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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Posted by Christine on 03/05/2007 at 10:37 PM
2003 Suit (appealed, Experian filed credit reports on PACER) • Fair Isaac - credit scoring fraudware • Bizarre FICO scores • DONATION • (0) Comments • Permalink
