Will FTC attorney Brinckerhoff look into Fair Isaac FICTITIOUS Equifax lates?
A few weeks ago a reader had complained to the FTC about Capital One reporting an account as charged off and lowering the FICO credit scores. I then pointed out that it’s perfectly legal to report an account as charged off, but that Fair Isaac adds fictitious Equifax lates, destroying the scores if the account was charged off years ago, but recently reported as charged off.
Of course I provided the link to the screenshot and my explanation at 5/4/07 - FICO scores add FICTITOUS Equifax late payments long after charge-off
It turned out that’s exactly what happened and the reader then wrote:
Christine, I just spoke to Clarke W. Brinckerhoff of the FTC. I had sent him an email concerning the habit of Capital One posting a CO every single month for charged off accounts and how FICO scores are damaged as a result. This thought came about after I read your post about FICO’s counting fictitious deletes.
He needs to see some of your evidence of the errors in FICO’s algorithm. Would you mind if I send him your email address so he may contact you regarding this issue?
Of course I agreed and I posted at FTC to check into Fair Isaac’s fictitious late payments?
And of course I was NOT contacted by Brinckerhoff.
Brinckerhoff has been with the FTC for at least 10 years. I just read his 1998 opinion letter stating that the IRS has no permissible purpose to obtain a consumer credit report. “In the absence of any such “credit” relationship between the judgment holder and the spouse, we do not believe the same permissible purpose exists.” Good opinion, but not binding:
FTC Staff Opinion Letter: Fair Credit Reporting Act Section 604(a)(3)(A)
It sure looks like Brinckerhoff is very qualified and has a very thorough understanding of the FCRA. While FICO credit scoring has nothing to do with the FCRA, the myFICO Equifax reports containing INCORRECT data (the recent lates) is definitely a FCRA violation.
Additionally, the FTC certainly CAN take action if it feels that the plight of many millions of Americans due to artificially low FICO scores is more important than more gravy for the bankers, Fair Isaac and the credit bureaus.
Since word on the street is that the Bush administration shut up the FTC attorneys (no more opinion letters), Brinckerhoff may have been ordered to drop the issue.
A couple things are very odd about the reader who initially contacted me about Brinckerhoff:
1) Why did this reader not provide HIS Equifax myFICO reports to Brinckerhoff?
2) Why did this reader then ask another person to contact me with an extremely long sob story, claiming NOT to be looking for free credit advice, but wanting to “help me” with my fight by providing me with her information about her Experian report.
I will never be able to understand how people can be so incredibly stupid.
Not only are the Experian fictitious lates NOT scored, but I really don’t need any more evidence.
This isn’t “my” fight, it’s YOUR fight!!!
Provide YOUR evidence not to ME, but to the FTC.
I admit that I made the mistake of fighting your fight FOR you for many years, but I’m finally DONE wasting MY time and money on YOUR problems.
Last month 7 readers donated $300 in response to my plea for financial help as I am about as broke as it gets. Most of the donations are from long-time readers. Aside from the lack of financial support, NOBODY has published their own research and documentation about credit reporting and scoring.
NOBODY.
ABSOLUTELY NOBODY.
Christine Baker is the only person with half a brain NOT working for the bankers?
It is incomprehensible that I’m the only person capable of analyzing a credit report and FICO scores who is not corrupt. Even though I’ve published and idiot proofed this specific issue of the Equifax fictitious myFICO lates, NOBODY has done anything about it. What’s REALLY going on here?
Now I question the legitimacy of this entire email exchange regarding Brinckerhoff. Quite likely someone who knows that I’m struggling to get by decided to waste more of my precious time and cause some more aggravation and frustration. Job well done!
Side note: Don’t try to buy a house when you have NO money, you will be homeless if you don’t close in a few weeks and you’re at the brink of divorce.
Are these sucker buyers on crack?
I’m talking about people wanting to buy in Southern California where prices are collapsing. They have a 95%+ chance of losing the house in foreclosure AND get divorced. There are many people who end up in bad situations for all kinds of reasons, but some of these people are so ignorant they should have guardians.
I wouldn’t have written this post if I didn’t have a CreditFactors subscriber who just posted that she also has the Equifax fictitious lates and maybe she will provide her reports to Brinckerhoff and if nothing else, document that the FTC KNOWS that Fair Isaac is deliberately lowering the scores and is a substantial contributor to the credit crisis.
Everybody with these fictitious lates should contact Brinckerhoff until he takes action. After all, not only did Fair Isaac destroy the Equifax scores of millions of consumers with old chargeoffs, but no doubt, many were forced into subprime mortgages due to the artificially low Equifax FICO scores and lost their homes and CONTINUE to lose their homes because they can’t refi due to the artificially low Equifax scores.
Isn’t it about time to STOP Fair Isaac’s massacre?
Millions of home owners could refinance with the LOWEST rates if they got the scores they deserve. Unfortunately, most think that their scores are low due to old chargeoffs and they don’t realize that with CORRECT reporting their FICO scores would qualify for the lowest fixed rates.
So if YOU would like to make a difference for all, call FTC staff attorney Brinckerhoff, the number on his last opinion in 2000 is 202-326-3224. You should provide him with your login for the myFICO report so that he can see the reporting and score factors.
Your report should NOT have other recent lates and hopefully your report will contain the score factor stating that you were RECENTLY late, 0 months ago, 1 month ago and or whenever the creditor causing the fictitious late(s) last reported the chargeoff.
Please post here what happens and we’ll take it from there.
Posted by Christine on 06/08/2008 at 01:56 PM
2003 Suit (appealed, Experian filed credit reports on PACER) • Fair Isaac - credit scoring fraudware • FICO scores rate FICTITIOUS late payments • (0) Comments • Permalink
