CreditFactors

Analyzing myFICO reports 101

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Christine

in

I changed my mind about posting on the TU “bk or unrated” accounts when I looked at the report.

Since few credit repairers have seen a myFICO report, I decided to start with going through the myFICO report and explaining what to IGNORE.

It’s a HUGE problem that the myFICO credit reports are full of bla bla bla …

Here’s the screenshot of the first part of a Trans Union myFICO report with many meaningless words:

Bla bla bla
Bla bla bla

  As you can see, MOST of the text should be ignored:

Not much to read here
Not much to read here
The next post will be about what exactly we are looking at.

Comments

2 responses to “Analyzing myFICO reports 101”

  1. jason Avatar
    jason

    Do you feel that myfico is accurate in telling which accounts are causing negative factors?

    Reply
    1. Christine Avatar
      Christine

      To a certain extent, yes. Sometimes it’s a no brainer — such as when a score factor states that an account was last delinquent 1 month ago. You look for the account that’s “considered” late one month ago — either because the account is report as late, because Trans Union reports an old charge-off without the date CLOSED and it was last reported a month ago or because an old charge-off is reported on Equifax and therefore rated as late the last time it was reported (a bug in the FICO scoring formula).

      It’s easy to determine which accounts cause certain score factors with just a few derogatory accounts, but if there are many derogatory accounts it can get difficult or impossible to PROVE which accounts are causing a certain score factor to appear.

      Reply

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