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MrsMerlot
Unconditional Love
Member since 4/06 6005 total posts
Name:
Chrissy
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Credit Score Question
DH has about $2,000 of collections on his credit report.
We paid all this off today, and the collection agency stated that they will report to all the bureaus for Month-End (May.)
We have a confirmation letter from the collection agency stating all the past-due accounts are paid.
Few questions:
1) How quickly will the credit bureaus update the reports?
2) There are no longer any collection accounts on his credit report - approximately how much will his score increase?
3) Is there anything we can do to facilitate this? He's looking to get another car by the end of June, and an increase in points would really help him get the car he wants at the price he wants.
Thanks in advance!
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Posted 5/24/10 9:10 PM  |
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LoriH
There's no place like home
Member since 8/07 4110 total posts
Name:
Lori
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Re: Credit Score Question
I am pretty sure they stay on for 7 years from the date of the original collections notice.
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| Posted 5/24/10 9:51 PM |
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ruby
you rang?
Member since 6/08 5573 total posts
Name:
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Re: Credit Score Question
DH had one collection on his credit report from something in 2004, we had no idea it was there, it was from a dr. visit. Anyway, we paid it and were told by our friend who is a loan officer that he was pretty sure that if we paid it by the 15th of the month (that is when they reconcile each month I guess) that it would show as Paid on the next month's report. It did and DH's score went up considerably from paying just that one collection.
ETA: Also, once you paid the accounts, did you dispute them online? If so, you'll get a letter and/or email from each credit reporting agency stating when each disputed account has been shown as paid. This is what we did, we didn't want to keep checking his credit but once we got an email from them we had our mortgage guy pull his credit again and it was all good.
Message edited 5/24/2010 9:57:59 PM.
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| Posted 5/24/10 9:55 PM |
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MrsMerlot
Unconditional Love
Member since 4/06 6005 total posts
Name:
Chrissy
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Re: Credit Score Question
Posted by ruby
DH had one collection on his credit report from something in 2004, we had no idea it was there, it was from a dr. visit. Anyway, we paid it and were told by our friend who is a loan officer that he was pretty sure that if we paid it by the 15th of the month (that is when they reconcile each month I guess) that it would show as Paid on the next month's report. It did and DH's score went up considerably from paying just that one collection.
ETA: Also, once you paid the accounts, did you dispute them online? If so, you'll get a letter and/or email from each credit reporting agency stating when each disputed account has been shown as paid. This is what we did, we didn't want to keep checking his credit but once we got an email from them we had our mortgage guy pull his credit again and it was all good.
Same situation with us...it was three accounts totaling the $2K and we had no idea it was there! So, we took care of it today, and we're keeping our fingers crossed that it'll increase his score a bit....
Didn't think of disputing them online - going to do that now - thank you so much!!!!
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| Posted 5/24/10 10:14 PM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: Credit Score Question
Best thing to do is to try to get the collection co to delete it entirely from the credit report. A paid collection still looks bad. Ideally you should have done a pay for delete getting notification in writing from the collection agency before paying but it doesn't hurt to try now.
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| Posted 5/24/10 11:03 PM |
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MockingJay
Ring out the old...
Member since 9/08 1312 total posts
Name:
Ring in the new!
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Re: Credit Score Question
Posted by jacquig
Best thing to do is to try to get the collection co to delete it entirely from the credit report. A paid collection still looks bad. Ideally you should have done a pay for delete getting notification in writing from the collection agency before paying but it doesn't hurt to try now.
Its borderline impossible to get them to do this, I've tried. They suuck! It will affect the credit score just simply by having it on there but will affect it less as time goes on.
If you have good credit, you can cosign for DH's carloan and it will help pop up his rating so he can get a better loan rate.
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| Posted 5/25/10 1:26 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Credit Score Question
Posted by Belongs2DanBuckley
Posted by jacquig
Best thing to do is to try to get the collection co to delete it entirely from the credit report. A paid collection still looks bad. Ideally you should have done a pay for delete getting notification in writing from the collection agency before paying but it doesn't hurt to try now.
Its borderline impossible to get them to do this, I've tried. They suuck! It will affect the credit score just simply by having it on there but will affect it less as time goes on.
The key is to get them to agree to REMOVING the judgement off your credit report BEFORE you pay them.
They want to get paid. Make them work to get paid. Get it in writing that they will REMOVE the debt before you pay.
It really doesn't make any sense to pay a debt collector unless you can arrange to have the information REMOVED from your credit report. Otherwise, why bother paying?
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| Posted 5/25/10 1:36 PM |
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