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Paying AFNI hurt my score!

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kjjkema
Established Member

Paying AFNI hurt my score!

I thought we weren't supposed to be penalized for paying collections anymore.  I had a good bump when I got LVNV deleted, but  my score took a ding when I made the first payment on an agreement with AFNI.  EQ doesn't even show it as a collection, it says it's a 120-day late.  It's reporting correctly on TU.  I definitely do not want EQ to change it to a collection, though.  My EQ and TU FICOs only lost about 10 pts each, but Equifax Advantage says my EQ score is now 460!?!.  I know this is a FAKO, but still.  Also, AFNI is my oldest account, so once it's paid if I GW them, wil it hurt my AAoA?  It doesn't fall off until 2016, and I couldn't wait that long.


Starting Score: TU 501; EQ FAKO 535 ; EX FAKO 636 6/1/13
Current Score: TU FICO 605 (8/26/13); EQ FICO 566(7/28/13) EX FAKO 647 7/1/13
Goal Score: 700


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Message 1 of 8
7 REPLIES 7
DaBears
Senior Contributor

Re: Paying AFNI hurt my score!

You might want to check again and make sure its not listed as an installment. It should say collection account somewhere on your EQ report. Are you making payments to the collection agency?

Message 2 of 8
kjjkema
Established Member

Re: Paying AFNI hurt my score!

It has a note at the bottom that says *This is a collection account.*  However, on the section "Things that are helping your score" it says "You have no collections or charge offs."  Weird.


Starting Score: TU 501; EQ FAKO 535 ; EX FAKO 636 6/1/13
Current Score: TU FICO 605 (8/26/13); EQ FICO 566(7/28/13) EX FAKO 647 7/1/13
Goal Score: 700


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Message 3 of 8
DaBears
Senior Contributor

Re: Paying AFNI hurt my score!

I know whats happening. As long as it says collection somewhere on the Trade Line  Fico will score it as one. The problem is you making payments to the collection agency they are updating the TL every month and Fico is seeing it as recent collection being either updated or added. Can you post the actual Trade Line?

Message 4 of 8
kjjkema
Established Member

Re: Paying AFNI hurt my score!

From myFICO:

Jul, 2013
Jun, 2011
Nov, 2009
$398
Open Account
Individual
Factoring Companies
Descriptions
  • Collection account

No contact information provided by Equifax

Balance [?] Current Status [?] Past Due Amount [?]
$323120+ days past due$323
 

 

 The Equifax Complete Advantage report reads:

 

Account Number:XXXXXXXX Status:COLLECTION ACCOUNT
Account Owner:Individual Account. High Credit:$398  
Type of Account :OpenCredit Limit: 
Term Duration: Terms Frequency: 
Date Opened:06/30/2011  Balance:$323  
Date Reported:07/21/2013 Amount Past Due:$323 
Date of Last Payment:07/2013 Actual Payment Amount: 
Scheduled Payment Amount: Date of Last Activity:N/A
Date Major Delinquency First Reported:08/2011 Months Reviewed:23 
Creditor Classification:Utilities Activity Designator:N/A 
Charge Off Amount: Deferred Payment Start Date: 
Balloon Payment Amount: Balloon Payment Date: 
Date Closed: Type of Loan:Factoring Company Account (debt buyer) 
Date of First Delinquency:11/2009 
Comments:Collection account  

 

 

 

It does not appear under Collections; it shows up under Accounts.


Starting Score: TU 501; EQ FAKO 535 ; EX FAKO 636 6/1/13
Current Score: TU FICO 605 (8/26/13); EQ FICO 566(7/28/13) EX FAKO 647 7/1/13
Goal Score: 700


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Message 5 of 8
DaBears
Senior Contributor

Re: Paying AFNI hurt my score!

Won't matter as long as it say collection it is scored as one. You did say you are making payments to them?

Message 6 of 8
kjjkema
Established Member

Re: Paying AFNI hurt my score!

Yes. I just made my first payment last week, and it updated the date reported to July 2013.  I guess FICO is treating it like a new collection then.


Starting Score: TU 501; EQ FAKO 535 ; EX FAKO 636 6/1/13
Current Score: TU FICO 605 (8/26/13); EQ FICO 566(7/28/13) EX FAKO 647 7/1/13
Goal Score: 700


Take the myFICO Fitness Challenge
Message 7 of 8
teamgray
Contributor

Re: Paying AFNI hurt my score!


@DaBears wrote:

Won't matter as long as it say collection it is scored as one. You did say you are making payments to them?


Funny, mine isnt listed as a correction, but a bad debt... the amount shown is 0, but it doesnt show in collections..I go to dispute it, and it drop my fico by 31 points.......weird






Starting Score: 612 EQ 6-1-2013
Current Score: 12-26-13 656 EQ(FICO) 608 TU(FAKO) 632(FICO) EX
Goal Score: 700 FICO on all three by 7/1

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