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Collection Updated Balance Instead of Deleting TL - GOOD or BAD??

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prolificjinx23
Frequent Contributor

Collection Updated Balance Instead of Deleting TL - GOOD or BAD??

Although Jefferson Capital agreed to delete collection since I agreed to make minimum pymts of $15/mth they haven't deleted it!!! Instead they have updated it every time I've made a pymt. Original balance was $501 but with the pymts I've made the current balance is $435 which is now reporting on my CR's.

 

Will the updating of the balance have a negative effect on my score?? PLEASE HELP! I want to be prepared......

Starting Scores: EQ 447 (01/02/2017), TU 476 (01/02/2017), EX 456 (01/02/2017)
Current Scores: FICO 08's as of 12/12/2019: EQ 584, TU 702, EX 631
Goal Scores: ABOVE 800 ALL 3
Current Cards: CapOne QS1 $500, Walmart SC $500, Discover It $750, Amazon Prime SC $900, CareCredit $2,000, NFCU CashRewards $10,000 and NOT APPING until 04/2020....


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Message 1 of 8
7 REPLIES 7
Booner72
Senior Contributor

Re: Collection Updated Balance Instead of Deleting TL - GOOD or BAD??

Maybe the won't delete until it is paid off - you should call and ask them.

 

Updating shouldn't affect your score because it goes from date of first delinquency, not date reported.  Though I had a CA doing the same thing (AFNI) and when i finally convinced them to delete it, i got 15 points.

 

Good Luck

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 2 of 8
Anonymous
Not applicable

Re: Collection Updated Balance Instead of Deleting TL - GOOD or BAD??

Was their agreement in writing?

My guess would be, in writing or not, is that they are not going to delete it until it is paid in full (after the final payment).

 

As far as the updating balance helping or hurting, it will do neither. Ideally you want the delete so see if you can get verification of when it will be deleted and get it in writing.

Message 3 of 8
prolificjinx23
Frequent Contributor

Re: Collection Updated Balance Instead of Deleting TL - GOOD or BAD??

They actually sent me a letter stating they would delete it & on top of that would accept monthly pymts of $15... IN THAT ORDER!

 

Instead they updated the balance every time they received a pymt - twice last week. 

Starting Scores: EQ 447 (01/02/2017), TU 476 (01/02/2017), EX 456 (01/02/2017)
Current Scores: FICO 08's as of 12/12/2019: EQ 584, TU 702, EX 631
Goal Scores: ABOVE 800 ALL 3
Current Cards: CapOne QS1 $500, Walmart SC $500, Discover It $750, Amazon Prime SC $900, CareCredit $2,000, NFCU CashRewards $10,000 and NOT APPING until 04/2020....


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Message 4 of 8
prolificjinx23
Frequent Contributor

Re: Collection Updated Balance Instead of Deleting TL - GOOD or BAD??

BTW... I have faxed the 3 CRA's copies of the letter but no response yet...

Starting Scores: EQ 447 (01/02/2017), TU 476 (01/02/2017), EX 456 (01/02/2017)
Current Scores: FICO 08's as of 12/12/2019: EQ 584, TU 702, EX 631
Goal Scores: ABOVE 800 ALL 3
Current Cards: CapOne QS1 $500, Walmart SC $500, Discover It $750, Amazon Prime SC $900, CareCredit $2,000, NFCU CashRewards $10,000 and NOT APPING until 04/2020....


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Message 5 of 8
kjm79
Valued Contributor

Re: Collection Updated Balance Instead of Deleting TL - GOOD or BAD??

Depending on the exact verbiage in the letter, I don't agree that because they listed that they would delete it before the agreement to accept $15 a month that means they would delete it before the account was paid off.  It's safe to assume that the intention of the CA was to get the account paid off THEN delete.  If the letter said "we agree to delete the collection from your credit reports while you make monthly payments of $15.  In the event you do not make your required monthly payment, the account will be reported to the credit reporting agencies", then I'd say they agreed to delete before you paid it off.  I think it's a simple case of miscommunication on both sides. 


@prolificjinx23 wrote:

They actually sent me a letter stating they would delete it & on top of that would accept monthly pymts of $15... IN THAT ORDER!

 

Instead they updated the balance every time they received a pymt - twice last week. 


 


CH 7 Filed 7/27/15 Discharged 11/16/15
Starting Score: EQ 620 TU 568 EX 593
Current Score (07/13/16): EQ 674 TU 649 EX 674 (FICO's 08)
Cap1 QS ($5350) (Combined QS and QS1) Discover It ($4100) MilStar ($8,600) Fingerhut ($800)
Off to the garden 05/01/16
Message 6 of 8
CreditScoreFail
Established Member

Re: Collection Updated Balance Instead of Deleting TL - GOOD or BAD??

I say: It's not bad until they don't delete it at all!

 

Sure, it stinks a little and maybe you can write a letter to the person who signed the agreement and ask they remove it completely? On second thought, be extremely happy that they have agreed for deletion at all. I haven't tried a PFD yet but I heard they're difficult as ever!Smiley Mad

Katy
Message 7 of 8
prolificjinx23
Frequent Contributor

Re: Collection Updated Balance Instead of Deleting TL - GOOD or BAD??

*** UPDATE *** Jefferson Capital deleted off EX today!!!!!! Just waiting for EQ then TU..... It's always in that order for me.....Smiley Very Happy

Starting Scores: EQ 447 (01/02/2017), TU 476 (01/02/2017), EX 456 (01/02/2017)
Current Scores: FICO 08's as of 12/12/2019: EQ 584, TU 702, EX 631
Goal Scores: ABOVE 800 ALL 3
Current Cards: CapOne QS1 $500, Walmart SC $500, Discover It $750, Amazon Prime SC $900, CareCredit $2,000, NFCU CashRewards $10,000 and NOT APPING until 04/2020....


Take the myFICO Fitness Challenge
Message 8 of 8
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