How often do the credit agencies rescore you?

Question

My score went way down (730 to 650) because of a 30 dollar bill I didn't even know I had. I saw it on my report, and payed it, but I was told it will be on your record for 8-10 years. But, I was also told, in the meantime, as that transaction gets older, my score will go up. When, or how often, will they notice it getting older, and rescore me?

It's been 1.5 years and it's still low?

Who is the creditor? The hospital, or the collection agency?

Answer 1

a 30 dollar bill will absolutely not bring your score down that much. My score went down from 730 to 660, but that was because I had a 12,000 dollar student loan put on my credit, and every company you have an account with is required by law to report your account at least once every three months. I don't know where in the world you got that information, but it is total b.s. Now, if your account went to court and some sort of garnishment or lien was issued, which i doubt it was since it's only 30 dollars, this will effect your score a little more, but not that much more. As soon as you paid that 30 dollars, within the next, 6 months at the most, it will be a 1 on your credit report, which means it is paid, it will still show that it was owed, but it will also show that it has been paid. I worked with credit fraud and information for 6 years, and I haven't the wildest idea why somebody told you all of that, good luck.

Answer 2

edit++++
I'm so sorry, I had misread your question and thought you were dealing with a late payment. (hangs head in shame)

Okay, you had a hospital bill that went to a collection agency and when you noticed the collection agency (or the hospital?) reporting on your reports you paid the collection agency? Or you paid the hospital?

The first thing - it will remain on your reports for 7 years from the date of treatment at the hospital. Not from when the hospital charged it off and turned it over to the collection agency and not from the date you paid.

A paid negative will still show as a negative. When it's paid it will update (updating is not re-aging) the account to make it look newer than it actually is.

If you paid the hospital, contact them by letter and request that they take back the account from the collection agency and that they demand the collection agency to delete anything they have on your reports. Then ask them for goodwill in removing the negative tradeline.

If you paid the collection agency, look over your "current" credit reports for any inaccuracies in reporting. If the collection agency is reporting there is a very good chance there is inaccuracies, there usually are.

Use reports that you pay for and receive from each CRA. Don't use the tri-merge reports and don't use the free FACTA reports.
Using paid reports, the CRA's only have 30 days to investigate a dispute. Using the free reports gives them an extra 15 days to investigate, which could mean the difference in it remaining instead of being deleted.

There are many different things that they "may" be reporting in error. Such as - open account, past due, factoring company, etc., etc. Plus you need to check the removal date to see if it was re-aged (since you were told that it would be on record for 8-10 years) TU and EX usually report the date it will be removed, EQ usually allows the DOLA to act as the removal date. (it should show a removal date 7 years from the date you were treated by the hospital)

If there are any inaccuracies being reporting, file disputes with the CRA's for one or two of them. (keep at least one inaccuracy in reserve in case you have to re-file a dispute, that way you may not get a "previously investigated" response from the CRA's)

Hopefully since it's been paid, the collector won't bother to verify it. If they don't, it must be deleted.

If they verify it without correcting it, send the collector a letter and demand deletion of their inaccurate trade line. When sending letters to the collection agency - don't sign the letters, print your initials or type your name.
Send it certified mail return receipt. When you get the green card back, re-dispute with the CRA's.

If it's verified without being corrected again, file complaints with the BBB, the FTC, your AG and their AG.

If it remains, sue them.
Do everything by mail, send letters to the collector CMRR, send letters to the CRA's certified - create a papertrail.

You might click on my profile and do some reading in the links I have listed to the FDCPA, FCRA and also in the last link.

Answer 3

before each and every thing - do no longer close those charge playing cards when you pay them. (except they deliver an annual fee) also you may want to ascertain your bill next month - you receives some money charged as residual interest. that's the interest they value from the time they deliver you out the bill, until eventually eventually the time they get your fee. ok, to respond to your question - ultimately. charge playing cards report balances on their ultimate date. The date they deliver you out a fact. Then, it may take the credit bureaus as a lot as 30 days to replace (once a month). Calling gained't deliver any income. So look at your ultimate date on your charge playing cards (when you pay) - upload 30 days and your reviews will be as a lot as date by then (hopefully)