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I have had a collection account in the amount of $82 on my TU file from Innovative Collection Services. I think they say I have not paid a parking ticket from a prior car rental.
I called TU two days ago and disputed the collection just to give it a shot and see what's going to happen. I had no wait time and the lady on the phone was actually very friendly. Earlier today I checked my TU score with creditkarma.com, which gives a FAKO, but I like it because it seems to be *real-time* refreshable and to my surprise I discovered a significant jump in my score, apparently because my collection was indeed removed. That was much faster than I expected. Now I am wondering whether the collection is really permanently removed or whether this is only a temporary measure until they receive a response from the collection agency.
Any insight into what happend during a collection dispute process with TU? Is there a possibility that the collection re-appears if the agency objects?
A collection is not removed from scoring during a dispute. They are fully factoted in.
If it is removed due to a dispute because it was not verified, if the creditor later verifies and the CRAs certify it is valid, it can be re-inserted.
If you file a dispute with a CRA, they are required to complete their reinvestigation within 30 days, and send you a formal Notice of Results of Reinvestigation within 5 days thereafer. If their finding results in any change to information in your credit report, they are required to send a free copy of a revised report showing entry of their changes along with the Notice of Results of Reinvestigation. You should get documenttion of any changes directly from the CRA without need to pull your CR.
Unpaid debt never goes away. A CA can continue to collect forever unless your state law extinguishes it upon expiration of the SOL
Yes, if a creditor, another CA, who ever tries to re-insert a previously deleted TL due to none verification, the CRA must certify it is a valid debt and then it can be re-inserted. They must notify you within 5 days.
Thank you, guiness...I didn't know that!