The time since your most recent past due payment or derogatory indicator is old or unknown
There is evidence of a late payment on your file as recent as 67 months ago.
There is no evidence of you having seriously late payment behavior being reported on your credit accounts
You have no evidence of seriously delinquent behavior (60 days past due or greater).
Top Negative Factors
You have a Derogatory public record or collection item on your credit file
You have 3 collections assigned.
The proportion of balances to credit limits (high credit) on your revolving/charge accounts is too high.
The proportion of balances to credit limits (high credit) on your revolving accounts is 94%.
The time since your most recent derogatory public record or collection is too short
You have a collection on your credit file that was assigned 13 months ago.
The length of time your accounts have been established is relatively short
Your most established credit obligation is 113 months old and your newest credit account was opened 23 months ago.
[The negative factors on the myFICO report were reversed due to a FICO bug in 1/07, this is the correct order.]
1/22/07 Trans Union FICO Score Factors
Top Positive Factors
You have no late payments reported on your credit accounts
You have 0 accounts that show evidence of missed payments in the past.
-- the only late payment was deleted
There is no evidence of you having seriously late payment behavior being reported on your credit accounts
You have a substantial number of accounts currently paid as agreed
According to your credit file, you have 5 open credit obligations reported as current.
Top Negative Factors
You have a Derogatory public record or collection item on your credit file
You have 1 collections assigned.
-- 2 collections were deleted
The proportion of balances to credit limits (high credit) on your revolving/charge accounts is too high.
The proportion of balances to credit limits (high credit) on your revolving accounts is 93%.
The time since your most recent derogatory public record or collection is too short
You have a collection on your credit file that was assigned 15 months ago.
The length of time your accounts have been established is relatively short
Your most established credit obligation is 115 months old and your newest credit account was opened 25 months ago.
The FICO score dropped 15 points with NO other changes except for everything to age by 2 months, which is a GOOD change, and the deletion of the late payment and the 2 collections - considered GOOD by most people with half a brain.
Most likely, the FICO score dropped because the report was scored by a different credit scoring model (formula).
I'd give a few bucks to be able to depose Fair Isaac's software designers and to ask why exactly this person is now a GREATER credit risk due to fewer derogatory accounts.
How can one justify forcing consumers into subprime mortgages and subjecting them to ruthless lenders because they now have FEWER collections?
FYI, all 3 collections were related to the same medical bill which was supposed to be paid by some program. At this point it is not quite clear who eventually paid what, but all 3 collections were paid.
I've always said that FICO scores are a huge fraud. My client is a Credit Activist and the actual myFICO reports are available to attorneys and legislators with an interest in stopping this FICO scoring fraud.
