Experian's Vantage Score now ignores paid collections?

[ICANHASMUNY?]

http://www.nytimes.com/2013/05/04/your-money/credit-scores/vantagescore-ignores-paid-collections-in-setting-a-credit-score.html?pagewanted=all&_r=1&

 

 

I hardly believe it - but then, it's a FAKO score

 

think FICO will take this up?

 

 

[moosetracks]

Interesting. I don't see FICO taking this up anytime soon.

[deadbishop]

I always thought its stupid if you pay an old collection it dings you more.

Good to see that someone is looking for a better change even if its just medical.

To bad it's only a fako score but its a start I guess.

[RBinAK]

RBICO weighs having too much CC available more than collections.

[cashnocredit]

VantageScore is joint venture by all three CRAs in an effort to break the virtual monopoly FICO holds.

 

The new VantageScore 3.0 is the version that doesn't count paid CAs, whether medical or not. It also uses the new "fine grain" reporting that is now done by all CRAs and many creditors such as amounts paid each month, in addition to traditional info such as monthly balances. The addition of this new information is purported to provide a significant gain in risk scoring.

[collegeparent]

just read today that fico is implementing this new aspect: paid collections are not being included in the score.

[cashnocredit]

http://www.nytimes.com/2013/05/04/your-money/credit-scores/vantagescore-ignores-paid-collections-in-setting-a-credit-score.html?pagewanted=all&_r=1&

 

 

I hardly believe it - but then, it's a FAKO score

 

think FICO will take this up?

 

 

 

They not only did this and eliminated paid collections from FICO 9, but they upped the ante by reducing the negative impact of unpaid medical collections. No doubt the interest by lenders in increasing the market size for debtors nudged FICO not to be outdone.