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Member
Posts: 6
Registered: ‎04-25-2011
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Last Collection Account Paid

I have some collections that are all at least 2 years old. The last one is finally paid now. However, the company helping me with my debts said it would probably take about 2 or 3 months for it to show as paid on my credit report.  I read somewhere that I could send the updated paid off information to the 3 credit bureaus so that I dont have to wait out this time that it is going to take for the collection company to update the credit bureaus and for then the original credit card (Cap One) to update the credit bureaus.  Is this a good option?  Also, if it is a good idea (and it works) is there any specific format that my letter has to be?  Any advice helps! Thanks!


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Established Contributor
Posts: 905
Registered: ‎07-25-2008
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Re: Last Collection Account Paid

was this a pay for delete? if not I would just wait it out a paid collection scores the same as an

 

unpaid one, so it won't make any difference score wise. It just looks better on manual review

 


Starting Score: 377EQ/350EX/400TU As of 11/2011
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Member
Posts: 6
Registered: ‎04-25-2011
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Re: Last Collection Account Paid

No, there was no deal to delete it off.  I was told they wouldn't delete it.


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Re: Last Collection Account Paid

They will stay on there until they age off.

5/2012: 560 credit scores across the board and $500 secured CC
12/2014: 750+ scores across the board and $80k in revolving credit

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Member
Posts: 6
Registered: ‎04-25-2011
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Re: Last Collection Account Paid

Thank you for your replies!


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Posts: 13,598
Registered: ‎04-15-2011
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Re: Last Collection Account Paid

Start sending GW letters to them if they are paid.  You could get lucky.



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Established Contributor
Posts: 905
Registered: ‎07-25-2008
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Re: Last Collection Account Paid

+1 I would be a GW mailing machine

 


Starting Score: 377EQ/350EX/400TU As of 11/2011
Current Score: 620EQ/614EX/612TU As of 01/2013
Goal Score: 700+ across the boards
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Registered: ‎03-19-2007
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Re: Last Collection Account Paid

As a general policy, the party who reported information is the party responsible for updating their own reporting.

The CRAs usually wont get involved in changing reporting of a party based on private agreements between the reporting party and the consumer.

They are not judges of accuracy or intent of the furnisher, so they want confirmation directly from the furnisher.

 

Any party is required under the FCRA to "promptly" update their reporting so as to maintain its current accuracy.  "Promptly" is subjective.

Give it some time.  As a last resort, you can always dispute the accuracy of their reporting, but I would not invoke a dispute unless their failure to update becomes egregious.

Member
Posts: 6
Registered: ‎04-25-2011
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Re: Last Collection Account Paid

Great information everyone. Much appreciated!  One more question - this is surely written somewhere around here but when do the collections fall off the report? I'm thinking it is 7 years. If it is - what date is used to start?


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Re: Last Collection Account Paid

7 years + 180 days from the DOFD.  This is when the account first went bad with the OC and was never brought to current.  On EQ, it will list the DOFD, on TU and EX, it will give you an estimated date this will be removed.  Have you gotten your CRs from www.annualcreditreport.com ?  This is the federally mandated site where you can pull your reports free once a year.



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July 2013 score:
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Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
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