Palliser Shea Funding Team
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The following will give you anexplanation of how a dispute letter is transferred into a dispute code:
When you dispute with the CRA theyare required to perform an investigation. If the CRA does not resolve thedispute itself, they must provide notice of the dispute to the data furnisher(the entity that reported the information).
To make credit scoring even more confusing and baffling, FICO uses a system to segment consumers into different groups. These groups are also called scorecards. What group a person ends up in is based on the type of information found in their credit report.
The first thing the formula looks for is credit history with only positive information. The FICO calculation considers number of accounts, the age of the accounts, and the age of the youngest account. If the credit report shows any kind of delinquency, the calculation looks for any type of public record such as a tax lien or bankruptcy. It then looks for the most severe delinquency if there is more than one on the file (i.e., a bankruptcy is worse than a judgment).
FICO Scores are calculated from a lot of different credit data in your credit report. This data can be grouped into five categories as outlined below. The percentages in the chart reflect how important each of the categories is in determining your FICO score.
These percentages are based on the importance of the five categories for the general population. For particular groups - for example, people who have not been using credit long - the importance of these categories may be somewhat different.
