There was some misinformation floating around the web this week that FICO had revealed its damage points model for credit scoring. There were some hypothetical examples published by several sources that illustrated different score scenarios of negative credit events such as missing a payment, maxing out a credit card, filing for bankruptcy, ect.

Here is an excerpt from John Ulzheimer of Credit.com in which he clarifies the FICO Damage Points subject:

According According to Craig Watts of FICO, the different score scenarios “aren’t meant to reflect every consumer experience” and that your own personal experience “could vary significantly.”

The ONLY way to determine the impact of changes on your FICO scores is to use their FICO Score Simulator tool that’s within the myFICO website. The downside is that you’d have to buy a credit report from them. The upside is that the score simulations will actually use your credit data and not data belonging to hypothetical consumers.

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