/hr for my work on it.

If you want to argue that they produce their own reports, sure, give it a try. But don’t waste your time if you don’t have the money. There is a reason why I’m giving up ...

“"They" is in reference to myFico.”

There is no law preventing you from disputing with them. But I really can’t afford to spend 20 hours on researching the basic issue right now, there’s been quite a bit of litigation and then the changes with the FACT Act. But if anyone is willing to pay for it, I’ll do it. $5/hr + research fees and I’ll post it all for the enjoyment of all who want to read it.

If you’re really into these issues, get a PACER account and subscribe to fastcase.com (24 hours free) and be prepared to spend a few thousand hours reading. Try it and you’ll see what you get out of it.

So that’s my recommendation to all of you who think that there’s a problem with credit reporting and scoring.  Plan on spending many thousands of hours on research and filings and at minimum $100,000 on litigation.

As you can see by the whopping $300 in donations I received in May, it won’t be me doing the litigating.

Monday, March 05, 2007

FICO score DROPS after 2 collections and a late payment are deleted

I just posted the FICO score factors at 1/22/07 TU FICO score—663—3 collections and one 30 day late payment

3/3/07—648—1 collection and no late payments

The FICO score dropped 15 points with NO other changes except for everything to age by 2 months, which is a GOOD change, and the deletion of the late payment and the 2 collections - considered GOOD by most people with half a brain.

Most likely, the FICO score dropped because the report was scored by a different credit scoring model (formula). 

I’d give a few bucks to be able to depose Fair Isaac’s software designers and to ask why exactly this person is now a GREATER credit risk due to fewer derogatory accounts.

How can one justify forcing consumers into subprime mortgages and subjecting them to ruthless lenders because they now have FEWER collections?

FYI, all 3 collections were related to the same medical bill which was supposed to be paid by some program.  At this point it is not quite clear who eventually paid what, but all 3 collections were paid.

I’ve always said that FICO scores are a huge fraud.  My client is a Credit Activist and the actual myFICO reports are available to attorneys and legislators with an interest in stopping this FICO scoring fraud.

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