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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.
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?
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.
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?
Jul, 2013 |
Jun, 2011 |
Nov, 2009 |
$398 |
Open Account |
Individual |
Factoring Companies |
No contact information provided by Equifax
$323 | 120+ 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 : | Open | Credit 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.
Won't matter as long as it say collection it is scored as one. You did say you are making payments to them?
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.
@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