topic Re: Last Collection Account Paid in Rebuilding Your Credit

Last Collection Account Paid

Alicia888 — Mon, 19 Nov 2012 14:57:31 GMT

I have some collections that are all at least 2 years old. The last one is finally paid now. However, the company helping me with my debts said it would probably take about 2 or 3 months for it to show as paid on my credit report. I read somewhere that I could send the updated paid off information to the 3 credit bureaus so that I dont have to wait out this time that it is going to take for the collection company to update the credit bureaus and for then the original credit card (Cap One) to update the credit bureaus. Is this a good option? Also, if it is a good idea (and it works) is there any specific format that my letter has to be? Any advice helps! Thanks!

Re: Last Collection Account Paid

hoping2rebuild — Mon, 19 Nov 2012 15:21:26 GMT

was this a pay for delete? if not I would just wait it out a paid collection scores the same as an

unpaid one, so it won't make any difference score wise. It just looks better on manual review

Re: Last Collection Account Paid

Alicia888 — Mon, 19 Nov 2012 15:40:52 GMT

No, there was no deal to delete it off. I was told they wouldn't delete it.

Re: Last Collection Account Paid

Repo-ed — Mon, 19 Nov 2012 15:58:45 GMT

They will stay on there until they age off.

Re: Last Collection Account Paid

Alicia888 — Mon, 19 Nov 2012 16:09:14 GMT

Thank you for your replies!

Re: Last Collection Account Paid

Shogun — Mon, 19 Nov 2012 17:19:41 GMT

Start sending GW letters to them if they are paid. You could get lucky.

Re: Last Collection Account Paid

hoping2rebuild — Mon, 19 Nov 2012 18:00:48 GMT

+1 I would be a GW mailing machine

Re: Last Collection Account Paid

RobertEG — Mon, 19 Nov 2012 18:14:30 GMT

As a general policy, the party who reported information is the party responsible for updating their own reporting.

The CRAs usually wont get involved in changing reporting of a party based on private agreements between the reporting party and the consumer.

They are not judges of accuracy or intent of the furnisher, so they want confirmation directly from the furnisher.

Any party is required under the FCRA to "promptly" update their reporting so as to maintain its current accuracy. "Promptly" is subjective.

Give it some time. As a last resort, you can always dispute the accuracy of their reporting, but I would not invoke a dispute unless their failure to update becomes egregious.

Re: Last Collection Account Paid

Alicia888 — Mon, 19 Nov 2012 20:18:30 GMT

Great information everyone. Much appreciated! One more question - this is surely written somewhere around here but when do the collections fall off the report? I'm thinking it is 7 years. If it is - what date is used to start?

Re: Last Collection Account Paid

Shogun — Mon, 19 Nov 2012 20:21:43 GMT

7 years + 180 days from the DOFD. This is when the account first went bad with the OC and was never brought to current. On EQ, it will list the DOFD, on TU and EX, it will give you an estimated date this will be removed. Have you gotten your CRs from www.annualcreditreport.com ? This is the federally mandated site where you can pull your reports free once a year.

Re: Last Collection Account Paid

Alicia888 — Mon, 19 Nov 2012 20:30:57 GMT

Man thats a long time. I got the free anual Credit Report so I will go an order a fresh one.