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.