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     | Sunday, January 23, 2000 - 05:17 pm  The company who holds my car loan started to erroneously report the monthly payment around SEP of 99. The payment is $467.32 (outstanding total balance = $19, 200). All three CRA's had received info stating my monthly car payment was $46,732 (obvious decimal point error), and the lender confirmed it was their mistake, and that they would update the CRA's. After checking again in JAN, I NOW see that my monthly payment is being reported as $4 (four)! Does anyone have an idea on the FICO effects (up or down? )of such an error?
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| | Sunday, January 23, 2000 - 05:40 pm If you could even get the bureaus themselves to spill an answer on what they think their their magic black box might say, you'd have something. But, even they can't tell you. As a matter of fact, I hereby dare them to. YO, CRA lurkers: Hello, anybody there? Come on out and show yourselves. Yoo, hoo, we see you hiding behind ACB. BOCK, BOCK, BOCK. Lynn, how about getting the scores now, correcting the report, getting the resulting new scores, and reporting back here? Good wacky, dippy, zany, madcap tom-foolery, shenanigans, hijinks, and comedy. These guys are like the Keystone Cops. You are the Road Runner-- they are Wile E. Coyote. You are Bugs Bunny-- they are Elmer Fudd.
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| | Monday, January 24, 2000 - 10:02 am Here is a question related to "whether or not we have the right to know how the FICO score is computed"..let's say I study thousands of credit bureau reports of people that have gone bankrupt, and I discover a subtle pattern or "tell" that can, let's say 70% of the time, predict a backrupcy filing within 12 months (in other words, 70% of the people who's reports have this "tell" will go bankrupt within 12 months). It doesn't matter why it predicts, just that it does. And it is not something too obvious, either. I market the "tell" to finance companies, credit bureaus, etc. as the "Bankrupcy Predictor Alert" or BPA for short. Do you, as a consumer, have the right to force me to tell you what my predictor is?
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| | Monday, January 24, 2000 - 11:05 am Hey, I want to get in on your idea and make big money too! Where can I go and look at "thousands" of credit files to do my own research? I'm sure I can come up with something to use to deny credit!
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| | Monday, January 24, 2000 - 12:02 pm Question #2 of The Big Questions for the Big Meeting was "Will the credit reporting agencies release data to anyone who wants to create a new scoring system?" Can you believe it? Imagine that! Gadzooks!
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| | Monday, January 24, 2000 - 03:24 pm As you might have guessed, I was trying to figure out if I should "fix" it (you know the trouble involved), or simply leave the $4 error alone if it benefitted me in FICO. Greg, you mentioned getting the scores, but the only way I know to do that is to apply for credit where I can get them (mortgage or car, which is where I got them the last two times), or to order my reports from a "third party" (not a "monitoring" venddor), which is then an unnecessary INQUIRY (ANOTHER bitch I have: you can't even get your freakin' scores without ADVERSELY affecting subsequent scores !!!)
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| | Monday, January 24, 2000 - 09:04 pm Lynn, it all depends on your debts/income and what you plan on doing. There were times when my mortgage clients who couldn't qualify would have killed for your reporting error. Personally, I'd leave it alone.
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| | Tuesday, January 25, 2000 - 07:56 am I would leave it alone. Yes, credit reports are inaccurate but you have to figure sometimes the bear eats you, but sometimes you eat the bear. I wouldn't touch it.
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| | Tuesday, January 25, 2000 - 08:24 am Thanks, Christine and Sean. It seemed darned reasonable that this worked in my favor, but I wanted to do a sanity check. The next time I check it, the car payment could be $4 million/month.
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