Sunday, June 06, 2010
3 years later: myFICO STILL creates FICTITIOUS late payments
I recently posted about this KNOWN software bug in the FICO credit scoring software at CreditFactors:
FICO scores STILL create fictitious late payments on Equifax reports
It is astounding that NOBODY cares.
Over 3 years ago I documented the software bug and that it can DESTROY the Equifax FICO scores of people with OLD charge-offs.
Readers contact me about everything else, but not THIS devastating FICO bug.
Nobody looks at their FICO score factors?
Nobody cares about their FICO scores?
That would be GOOD news and I hope that many (near) judgment-proof readers stop paying their credit cards and don’t care about their credit rating anymore.
HOWEVER, what about the people with little or no debt and OLD bad credit?
Why pay more for credit and insurance and maybe even get declined for jobs and loans due to these TOTALLY BOGUS FICO late payments?
Depending on how old your chargeoffs are, your scores can be lowered by 50 or even 100 FICO score points!
If you have several 5-year old CORRECTLY reported chargeoffs, no new derogatory accounts or public records and re-established credit, your FICO scores SHOULD be well over 700. However, your EQUIFAX FICO score could be 100 points lower if just one of the accounts is currently reported as charged off, resulting in the INCORRECT rating of the account as CURRENTLY late or RECENTLY late—depending on when the creditor last reported.
I see so many ads for Lexington and all sorts of credit repair frauds, there must be an interest in credit repair. So why doesn’t anybody care about this FICO scoring fraud?
I was going to create a new blog with updated screenshots of the FICTITIOUS lates, but it seems like a giant waste of time.
2003 Suit (appealed, Experian filed credit reports on PACER) • Fair Isaac - credit scoring fraudware • FICO scores rate FICTITIOUS late payments • (0) Comments • Permalink
