2 Collection Agencies

[armyguy90]

I paid off these 2 cas LVNV FUNDING and ASSES ACCEPTANCE. The balances are correct and say $0 but the STATUS according to Equifax is 120+past due. Is this correct? Because I was thinking it should state "closed"??

[MrSchrute]

Hi,

I think it should be updated to paid. Maybe dispute with the CRA?

[llecs]

They are sort of reporting correctly. IMO, they should be in the Collections section vs. Accounts as it is reporting now for you. FICO reads the most severe delinquency. In this case, the 120 day late mention isn't hurting, but the collection reporting is the one doing the damage. If you got the late to go away, your score will not improve. The only way to get an increase is to have the CA removed. You can do so via a GW letter. Per collections, it doesn't matter if the balance is $0 or $10,000, the damage is the same. There's no way to make a collection report positively.

[armyguy90]

Do collection agencies usually approve GW letters?

[llecs]

---

armyguy90 wrote:
Do collection agencies usually approve GW letters?

---

Many do. You can always do a search on your CAs to see if there are approvals. I do recall at least one GW success with LVNV and I don't recall any for Asset, but I bet there's at least success story in here somewhere.