07-31-2012 02:16 PM
Here's the situation... my brother stole my information to open up a cell phone in my name years back. He was going through troubled times so I didn't press charges however, the phone company still wanted their money of course. The total came to over $1500 and I started paying it but due to my own personal issues I couldn't afford to continue paying. When I told them what happened in hopes to work out a later payment arrangement they basically told me that since I had paid on it already it was my debt and they didn't believe my story. I said oh well and left it alone. It's not scheduled to fall off in August. My question is, once it's 7 years old... old enough to fall off, will it even impace my score at all or just make my report look better?
07-31-2012 02:18 PM
Is this your only negative item on your credit reports ? Or are there other items ? The FICO impact of the collection dropping will vary based on what your report looks like without it.....
07-31-2012 02:22 PM - edited 07-31-2012 02:22 PM
If that's the case then I don't think you'll get a huge FICO gain, although you may get a some points back..... YMMV.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.