Collection Score Bump

[Anonymous]

Happy weekend everyone!

I paid a collection and am sending a GW letter to get the collection agency to delete the account from my credit report(s). I am hoping they just delete due to my surgeries. I know I did not have to send proof of the surgeries but I did because I have had 3 since Dec. 2006. I am hoping that they will just delete it.

My question is - in the meantime this has not updated as paid. When it does (if it does) will my FICO go up at all. The collection went on the CRA in 2/07 $886 paid $1052.80 on 7/13/07.

I was thinking about disputing as incorrect because it does not show paid. But I want to wait to see what the Director of Operations from the CA says about deleting the account. Maybe they will not contact me and just delete it.

Your thoughts please.


Thanks and have a fantabulous weekend.

[coachhenson]

That is a good question about score bumps.  I have read on here that paid collections won't do anything for you, but I have heard (and seen) a 25 point bump for even a $25 collection paid.

It can't hurt.  And you are satisfying your obligations.  Keep your fingers crossed!

[Anonymous]

Bump

[Anonymous]

The best scenario is the account going bye-bye. Ofcourse, you are within your rights to dispute it as reporting incorrectly. (That's what Tex would do )

Message Edited by TexMontana on 07-21-2007 11:27 AM

[Anonymous]

I absolutely believe that paying off collections will increase your score...
As of 1 June my Experian score was 599 for like a year...
I paid off 3 collections, had all but one removed (and I am GW letter-ing that one)...
My Experian score shot up 68 points...
So I went up from poor to good (although on the low side) in one fell swoop...
Now my EQ score was like 638, and my TU was 659 and they didnot go up nearly as much...

For the record, this old debt was about 5.5 years old, so I would say Experian doesnt age debt as agressively as TU and EQ....

But for the record, paying off old collections IMO will definately help your score...

[MidnightVoice]

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bdog94tiger01 wrote:
I absolutely believe that paying off collections will increase your score...
As of 1 June my Experian score was 599 for like a year...
I paid off 3 collections, had all but one removed (and I am GW letter-ing that one)...
My Experian score shot up 68 points...
So I went up from poor to good (although on the low side) in one fell swoop...
Now my EQ score was like 638, and my TU was 659 and they didnot go up nearly as much...

For the record, this old debt was about 5.5 years old, so I would say Experian doesnt age debt as agressively as TU and EQ....

But for the record, paying off old collections IMO will definately help your score...

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It was probably the removal that bumped the score, not the paying off.

Having said that, I think paying off it better than not paying off, especially once there is a manual review of the CR

[Anonymous]

I would agree with you, except for the fact that the balances were zero'd out before they were removed, so I saw the score increase before the items were removed...

[MidnightVoice]

Excellent!  Glad I am wrong 

Message Edited by MidnightVoice on 07-21-2007 02:45 PM

[Anonymous]

I would imagine that in my case the 180% utilization displayed on my credit dropping down lower

as I have been paying everything off has been a factor in my scores rising close to 50 points

since I started this journey.

[Anonymous]

Thank you everyone. How long do you recommend that I wait for an answer from the GW before I dispute as the company has not updated the account?