I just posted the screenshots of a Dell account with fictitious lates and the resulting myFICO negative score factor at 3/19/13 myFICO STILL creates fictitious late payments.

In 2007 I notified Fair Isaac (myFICO) of this BUG in their software and I can only imagine how many people lost their homes, got divorced and/or sick because these entirely FICTITIOUS late payments caused credit declines and maybe worse, resulted in high rate mortgages.

Imagine how many people are declined for credit cards or have only very low limits and end up getting payday loans because their FICO scores are 50 or 100 points lower than they would be without the fictitious lates.

I hope to find the time to notify the Consumer Financial Protection Bureau as the FTC couldn’t care less.

Until either regulators or courts force myFICO to fix their software, be sure to carefully look for these fictitious lates and try to have the creditor remove those chargeoff notations.

My client sued Dell because it refused to settle the account and last week Dell offered to settle the lawsuit by reporting a $0 balance.  So now we’re asking Dell to also remove the “CO” reporting to Equifax.