When is it better to not ask for validation and simply wait for the baddies to drop off your credit report? Especially where medical collections are concerned.
For example, I sent out a couple of DV letters for some medical collections last week. They arrived (per return of green card). These medical collections were from 2003/2004….This morning I check my scores (TC) and my scores are down. Not only are my scores down, but 2 of these agencies hadn’t updated their reporting date for over a year, however, now it shows as being currently reported. In addition, there are hard inquiries on my credit report from these companies. Obviously this brought my scores down, but I can’t help but wonder at what point is it best to just leave it be, allowing them to fall off naturally, even if were looking at years down the road before they fall off our reports.
Recently, I was able to refinance one of my properties with the bank telling me that most lenders overlook medical collections. I wonder if that holds true for applying for credit cards? If these are overlooked items, and disputing lowers our scores, what is the benefit to DV’s when there is no guarantee that it could come off our credit reports?
I guess I’m trying to figure out if I did the right thing or not. Maybe time will tell as I’m just beginning this process, so I’m hoping some of you with more knowledge can hel p to relieve my mind.
Thanks so much.