Ok i had a collections on my credit report from about 4 years ago. even though the account has been paid and closed since July of 2004 it is still showing as a negative on my credit. The last credit run i had was in April when i bought my house and my score was about 750.
I just requested a dispute and investigation on that item and now i am wondering if when it gets figured out will it raise my score any?
2006-07-28 16:50:44 · 8 answers · asked by michael a 2 in Business & Finance ➔ Credit
The credit report still shows that account of having a past due amount and not as being paid off. Therefore it is inaccurate.
2006-07-28 17:06:34 · update #1
Also i am only 22 so even if it has to be on there i dont think it will hurt me in the long run down the road.
2006-07-28 17:08:57 · update #2
There are a couple of other ways to handle this problem. With the passage of the new FACTA law you can now dispute directly with the credit grantor or the collection agency. They have to respond in 30 days. It is my experience as a credit repairer that collection agencies do not respond. Send the letter disputing entry to the collection agency, return receipt requested (so you can document the date they received it). When they do not respond, send a copy of the letter and a copy of the green card from the post office to the credit bureau and request a reinvestigation. The reason is your letter which was never answered by the collection agency. They will then due to lack of verification remove the paid notation from your file.
Good Luck
Contact me here if you need more help.
2006-07-28 17:29:56 · answer #1 · answered by teenriodoll 3 · 0⤊ 0⤋
If you can get that collection removed by disputing your score can go up (cant tell you how much). However a paid collection has about the same effect as an unpaid collection on your credit report.
A score of 750 is great for 22, especially for having a collection account on your report. If the dispute does not remove the item the first time wait a month or so and dispute it again. I find it easy to dispute online since it is fast and easy.
Good luck!
2006-07-30 18:54:05 · answer #2 · answered by CreditMan 2 · 0⤊ 0⤋
teenriodoll's advice is exactly what I tell people to do. Follow it to the letter!
But be advised, many creditors do respond back to validation requests. In your case, getting a reply is only part of your battle.
Just because you paid off a debt that was in collections, it does NOT mean the negative information is automatically removed from your records. All the credit bureau does is change the listing to say "paid" but it still shows that you were in collections or had late payments.
Many people here will tell you it looks better to have a "paid collection" then an unpaid one. That's silly! It's still a bad mark on your record, and you want it removed.
There are only two ways a bad record can be deleted. Either the creditor has to do it, or through the "validation" process that teenriodoll explains about. If the creditor fails to respond back to a verification request from the credit bureau, it is automatically deleted.
And trying to get the creditor to voluntarily remove it is hard. They are not interested in helping you out, even after you have paid your debt.
Lesson learned, before you pay off these debts, get the creditor to agree IN WRITING to remove the listing from your history.
Good luck.
2006-07-29 03:37:12 · answer #3 · answered by Anonymous · 0⤊ 0⤋
So the account went into collections four years ago, and you finished paying it off two years ago... If the information is accurate, disputing it will not remove it from your credit history. Only time can remove accurate information.
On the other hand, try and relax! There are people who would kill for a FICO score of 750.
2006-07-28 16:58:50 · answer #4 · answered by Jay S 5 · 0⤊ 0⤋
You can get accepted and not using a credit score, however you're going to get raped on curiosity costs. Debit card is not going to support. Get a bank card, make the per 30 days repayments in complete if in any respect feasible and preserve a low debt to credit score ratio. Get a guardian to co-signal your first vehicle mortgage. That means you'll be able to begin to construct your credit score without the 20-30% curiosity cost.
2016-08-28 16:10:43 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It will get off your record after 7 years. In the mean time,please stay clean. And 750 is good
2006-07-28 19:24:27 · answer #6 · answered by Hoa N 6 · 0⤊ 0⤋
It might but not too much 750 is perfect credit so it won't hurt
2006-07-28 16:54:55 · answer #7 · answered by Anonymous · 0⤊ 0⤋
AS long as you do not owe anymore, it will disappear soon even if you hadn;t disputed it. It will help you of course. 170 is pretty high though
2006-07-28 16:55:31 · answer #8 · answered by billyandgaby 7 · 0⤊ 0⤋