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Paid CO today

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texasman07
Established Contributor

Paid CO today

So I had one Account in Collections for 500.00$ from an old card called Continental Finance that went to RPM and MainStreet Acquisitions. Man these people are Ruthless. Needless to say I settled the Account for 70% of what I owed. I had been making payments to them 50.00$/Month when the Original balance was 784.00.  Finally I had enough Money to pay the account in full.  RPM reported like clock work on my Credit Report. Now I need to wait for them to report my Settled-in-Full. Does anyone have an idea of how many points  I should go up by?  Right now Im sitting at 610 FICO for TU and 636 FICO for Equifax. TU has a lot of inquiries.  Thanks for your help guys!

Message 1 of 6
5 REPLIES 5
cdtotten
Established Contributor

Re: Paid CO today

A paid collection/charge-off is the same as an unpaid for FICO scoring purposes. You will see no change in your FICO score unfortunately.

 

Now, if you had a PFD scenario and they were willing to remove the trade line completely, that is a different story.

 

It will help under manual review for a bigger ticket purchase though.


Starting Score: 627 EQ, 621 TU - 11/15/08
Current Score: 778 EQ, 781 TU, 778 EXP 07/20/12 Lender Pull
Goal Score: 800 EQ & TU


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Message 2 of 6
texasman07
Established Contributor

Re: Paid CO today

Thanks!!! Usually when I get manual Review I get denied for that account saying that it had been in Collections for 10 months and is Seriously Deliquent. So now Im hoping since all is well and paid for that maybe it will give me a second shot. As soon as I paid it I immediately went online to dispute the validity so hopefully it will expidite the update on my CR.

Message 3 of 6
MarineVietVet
Moderator Emeritus

Re: Paid CO today


@texasman07 wrote:

Thanks!!! Usually when I get manual Review I get denied for that account saying that it had been in Collections for 10 months and is Seriously Deliquent. So now Im hoping since all is well and paid for that maybe it will give me a second shot. As soon as I paid it I immediately went online to dispute the validity so hopefully it will expidite the update on my CR.


May I ask what exactly you're disputing? If it wasn't a valid debt why did you pay it?

 

Unless I'm just misreading something.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Message 4 of 6
MBOhio2
Established Contributor

Re: Paid CO today

Marine - I'm assuming he disputed the actual information contained in the tradeline because, as reported, it was incorrect since he just paid it off (e.g. Experian has an option to dispute on the basis that the date, balance, etc is incorrect). The frustrating this about this approach is that everyone on myfico.com advises against disputes with the CRAs; however, multiple times, I have had the creditor tell me to fix or update something through a CRA dispute.

 

I once had a student loan that was in deferment report me as late. When I called the student loan lender and explained that the late reporting was incorrect, they flat out told me - "we can't fix this directly, but now that our records are correct, if you discpute through the CRA, the late payment will be removed."

 

Just today, I paid on old $20 collection on my husband's report. The creditor told me that it takes awhile for it to be reported as paid on the credit report, but if I dispute with the CRA, it will make the update happen faster.

 

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
Message 5 of 6
texasman07
Established Contributor

Re: Paid CO today

Your exactly right. The CRA told me to dispute the info through the CRA and the update will happen faster. A lot of the times I have disputed info such as one late payment in 2007.  The credit company didnt have records that far back and I had a good history so they deleted any lates.  I also had another CO that was paid but my CR reflected I still owed a balance and it had been 2 months. The Creditor also said Go Online and Dispute it and it makes the turn around time faster for any corrections.  My debt was valid but it gives you choices when you dispute, I check off "Balance or payment info incorrect." I am not disputing that it isnt mine. Just that the information needs to be updated. Hope that helps.

Message 6 of 6
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