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Regular Contributor
Posts: 150
Registered: ‎05-04-2012
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Re: Credit Reporting Time Periods

This is what it says on Equifax.

I am confused as hell by this child support crap and its driving me insane I am currently fighting it but my child support payments are taken out my check automatically and paid on time every month, I even pay more than the original judgment amount to catch up on the arrears but yet they show me every month as 120+ days late

Date Major Delinquency First Reported:05/2009  Months Reviewed:35
Creditor Classification: Activity Description:N/A
Charge Off Amount:$0Deferred Payment Start Date: 
Balloon Payment Amount:$0Balloon Payment Date: 
Date Closed: Type of Loan:Child Support  
Date of First Delinquency:06/2008  
Comments:

Consumer disputes - reinvestigation in progress,
Collection account



Starting Score: 502 5/4/2012
Current Score: 640 08/03/2012
Goal Score: 700


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Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
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Re: Credit Reporting Time Periods

That's showing a DOFD of 2008. But I'd check the other two. Now ignore the lates....FICO does. In fact, FICO is ignoring that entire TL. Now how lenders view it is a different matter.

Regular Contributor
Posts: 150
Registered: ‎05-04-2012
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Re: Credit Reporting Time Periods

That is what I do not understand with them. I will check the other two but its showing basically as a 15K debt. One lender saw this but I showed her my paycheck stubs and showed where its taken out automatically so they pretty much ignored it



Starting Score: 502 5/4/2012
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Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
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Re: Credit Reporting Time Periods

Member
Posts: 8
Registered: ‎09-18-2013
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Re: Credit Reporting Time Periods

thank you!

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New Member
Posts: 9
Registered: ‎01-22-2014
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Re: Credit Reporting Time Periods

"When a collection account is paid in full, it will be marked "paid collection" on the credit report."

 

When the creditor or debt collector changes the account status to "paid in full" does that affect your credit score in a positive way?

Moderator Emeritus
Posts: 12,906
Registered: ‎12-30-2011
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Re: Credit Reporting Time Periods

[ Edited ]

sbelle1oh1 wrote:

"When a collection account is paid in full, it will be marked "paid collection" on the credit report."

 

When the creditor or debt collector changes the account status to "paid in full" does that affect your credit score in a positive way?


Welcome to the forums!

 

Unfortunately not under the most common credit scoring models.  

 

That said, there's more than credit scores which go into approving any given application, and there's a world of difference to an underwriter between an open collection (which is a problem) and a paid one which from the underwriters I've talked to is *shrug*.

 

Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
Current Score: EQ 04 700, TU 04 731, EX 98 725 (05/24/15)
Goal Score: 700 on EQ 04 (01/01/16)


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Epic Contributor
Posts: 21,575
Registered: ‎03-19-2007
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Re: Credit Reporting Time Periods

If you are making payments to the debt colllector, they have a statutory requirement under FCRA 623(a)(2) to promptly update the current amount under collection as it is reduced.  Promptly is with their next monthly reporting cycle.  You can file a direct dispute with them, requiring they maintain the accuracy of the currrent balance.

 

As an aside, much discussion is made in prior posts as to the deletion date of OC accounts.

OC accounts themselves have no required deletion date under the FCRA.  Only the individual adverse items reported on the account, such as monthly delinquencies and a charge-off, become excluded under the FCRA. 

 

The account remains unless either specifically deleted by the creditor, or the CRA choses to delete as their internal housekeeping after the account has been close for approx ten years.  Thus, the exclusion of all derogs can still leave the OC account of record, and possibly raise issues with one reviewing your CR as to the ultimate dispostion of any debt that might remain.

Established Contributor
Posts: 1,640
Registered: ‎08-04-2014
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Re: Credit Reporting Time Periods

This is excellent information. Thanks for posting it!

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