New CSC format and myfico misreading it

cjtx · 06-01-2008, 04:45 PM

I got a recent copy of my CSC report and the new format is a little cryptic, like it used to be several years ago.

I pulled a myfico report before and after and there are several inaccuracies. For example, a closed account appears open, new payment history not showing only old payment history, credit limit showing on CSC but not on myfico's report.

Is Fair Isaac accountable for mis-assembling the info under Texas law or only under FCRA?

Edit: I guess this answers my question:

Quote:

(g) This section does not require a person who obtains a consumer report for resale to another person to alter or correct an inaccuracy in the consumer report if the report was not assembled or prepared by the person.

Still, anybody dealing with CSC might want to look into this type of problem.

centex · 06-01-2008, 05:31 PM

There would be no claim that could be advanced...it would be on par with suing because FAKO is not the same as a classic FICO. You would have to demonstrate that the scoring algorithm was misreading the data AND you would have to demonstrate that you were adversely impacted by the misreading. But, since any impact you saw would also be felt by EVERYONE, you would then have to demonstrate that the lender was not already aware of the potential change...and then you would have to demonstrate that you would have been approved BUT FOR the change in format that led to the change in potential scoring.

Yet another reason not to feed the Fair Issac monster that is myFICO dot com.

FWIW, I have seen no changes in the manner of delivery or scoring via the EQ system, which we should remind at this juncture, is offering a true FICO score.

cjtx · 06-01-2008, 06:27 PM

I'm referring to the copy of the EQ/CSC report that comes with the myfico score.

I see your point to show damages, but is it really necessary here?

myfico is assembling a copy of a report that doesn't match the original (as disclosed by CSC). A dispute under FCRA 611(f) and Tex. Bus. & Comm. Code 20.06(a) as to the inaccuracy of the report assembled by myfico would force myfico to either fix the inaccurate items or delete them, and this in turn would likely change the scores.

There must be a fault in my logic, because it would be too good to be true.

Pale Rider · 06-01-2008, 07:12 PM

You can dispute thru the reseller, but even if it matches the CSC report, there is no guarantee of your score going up depending on your individual report and circumstances.

centex · 06-01-2008, 07:50 PM

Quote:

Originally Posted by cjtx

I'm referring to the copy of the EQ/CSC report that comes with the myfico score.

I knew what you were referring to. Those reports are no different than the other tri-merge offerings in that they are fitting something from another company into their mold. It is essentially hearsay, for lack of a better descriptor.

Quote:

I see your point to show damages, but is it really necessary here?

If you wanted to litigate the matter, then yes, it would be necessary or you can expect to be sanctioned and paying fees.

Quote:

myfico is assembling a copy of a report that doesn't match the original (as disclosed by CSC). A dispute under FCRA 611(f) and Tex. Bus. & Comm. Code 20.06(a) as to the inaccuracy of the report assembled by myfico would force myfico to either fix the inaccurate items or delete them, and this in turn would likely change the scores.

There must be a fault in my logic, because it would be too good to be true.

You don't know that it would HELP your scores. Poetic justice would dictate that someone see a decrease if they want to dispute off of a reseller's report...

cjtx · 06-01-2008, 10:05 PM

If myfico can't even fit the right text into a simple mold, how are they supposed to feed the right data into their secret model?

So the only way to prove damages would be to dispute something that would definitely increase the score. Like a recent collection or a public record or some other high-impact derogatory, right?

centex · 06-02-2008, 06:01 AM

You forget that all of the online formats exclude information and try to fit into molds data that is readily available on a hard-copy. ANY online report is a shiny bauble for the masses...none of them have ever purported to be complete.

jlynn · 06-02-2008, 07:53 AM

Quote:

Originally Posted by cjtx

If myfico can't even fit the right text into a simple mold, how are they supposed to feed the right data into their secret model?

Myfico is trying to fit 3 different bureaus into one simple mold. That doesn't mean the score is calculating on the visible report. One simple example is the DOFD - it is not visible, but FICO has the info when it does its calculations.

cjtx · 06-02-2008, 01:13 PM

Agreed. The online report by myfico may be incomplete. They leave a lot of fields blank.

But it shouldn't be inaccurate. Like for example in this case, they are reporting a revolving account is open instead of closed. If they couldn't find the status, then ok, leave it blank, but distorting any info supplied by the CRA is just unacceptable.