CreditFactors

Category: myFICO Equifax FICTITIOUS late payments

  • myFICO still creates entirely fictitious late payments on Equifax reports

    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.

  • FICO scores STILL create fictitious late payments on Equifax reports

    Over three years ago I documented that Equifax myFICO reports often contain entirely FICTITIOUS and extremely FICO score lowering RECENT late payments.  A FICO scoring software “bug” misinterpreted the charge-off reporting as late payment.

    This can NOT be fixed by Equifax as the Equifax direct report does not contain these late payments.

    I notified Fair Isaac, but of course they didn’t care.

    Recently two clients had these FICTITIOUS late payments on their myFICO Equifax reports.  I’ve been meaning to start a new blog about it at Liars and Cheats EXPOSED, but I’ve been so busy.  I hope to take new screenshots of the reporting and the FICO score factors on a new blog in the next few weeks and in the meantime, here’s my OLD 2007 page:

    5/4/07 – FICO scores add FICTITIOUS Equifax late payments long after charge-off

    MyFICO changed the report format and some data labels,  but they did NOT fix this known problem.