Credit Card Center Advertiser Disclosure†
11-19-2012 06:57 AM
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!
11-19-2012 07:21 AM
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
11-19-2012 09:19 AM
Start sending GW letters to them if they are paid. You could get lucky.
11-19-2012 10:14 AM
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.
11-19-2012 12:18 PM
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?
11-19-2012 12:21 PM
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.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.