Looking for advice...(collections on CR) NEW INFO! Help with removal of wrong debt needed

[Anonymous]

Wife and I are looking to buy a house... My current score is:

EFX - 652

TU - 639

XPN - 687

My Wife's score:

EFX - 742

TU - 755

XPN - 754

Been told under the current economic circumstances I need to get my scores up over 700.  My issue is this... I have two MEDICAL DEBTS reported to collections:

North American - $580

Date reported is 04/08 - Date opened is 11/07 - Date of last act. with original creditor is 8/1/07

Goldkey Cred. - $263

Date Reported is 01/09 - Date opened is 09/06 - Date of last act . with original creditor is 08/01/04

I also have one with a zero balance also MEDICAl that I think may somehow be related to these others though its a different dollar amount...

Amcol Clmbia - date reported is 08/05 - Date opened is 11/04 - Date of last act. with original creditor is 02/22/05

I have browsed the forum and hear some saying paying off helps... others say it doesnt... some say dont settled... some say try to settle for less... some say it doesnt matter if they wont delete it... others say they never will delete it have to wait 7 years....

I just need some advice... bout ready to call them up and settle and get it off my report but I dont want to pay out around $800 if it wont make any difference.  If I need to give more info feel free to ask... thanks for any and all help!!!

Message Edited by LivinNsc on 05-28-2009 03:38 PM

[Anonymous]

When it comes to scoring--

Paid and unpaid collections affect the score the same.

A regular TL(not one reported by a CA) that is marked "settled" or something along those lines is scored with the same negativity that an account charged off is.

[Anonymous]

Treat me like a novice (cause I am) what is "TL"  and are you saying that it wont matter if I leave these accounts unpaid?

[Anonymous]

TL = TradeLine aka Account

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LivinNsc wrote:
and are you saying that it wont matter if I leave these accounts unpaid?

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FICO does not score a paid collection any differently than they do an unpaid.

[Anonymous]

Thanks.... well I have some interesting news and now need more specific advice.

Just discovered that the $580 debt from Nation. Amer. is from a hospital visit covered by workman's comp.  I spoke with my boss and he has the paper work varifying that his inssurance paid the bill.  I called the CA and they said I need to fax over the info showing it was paid... they will review the info.  My question is assuming they accept it as paid... how do I get that off my credit report?? They said that it wasnt communicated to them as a Work. Comp... debt so because of that it now impacts my credit score.  what is the best course of action?

TIA!