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Advice Requested: Paid collection to Single Credit Bureau

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marvoyager
Established Member

Advice Requested: Paid collection to Single Credit Bureau

Need some advice folks & I can't find any more info on it.

 

I currently have a listing on my EXPERIAN credit report for a small amount (around $100) that i've submitted a check to pay it off (it's about 5 years old). I sent a letter with it, requesting the usual, mark as paid within 30 days, never report it to another CR now or in the future, etc etc.

 

Well they returned the check stating that even though the debt ONLY appears on my EX report, they are required to update TU and EQ as well. Since this debt does not appear on them (TU and EQ) currently does this mean that the PAID debt will appear?

 

They want me to resubmit a new check without the restrictions letter so they can "do their job."

 

1. Does anyone know if that debt will appear as a newly paid debt on my "clear" credit reports.

2. Should I resubmit without the restrictions/requests?

 

Any thoughts or advice on this?

My thanks in advance.

 

 


Starting Score: 625 EX, 630 EQ. 610 TU
Current Score: 703 EX, 711EQ, 715TU
Goal Score: 750


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Message 1 of 10
9 REPLIES 9
mauve
Valued Contributor

Re: Advice Requested: Paid collection to Single Credit Bureau

That is weird.

 

I would let it age off and then pay it.


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


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Message 2 of 10
marvoyager
Established Member

Re: Advice Requested: Paid collection to Single Credit Bureau

We're trying to buy a house in the next 9 months and i'd like this removed.

 


Starting Score: 625 EX, 630 EQ. 610 TU
Current Score: 703 EX, 711EQ, 715TU
Goal Score: 750


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Message 3 of 10
mauve
Valued Contributor

Re: Advice Requested: Paid collection to Single Credit Bureau

I'd still leave it.  Underwriters may require you to pay it at closing, or they may not require you to pay it at all.  It's a small amount, it's 5 years old, etc.  Where are your scores from, btw? 


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


Take the myFICO Fitness Challenge
Message 4 of 10
marvoyager
Established Member

Re: Advice Requested: Paid collection to Single Credit Bureau

my scores are listed in my signature. Not bad considering where i came from, but the EX is still by far the lowest one. I've estimated (from reading this forum mostly) that the EX score could go up between 11 and 15 points just by getting this off.

 

So my question remains, if the debt is paid, Experian gets updated but will the other two get "added" as a new debt (or at least post-dated)?


Starting Score: 625 EX, 630 EQ. 610 TU
Current Score: 703 EX, 711EQ, 715TU
Goal Score: 750


Take the FICO Fitness Challenge

Message 5 of 10
MarineVietVet
Moderator Emeritus

Re: Advice Requested: Paid collection to Single Credit Bureau

I believe mauve was asking about the source of your scores because there is no 3 in 1 monitoring service that sells FICO scores.

 

No one has been able to buy their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU (PSECU) in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myFICO. I suggest you do an internet search for "myfico discount codes" to save a little money.

At one time you could also purchase your Transunion score at www.transunioncs.com but that site seems to have stopped doing that. Equifax will still sell you a FICO score but you have to look very hard to find it.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

 

 

Message 6 of 10
guiness56
Epic Contributor

Re: Advice Requested: Paid collection to Single Credit Bureau


@marvoyager wrote:

my scores are listed in my signature. Not bad considering where i came from, but the EX is still by far the lowest one. I've estimated (from reading this forum mostly) that the EX score could go up between 11 and 15 points just by getting this off.

 

So my question remains, if the debt is paid, Experian gets updated but will the other two get "added" as a new debt (or at least post-dated)?


It is entirely possible for that to happen, yes.  It depends on who the creditor reports to.  And yes, if it got added, even as a paid collection, it would impact your score significantly.

Message 7 of 10
MBOhio2
Established Contributor

Re: Advice Requested: Paid collection to Single Credit Bureau

None of us can answer for sure, but yes, it does sound like they're going to "update" all 3 of the CRAs, which means adding it to the 2 which are not currently showing it. That feels risky to me and would let it lie as well. Since it's only affecting one score and mortgages usually consider your middle score, ths Experian outlier shouldn't affect your mortgage interest rate. If your lender requires you to pay it for closing, do so then.

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
Message 8 of 10
marvoyager
Established Member

Re: Advice Requested: Paid collection to Single Credit Bureau

Ahh.. now I see. They're all FAKO scores from a variety of sources (God Bless the 30 day trial).

 

I hate to do it, but i'm going to let it lie then and deal with it. The two other scores are well within the good limits of what any reasonable lender would look at and with my debt reduction plan (i'm hovering around 50% right now, headed to 19% prior to submitting apps) I should be good.

 

My thanks to all for their input and advise.


Starting Score: 625 EX, 630 EQ. 610 TU
Current Score: 703 EX, 711EQ, 715TU
Goal Score: 750


Take the FICO Fitness Challenge

Message 9 of 10
marvoyager
Established Member

Re: Advice Requested: Paid collection to Single Credit Bureau

Quick and GREAT update to this.

 

After I talked to the DC about this and they told me they were "required" to update all three agencies, even though the alleged debt doesn't appear on all three, I called them back to inform them to i'm going to let it ride as it's only about another 18 months until they're gone. They once again (same agent) told me sorry but they're required to update all three, yada yada yada.

 

A few days after this, I got a call from a supervisor of the DC and they said they were reviewing their recordings for training purposes, and what I was told was completely incorrect and that they would be happy to only update EXPERIAN upon written request from me. Thank the Maker.... so I did, and of this morning the debt is listed as Paid in Full with no marks on EQ or TU!!! (and my FICO jumped 10 points)

 

Now that this is done, i'm in full on GW writing to get this one and done for good.

 

Thanks for everyone's advice and support -tis' appreciated.


Starting Score: 625 EX, 630 EQ. 610 TU
Current Score: 703 EX, 711EQ, 715TU
Goal Score: 750


Take the FICO Fitness Challenge

Message 10 of 10
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