The Fair Isaac cover-up of FICO scoring problems
I’m too busy to post the actual reporting for about a week, but just want to alert all the people who got those totally screwed up myFICO reports to request replacements.
Fair Isaac did NOTHING to notify the consumers who bought those reports. Not only that, but one of my clients has been trying to get the issues resolved for over a week and they didn’t even offer her free reports and her reports are not yet fixed.
Barry Paperno claims that the scores were not affected, “only” the score factors reported to consumers were messed up.
We also found out that the TU FICO reports can contain lates that are NOT disclosed on the FICO report OR the TU report.
Can you believe this BS?
And, Experian categorically refused to investigate or delete the recent lates for 3 accounts charged off in 2002, but reported with lates by Fair Isaac to 1/07—and of course RATED as if the consumer was just late this month. I just requested an explanation from Barry Paperno today and we sent a followup dispute with a lot of questions to Experian.
So, all in all, it’s incredible how the CRAs and Fair Isaac conspire to artificially lower the scores of consumers with derogs.
There’s going to be a TON of documentation for legislators to review. And as much as I don’t like class actions, somebody ought to file suit on behalf of the MILLIONS who were punished with much lower scores than they deserved due to these KNOWN problems.
Posted by Christine on 01/31/2007 at 09:41 PM
2003 Suit (appealed, Experian filed credit reports on PACER) • Fair Isaac - credit scoring fraudware • 2/07 screwed up myFICO reports • (2) Comments • Permalink
I just got all my reports from Fico & Experian is messed up, by FICO. It shows almost all of my paid accounts as Balance Not On Record & reflects that my balance/limit ratio is bad. In fact my open revolving is $2000 & my total blance on all revolving is 6277. It appears it is reading these Not on Record balances as the limit amount. At Equifax & Transunion my scores are over 700. Experian is reflecting 657 for the same info except for the Not On Record things going on.
Plus my only late was a $25 payment 30 day late once over 5 years ago. The other ficos show a positive that the only late was old. In this report there are no positives! My other 2 reports show 3 positives. This is just crazy. There is NO way I should be a 657. There is nothing else negative in my report. Always pay on time & pay off & do not run up cards.
I have contacted them, but not sure how much good that will do.
There are never positive factors for Experian and they also don’t give you the specifics.
Good job, you are actually READING your score factors and noticing that the old late is not a big deal on Equifax and TU.
There must be SOMETHING wrong with your Experian, but I don’t know that it’s Fair Isaac’s fault. I just posted my open letter to Fair Isaac at http://creditsuit.org/credit.php/blog/2_26_07_open_letter_to_fair_isaac_re_its_addition_of_fictitious_lates/
But since you don’t have a charge-off, that’s not your problem. Go through they Experian and make sure that all the balances and credit limits are reported correctly.
