• 2010 Credit Suit
• Liars & Cheats
• CreditFactors
• Fight Back!!!
• RESISTANCE
• TRADO
• News Releases
• Contact

2/07 screwed up myFICO reports

Sunday, June 01, 2008

Suing Fair Isaac

A CreditFactors subscriber has been asking about disputing the information on the myFICO reports with Fair Isaac, suing Fair Isaac and causes of action.  Since often readers ask about litigation regarding Fair Isaac, I thought I’d share my posting:

Give me $100,000 and I’ll sue Fair Isaac and CRAs for all kinds of violations. About $90,000 will go to depositions of Fair Isaac and the CRAs and the rest goes to pay for legal research, filing fees etc. and I’ll pay myself $5/hr for my work on it.

If you want to argue that they produce their own reports, sure, give it a try. But don’t waste your time if you don’t have the money. There is a reason why I’m giving up ...

“"They" is in reference to myFico.”

There is no law preventing you from disputing with them. But I really can’t afford to spend 20 hours on researching the basic issue right now, there’s been quite a bit of litigation and then the changes with the FACT Act. But if anyone is willing to pay for it, I’ll do it. $5/hr + research fees and I’ll post it all for the enjoyment of all who want to read it.

If you’re really into these issues, get a PACER account and subscribe to fastcase.com (24 hours free) and be prepared to spend a few thousand hours reading. Try it and you’ll see what you get out of it.

So that’s my recommendation to all of you who think that there’s a problem with credit reporting and scoring.  Plan on spending many thousands of hours on research and filings and at minimum $100,000 on litigation.

As you can see by the whopping $300 in donations I received in May, it won’t be me doing the litigating.

Thursday, May 03, 2007

What’s going on at myFICO.com?  Back to old report format

Did they read my posting the other day?

Had a client order a report today and it’s in the old format.  It’s enough to make you cry.

So, my client who just bought her reports a few days ago with the new SCREWED UP format has to get a new set of reports, I’ll have to spend 4 hours copying/pasting everything again, my arm hurts just thinking about it. 

These people at Fair Isaac are so God damned incompetent, it’s absolutely incredible that those conartists are allowed to have their fraudware force millions of people into subprime loans. 

Read my objection to the Hillis settlement.

Monday, February 26, 2007

2/26/07 Open Letter to Fair Isaac re. its addition of fictitious lates and sale of defective reports

Repost of my Open Letter:

2/26/07: Open Letter to Fair Isaac Regarding its Addition of FICTITIOUS Derogatory Data to Credit Reports and Sale of Defective myFICO Reports

Over the last month I documented that Fair Isaac sold myFICO reports with incorrect score factors to consumers, it ADDS entirely fictitious recent late payments to Equifax and Experian credit reports and it uses those late payments to artificially lower the FICO scores used by most creditors and required for mortgages.

Via e-mail to:

Barry Paperno
Fair Isaac Corporation

February 26, 2007

Hi Barry,

I’m distributing this OPEN letter at various web sites and I will follow up with a national press release regarding the issues we discussed in detail over the last month:

1) Fair Isaac adds INCORRECT late payments to consumer credit reports AFTER accounts were charged off.

Most of my clients are unable to have the INCORRECT late payments after the charge-off removed through disputes with Experian and Equifax.  My clients shouldn’t have to pay me to draft those disputes in the first place, but to make matters worse, Experian categorically refused to correct the payment history even when my clients provided to it the myFICO reports with these incorrect late payments.

Since Experian isn’t reporting any of these INCORRECT late payments on its consumer disclosures, it doesn’t look like consumers have legal claims against Experian.

Based on the information and documentation currently available to me, I concluded that Fair Isaac ADDS these INCORRECT LATE PAYMENTS to the consumer reports and it utilizes these entirely fictitious late payments in its FICO score calculations, artificially lowering the FICO scores with FICTITIOUS recent late payments. 

Fair Isaac has NOT removed those incorrect late payments from the myFICO Experian report for my client who contacted you directly.

2) It is very disappointing to see that Fair Isaac KNOWS that it provided incorrect score factors to thousands of consumers and it IGNORED my request to alert consumers after I brought this major software bug to your attention.

Fair Isaac FAILED to alert consumers and it FAILED to provide replacement reports even though it KNEW that its products were defective.

Barry, you may want to forward this Open Letter to your legal department for response.  I will publicize Fair Isaac’s outrageous conduct in hopes of motivating attorneys to file class actions against Fair Isaac and also to get legislators to take action. 

Clearly, self regulation is NOT working.

Fair Isaac had the opportunity to compensate consumers for the defective products it sold and it failed to do so.

Fair Isaac KNOWINGLY adds fictitious derogatory data to consumer reports and it inflicted and continues to inflict horrendous damages on millions of consumers.  As Fair Isaac proudly proclaims, its FICO scores are used by most lenders to decline applications and to establish rates.

Fair Isaac forced THOUSANDS of consumers with old charge-offs into subprime mortgages, as it used these entirely fictitious late payments to calculate the FICO scores required by just about all mortgage lenders.

Please advise immediately if any of my conclusions are incorrect,

Christine Baker
http://creditsuit.org/
http://www.mylitigation.net

Wednesday, January 31, 2007

The Fair Isaac cover-up of FICO scoring problems

I’m too busy to post the actual reporting for about a week, but just want to alert all the people who got those totally screwed up myFICO reports to request replacements.

Fair Isaac did NOTHING to notify the consumers who bought those reports.  Not only that, but one of my clients has been trying to get the issues resolved for over a week and they didn’t even offer her free reports and her reports are not yet fixed.

Barry Paperno claims that the scores were not affected, “only” the score factors reported to consumers were messed up.

We also found out that the TU FICO reports can contain lates that are NOT disclosed on the FICO report OR the TU report.

Can you believe this BS?

And, Experian categorically refused to investigate or delete the recent lates for 3 accounts charged off in 2002, but reported with lates by Fair Isaac to 1/07—and of course RATED as if the consumer was just late this month.  I just requested an explanation from Barry Paperno today and we sent a followup dispute with a lot of questions to Experian.

So, all in all, it’s incredible how the CRAs and Fair Isaac conspire to artificially lower the scores of consumers with derogs.

There’s going to be a TON of documentation for legislators to review.  And as much as I don’t like class actions, somebody ought to file suit on behalf of the MILLIONS who were punished with much lower scores than they deserved due to these KNOWN problems. 

Friday, January 26, 2007

Fair Isaac wants me to BUY more reports INSTEAD of explaining the FALSE data on myFICO reports

INSTEAD of explaining the incorrect reports and providing free reports to everybody who got these myFICO reports with entirely FALSA data, Fair Isaac sent me this email:

See Your Complete Credit Picture

Dear Christine,

Thank you for purchasing your Equifax FICO Score Report.

To see your complete credit picture, get all three of your FICO scores. You do not have a recent FICO score from Experian or TransUnion, which may be quite different, perhaps as much as 100 points. Credit bureaus don’t share their data with each other so they may have different data on you - and you won’t know it until you check.

...

Those bastards.  The NERVE!

And no word from Barry Paperno.