Hi, Roni posted a great link earlier. www.ftc.gov/bep/creditscoring/present/img008.gif (thanks Roni!) That scorecard is strong info. Anyway my question is about "years in file" I have a friend that's 25 and has very limited credit. She owns an internet business and when she started it she financed web site design, hardware, and software from an in house finance company. She's never used any other credit (never even applied for any) Recently, she starterd thinking about buying a house and wondered about her credit. It turned out she had none. The in house company didn't report to the bureaus when she opened her accounts. However, they have since started reporting to Equifax. She contacted the company and they agreed to report her history in full. The info they reported is what actually created her credit file (no history before that) So her file was created in 2001 but has a history dating to 1995! Anyone know how this is viewed? Is the "years in file" from when the file was created or the date of the oldest trade? Thanks!!..sorry for the long post
I think they will use the 1995 date for scoring even though there was no activity. My file starts from 1987, which was when the first student loan reported on my report. I didnot start paying student loans until I finally finished school in 1999. But they still use the 1987 date. I think she will be ok. Can they change the reported since date to 1995? roni
Hi Roni. The finance company did report the full account history dating back to 1995. The problem is they only did it last month. When they reported her accounts that info generated a credit file for her with the bureaus (before that no file existed) So, her file was created in 2001 but reports tradelines opened in 1995. Hope that explains it better. So is "years in file" since 2001 or 1995? I figure this is a pretty unique situation. She had a business report pulled showing "since 3/27/01" but showed the trades from 1995. THIS MAY INTEREST YOU AS WELL. THE BUSINESS REPORT BEACON SCORE WAS 689. WHEN SHE GOT HER SCOREPOWER SCORE FROM EQUIFAX ONLINE IT WAS 721 AND SHE GOT THE BUSINESS REPORT FIRST. Sorry for the caps but I just wanted to emphasize that. Thanks..
WELL THAT IS ODD. Well my powerscore was 702. The mortgage person pulled my credit that week and it was 702. So , I wouldnot worry about the scores. IF your friends report says 'REPORTED SINCE' 1995 SHE IS IN GOOD SHAPE. If not, maybe she can get that changed. I am still not completely sure about what is on her report. Maybe you should ask her. Dont worry about though. Her scores are good anyway. roni
