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Frequent Contributor
dddfresh
Posts: 286
Registered: ‎01-11-2013

COLLECTION PAID / not SHOWING ON CR?

Heyhey!

I had a collection of $1500 that HSBC/best buy sent to collections. I paid it off a couple of weeks ago after 14 months of payments. They law firm/debt collector/ca said they would send me a PIF letter in 30 days and they would advise HSBC/LVNV (ca) that the debt was paid.
Is there anything I should do to expidite this process?
Will the collection finally be closed on my CR?
Do you think my scores will increase? I have a couple old paid charge offs, and only this collection.

Any advice/comments?
Thank you!!!!!!!!!

5/2013: MyFico EQ 655, EXP 675(amex decline letter), TU 669.
NFCU Flagship Sig. $12,500..NFCU CashRwds $1000..NFCU LOC $12,500..AMEX Green NPSL...Discover IT $1500...BofA Cash Rewards 1-2-3 $2500...Southwest Premier $2000..Chase Freedom $1500..CareCredit $3500..Cap1-$1500..HSBC $300..Merrick Bank $1400..Lowes $1500...WalMart $1500...JCP $1000..Chevron $900..Kays/Jerrod - $5000 split. around 8% Util. in 2011 my scores were in the low 500's. Didnt know a dang thing. Looking to get into the 700's in 2013.
Have three old paid charge offs. LAST APP 5/13/13 :/ Have 15-20 inquires across the board oopsies
Community Leader
Mega Contributor
guiness56
Posts: 13,170
Registered: ‎01-17-2008

Re: COLLECTION PAID / not SHOWING ON CR?

Frequent Contributor
dddfresh
Posts: 286
Registered: ‎01-11-2013

Re: COLLECTION PAID / not SHOWING ON CR?

Ca lvnv funding. Oc hsbc says closed as bad debt sold to collections

5/2013: MyFico EQ 655, EXP 675(amex decline letter), TU 669.
NFCU Flagship Sig. $12,500..NFCU CashRwds $1000..NFCU LOC $12,500..AMEX Green NPSL...Discover IT $1500...BofA Cash Rewards 1-2-3 $2500...Southwest Premier $2000..Chase Freedom $1500..CareCredit $3500..Cap1-$1500..HSBC $300..Merrick Bank $1400..Lowes $1500...WalMart $1500...JCP $1000..Chevron $900..Kays/Jerrod - $5000 split. around 8% Util. in 2011 my scores were in the low 500's. Didnt know a dang thing. Looking to get into the 700's in 2013.
Have three old paid charge offs. LAST APP 5/13/13 :/ Have 15-20 inquires across the board oopsies
Community Leader
Mega Contributor
guiness56
Posts: 13,170
Registered: ‎01-17-2008

Re: COLLECTION PAID / not SHOWING ON CR?

[ Edited ]

Paying off the collection should not have any impact on your score.  The OC won't update because it is closed and showing a 0 balance.  It was  sold to LVNV and they don't have to let the OC know it was paid.

 

LvNV will have to show it has paid and their collection account will be closed.


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