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Does having a collection reported as open hurt your score worse than a closed collection? If it does, should I dispute it now or wait until after I obtain new credit since I have none now.
Does it say paid. If it does it really shouldn't hurt.
It says $0 balance, IIB. I ask because I have other accounts reporting the same, but the little red flag isn't on them.
Edired to correct: The other accounts are on the collections section and do have a little red flag.
Paid collection hurts as much as an unpaid collection.
However an unpaid collection will look worse when someone does a manual review of your credit.
Well yes, but I was wondering about open vs closed. If its given the same weight as paid vs unpaid, then I won't worry about it.
Yup it has the same weight, the fact that you got the collection in the first place is the problem.
The longer it sits the less it will hurt.
@starry1 wrote:Well yes, but I was wondering about open vs closed. If its given the same weight as paid vs unpaid, then I won't worry about it.
The date opened is the date the CA/debt buyer either purchased or was assigned/sold the debt. The account status is where it should say closed and/or paid.
So, no, if you are looking at the date opened it really has no significance as far as reporting.
The account status is what needs to report paid.
It won't change your score either way.