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Colections , Negative Accounts, Closed Accounts

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Anonymous
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Colections , Negative Accounts, Closed Accounts

Hello Community!

 

I've pulled all three reports using Equifax. What is the difference between Collections, Closed Accounts, and Negative Accounts.

 

I am new to this forum. I want to raise my credit score to 720.

 

From what i have read, credit utilization is huge and impacts my score. As a result, i am in the process of paying down all credit cards. I have some collections, closed accounts, and negative accounts. I am not sure how to handle these.

 

I would really appreciate some help and guidance.....

 

My current scores are:

 

566 Equifax; 548 Transunion; 531 Experian

 

 

 

 

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1 REPLY 1
gdale6
Moderator Emeritus

Re: Colections , Negative Accounts, Closed Accounts


@Anonymous wrote:

Hello Community!

 

I've pulled all three reports using Equifax. What is the difference between Collections, Closed Accounts, and Negative Accounts.

 

I am new to this forum. I want to raise my credit score to 720.

 

From what i have read, credit utilization is huge and impacts my score. As a result, i am in the process of paying down all credit cards. I have some collections, closed accounts, and negative accounts. I am not sure how to handle these.

 

I would really appreciate some help and guidance.....

 

My current scores are:

 

566 Equifax; 548 Transunion; 531 Experian

 


A collection is when a creditor sends an overdue bill outside their institution to a business that specializes in collecting debt.

 

A closed account is just that closed it can be a COed account or a paid as agreed account.

 

A negative account is a COed account, a collection agency entry or a public record entry.  A negative also applies to a late payment.

 

Welcome to My Fico Smiley Happy

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