05-15-2012 05:38 PM - edited 05-15-2012 05:39 PM
Can anyone tell me what the heck is going on here? This account is not listed with the collections page on MyFico, rather it's in the same list with credit cards and loans. It's also giving me positive account history some months with a few "120 days late" markers in there on others. Are agencies allowed to do this? I thought they had to report that black "CO" icon. This is really killing my score. I will do a PFD soon, but just wanted to see if anyone else has had this happen. Now, if they didn't throw in the 120 days late....this is one collection I'd like to keep! HA!
Also, any ideas for disputing this incase I can't PFD soon enough and need to app for credit without this killing me?
05-15-2012 06:57 PM
For whatever reason, some CAs end up getting reported like an OC and appear on your Accounts page. This TL is clearly scored as a CA (FICO sees the "collection account" remark) and removing the lates won't make it appear as a positive. I don't know why that happens, though I suspect it is an EQ issue.
Keep sending the PFDs.
05-15-2012 06:58 PM
Commercial credit reports all make decisions as to what to include and how to format the information. They are not regulated as to format.
Your actual credit file is clearly divided into both a general segment, where your general and OC accounts information is stored, and a K-segment, where debt collector reporting is stored.
Commercial credit reports extract information and often format in such a way as to blur this distinction. You have clearly seen that by the formatting of a collection under a credtior portion of their credit report. A collection is not an account with the consumer, it is a reporting of collection activity to a CRA.
Debt collectors do not report monthly delinquencies under the collection. You dont have an "account" with a debt collector. Delinqueuncies referenced under a collection merely refer to the derogs on the OC account.
You have a commercial credit report that is displaying apples in the orange bin.
05-16-2012 08:28 AM
I have a collection account reporting JUST like this on my reports! It's appearing under "Accounts", and not "Collections". If FICO still reads it as a collection - does that mean it's still scored even though it's disputed? My score is unusually high for having a collection still showing on my reports. I thought since it was listed under regular accounts, and it's disputed, it may have been dropped from scoring...