Loan Modification & FICO score

[waitingpatiently]

I was successful with a WF HAMP modification on my first mortgage in Nov. 2009 (I'm still so happy) - I wasn't late prior to modification, and somehow I got off lucky with nothing reported to my credit.

After, WF called me and solicited a modification on my 2nd Mortg. I said "maybe" and thought about it for a few weeks, all while making payments on time. I decided I didn't want to go thru the entire modification process again, so I called them up and said "no thank-you" to the 2nd modification (because at that point we could afford the 2nd payment).

Long story short - WF reported my 2nd mortgage as LATE (which I never was) and PARTIAL PAYMENT AND MODIFICATION (which I never did) so now my credit is totally jacked up...my FICO scores is way off! I've since contacted WF and have a letter stating they were in ERROR!

MY QUESTION: Does anyone know how many points this type of reporting lowers a FICO score? AND - Will I get my original FICO score back once the 3-credit agencies update with the correct information?

Any insight is helpful! BTW - if anyone is curious - FICO score and Credit score are 2 totally different things...I found this out today!!!

[Moe Bedard]

MY QUESTION: Does anyone know how many points this type of reporting lowers a FICO score?

A late payment can drop your score 20-30 points plus per late payment.

AND - Will I get my original FICO score back once the 3-credit agencies update with the correct information?

Yes, "if" they do it. I have seen borrowers do this and perform a rapid rescore to bring their scores back up.

Any insight is helpful! BTW - if anyone is curious - FICO score and Credit score are 2 totally different things...I found this out today!!!

Yes, your FICO is the average of all three reporting agencies.

[waitingpatiently]

Thank you!

Can I ask what a rapid rescore is and how do you perform that? I need to get my FICO score back to the original score so that I can buy a used car, or soon I'll be carless...I had a FICO score of 777 - go figure I get thru the HAMP mod with credit intact, and this whole entire mix up happens after I say "no thank you" to a 2nd mod...so frustrating...seriously didn't think I'd be dealing with this over a year later.

[MyHAMP]

You actually have 3 FiCO-scores - only 2 are available to the public and only on one website. It is not possible to determine the effect of this derogatory reporting by a general number. If you have perfect credit, the impact could be much higher than 30 points - if your credit is bad, the impact can be much lower.