Reply
Visitor
Kaity
Posts: 3
Registered: ‎03-23-2011
0

Minimum collection amount allowed to be reported...

Does anyone know if there is a minimum amount that can be reported to the credit agencies? I currently just ran a credit report and found out that i have 2 accounts reporting as collections, one for $5 and one for $15. Any help would really be appreciated!

Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Minimum collection amount allowed to be reported...

Wow...That's the lowest I've seen. And unfortunately the balance doesn't matter per FICO. It could be $10k more and the score would have taken the same hit. And unfortunately, there's no minimum.

 

I'd send both a DV letter. Maybe they'd realize how silly it is to report $15 and $5 and delete.

Mega Contributor
RobertEG
Posts: 18,434
Registered: ‎03-19-2007
0

Re: Minimum collection amount allowed to be reported...

Per their credit reportingmanual. it is $1.


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}