Fair Isaac reports devastating late payments NOT reported on the Experian consumer disclosures
The reporting of an OLD chargeoff by Experian and by Fair Isaac:
The Experian late payments only show up on the myFICO reports
I’ve posted about this problems several times, but it seems like many people just don’t understand what to look for.
Experian is fully aware that when a creditor reports a chargeoff AGAIN, FICO scores (required for most mortgages) apparently interpret this as a 90+ day delinquency. An account can be charged off only ONCE.
Since most of my clients don’t have a lot of extra money, I don’t normally look at the bureau reports and I just have them dispute those incorrect lates.
Experian USUALLY corrects the reporting upon dispute:
Capital One—please delete all late payments after the account was charged off in 2001
While an old chargeoff would lower scores for most reports only 5 or 10 points, if at all, those INCORRECT RECENT major late payments can lower scores over 50 points.
Of course an account can NOT be late after it was charged off as no statements are sent and there are no due dates.
Experian is fully aware of this problem, I asked Kimberly Hughes about it at the depo in Dallas in June. She pretended not to know, but she obviously has known since then.
Experian has received the disputes from my clients and deleted those lates. Experian did NOT fix whatever is causing this problem.
Once you understand how much more PROFITABLE the low scorers are for CRAs, you’ll understand WHY Experian and Fair Isaac are maliciously doing whatever they can to lower scores.
If I had the money ($5,000 should be plenty to pay for court reporters and travel expenses), I could depose Fair Isaac.
I could find out WHY this is happening.
In combination with my publications, I could make them FIX whatever causes the problem.
Unfortunately, I’m broke. And all these wealthy liberals pretending to be so concerned with helping the disadvantaged do NOTHING whatsoever to deal with the many credit issues.
Maybe we’ll see another fight over the pot of gold by the “consumer attorneys” as with the credit limits—in five years.
Posted by Christine on 12/04/2006 at 04:09 PM
2003 Suit (appealed, Experian filed credit reports on PACER) • Experian - countless violations • Fair Isaac - credit scoring fraudware • (0) Comments • Permalink
