- Report: #320049
Complaint Review: Equifax And Experian - Nationwide
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Equifax And Experian
www.equifax.com Nationwide, U.S.A.
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Equifax And Experian Fictitius recent Late payments are huring the score of many people Atlanta Nationwide
If you have a old account charged off or in collections this migth be happening to you rigth now.
Seems to be a software "glitch", probably intentional, in whatever they use to calculate the FICO score. If the bank is reporting the charge off account every month your score will be every month penalized in the same way that it would if you were 120 days late on any of your open accounts.
In this way a charge off 6 years old will have the same effect in your score that a charge off happening last month.
Every time that a creditor reports a charge off status the fico software read it as a recent late payment so if the creditor wants to re-age the account for score purposses only thing they have to do is keep reporting it month after month. We are talking about 100 points difference in some cases
Equifax Explain in its web site that even if you have delinquent account charged off they will loose weight over time and your score will improve if you pay yours open accounts on time. It is a lie they make damm sure that you stay in the sub-prime market paying hig interests and buying credit reports from them to find a way to improve the score.
In my case was only one bad account in my report, charged off and causing the false late, when i disputed it and it got deleted my score jumped 140 points.
My attorney is putting together the case for court rigth now and we are even thinking about a class action.
Brad
Tampa, Florida
U.S.A.
Seems to be a software "glitch", probably intentional, in whatever they use to calculate the FICO score. If the bank is reporting the charge off account every month your score will be every month penalized in the same way that it would if you were 120 days late on any of your open accounts.
In this way a charge off 6 years old will have the same effect in your score that a charge off happening last month.
Every time that a creditor reports a charge off status the fico software read it as a recent late payment so if the creditor wants to re-age the account for score purposses only thing they have to do is keep reporting it month after month. We are talking about 100 points difference in some cases
Equifax Explain in its web site that even if you have delinquent account charged off they will loose weight over time and your score will improve if you pay yours open accounts on time. It is a lie they make damm sure that you stay in the sub-prime market paying hig interests and buying credit reports from them to find a way to improve the score.
In my case was only one bad account in my report, charged off and causing the false late, when i disputed it and it got deleted my score jumped 140 points.
My attorney is putting together the case for court rigth now and we are even thinking about a class action.
Brad
Tampa, Florida
U.S.A.
1 Updates & Rebuttals
Jason
Wheaton,Illinois,
U.S.A.
Amen to that
#2Consumer Suggestion
Wed, April 02, 2008
It is a known fact the creditors or collectors continually update this information monthly for the sole purpose of punishing you. You do have a case if that 120 day late is wrong. If it is a charge-off, it should read ZERO balance, but the amount charged off will be noted. Continually updating each month 120 days late...that's a lot of FCRA violations! You are wrong on one note. This isn't screwing you as bad as you think. Yes, the continuous update of the erroneous late is hurting your score(s). If you were to apply for credit at an electronics store, department store, or online for a credit card, you would likely be: Denied, approved but at the highest APR tier the lender has, or given the lowest credit limit available the lender offers. If you apply at a dealership, a mortgage lender, a bank for a personal loan, or renting; the application would be actually read by a human being. Sure the score would be very low, BUT humans can override a computer. Any rational human would see how old that account really is, and give you a better rate or loan amount. In a sense, it would only hurt you with automatic credit approval systems. Someone who has to review it would adjust your rate accordingly as if that low fico you might have never existed. Do beware, the new FICO 08 scoring model is especially unforgiving to those who have bad accounts. I've even heard on the grapevine that you must have much higher
