General Credit Topics

[ashdown1967]

The bogus collection from EOS/CCA hit my credit report and dropped my score 37 points. Spoke with them they deleted it already but my score didn't go back up the 37 points that it took from me.  How does that work exactly?

[llecs]

Are you looking at a FICO score from myFICO?

[ashdown1967]

Yes I am .

[diabla]

I mentioned this somewhere else.  I lost about 20 points due to a collection, and when I finally got it deleted, I only gained back about 3 points.  It's horribly unfair.  You're still penalized for it even if its later deemed to be an error by the collection agency.  They give these CAs and creditors way too much power when it comes to our information.

[distantarray]

cause there's a part that states when a last derogatory was placed onto your accounts, but removed legitimately or falsely (through settlement or payment) it doesn't mean it wasn't there.

Kinda like how some credit card companies will deny you for have a super subprime lender like First Premier on your reports, it shows how bad your credit report was up until just recently..

[Jutz]

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distantarray wrote:

cause there's a part that states when a last derogatory was placed onto your accounts, but removed legitimately or falsely (through settlement or payment) it doesn't mean it wasn't there.

Kinda like how some credit card companies will deny you for have a super subprime lender like First Premier on your reports, it shows how bad your credit report was up until just recently..

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My impression is that this isn't entirely true.  From everything I've learned, your FICO score represents a snapshop in time at that particular moment, and does not recognize anything that may have been there.  Your point about credit cards is true, but if you had First Premier deleted entirely as a TL, would AMEX still see it and care?

I could of course be way off base here, but I'd assume after a full month passes for all companies to be reporting correctly, it would straighten itself out?

[jeffriesde]

Was this from a Scorewatch alert?  If so then it might take a week or so to get alerted to the increase.  

Recently I was pulling my CR via USAA (before the loss of daily pulls) and I noticed a new collection on the day that it posted to all three CB's.  I contacted the company via phone and did a PFD.  Within 2 days it had been removed from all three CB's.    About 3-4 days later I received a SW alert stating that I had a NEW collection posted to my report and that my score had dropped.  I checked the Alert and it was for the same collection that had been taken care of.  I then logged into USAA to verify that it had not returned.  The Collection was not listed on my CR's and never returned.  

After another week I pulled my report from MyFico and my score had returned to its previous value.  

So much for Daily Monitoring and Reporting via ScoreWatch...

[ashdown1967]

Thanks so much guys for the infomation.