Question Re: Collections And "Date Opened" Status

jbh · ‎08-20-2008

Hey,

I have only 2 remaining collections to pay off. They are from 2003/4. Problem is,
they all have 2006 'date opened' statements. So, does that mean when I apply
for a cc they will think I just defaulted on these 2 years ago?

And does Fico treat it as such? I know that, by pulling this from Experian, they are reportedly to be expired by 2010-2011. I just wonder if this 'open date' nonsense is what will continue to turn my experian report into tp?

Thanks. Even with searching, I am just confused as to how other creditors and FICO view it. I would hate to have a manual review with a credit union and have them think this debt is less than 4 years old. :/

jbh · ‎08-20-2008

Oh, seems Fico (TU) answered this:

"Your most recent collection occured
7 Months ago
Virtually no FICO High Achievers [?] have a collection listed on their credit report."

Please. So a 2004 account that was bought by a JDB, who I paid last month has my TU account listed as a recent collection. In 2008!

It's enough to make me scream. It really is. It better fall off by 2010 or I will ring their necks. Absolutely disgusting. Well, serves me right for not checking my reports and knowing about 'em until this year.

Message Edited by jbh on 08-20-2008 07:28 PM

hotmeg · ‎08-20-2008

Hye not sure if this is any help I called Experian to ask about that! I had speigel listed twice and then sold to CA, the date opened was 12/2007. I had opened it in 2001. I asked was that not going to fall off because of new open date for old acct and can they do that because it was sold. The operator told me the speigel will fall off and so will Midland acct regardless. The original acct is about to pass 7 years so they both will fall off, date open on CA not relevant if same acct, even if sold.

jbh · ‎08-20-2008

That makes sense. It's just too bad that if I have a creditor pull up the app. they will probably think (Unless I am mistaken) that it's a new collection.

Fico thinks it is and it is tanking my score :/

Maybe we can get these nasa fico scientists to separate truly old debts and 'new collections'? Those 40+ points or whatever I am losing would sure buy me a lot of hot wings at Hooters.

Sorry, I just have to be a wise guy at this point because it's so frustrating yet, for some reason, I just have to laugh. It's too much.

hotmeg · ‎08-21-2008

I definately feel your pains, before I called to ask CRA, I was so mad because the stuff is finally ageing. I though great thats gonna be on there forever but they did say the CA will have to remove it when the account drops off. So I would keep and eye on original acct and when that goes or should go, I would start saying something to CRA, no CA. Seems like they need to delete it because it will be incorrect and not even original act. Yeah hot wings sound good...lol Is hooters card a good rebuilder?

Anonymous · ‎08-21-2008

jbh wrote:
That makes sense. It's just too bad that if I have a creditor pull up the app. they will probably think (Unless I am mistaken) that it's a new collection.

Fico thinks it is and it is tanking my score :/

Maybe we can get these nasa fico scientists to separate truly old debts and 'new collections'? Those 40+ points or whatever I am losing would sure buy me a lot of hot wings at Hooters.

Sorry, I just have to be a wise guy at this point because it's so frustrating yet, for some reason, I just have to laugh. It's too much.

During a manual review, creditors can see the date this account was assigned/opened.

What does your report show for those dates?

jbh · ‎08-21-2008

In TU Fico I see:

Date assigned [?] Jan 08, 2008
Date reported [?] Jun 11, 2008
Date last active [?] Not Reported
Date paid [?] Not Reported
Date closed [?] Mar 11, 2008

In TU, the OFFICIAL credit report, I have:

Date placed for collection: [ 01/2008]

Again, 'closed' for March 2008 and the last update was June (paid 7/31)

Now, with EXPERIAN, the only report that shows me when stuff drops off, it tells me
that it will drop off 11/2010.

Not EQUIFAX (the main CRA report with scorewatch) or TU (fico or through transunion.com) show me that info.

I hope this helps answer your q, sidewinder. TY

jbh · ‎08-21-2008

Also, it was brought to my attention that there is a NY law (which I have checked myself) talking about how paid collections are to be removed after 5 years. I am not sure the CRA will take that seriously (or the CA). I WILL give it a shot though.

Here it is, if curious and want to investigate it (For those of you in NY, this is not legal advice and I am not sure if it holds water but I WILL try it)

"NYS General Business Law Article 25, Section 380-j (f)(1)(iv):
§ 380-j. Prohibited information.
. . .
(f)(1) Except as authorized under paragraph two of this subdivision, no consumer reporting agency may make any consumer report containing any of the following items of information.
. . .
(iv) accounts placed for collection or charged to profit and loss which antedate the report by more than seven years; or accounts placed for collection or charged to profit and loss, which have been paid and which antedate the report by more than five years;

Anonymous · ‎08-21-2008

You are getting dinged for the recent collection(7 months old) because of the assigned the date.

That is when it was assigned to the CA, or what the CA is reporting anyhow.

You aren't getting dinged for a recent collection because you paid it.

Hope that makes sense.

jbh · ‎08-21-2008

Yeah. Either way, I hate dings

As we discussed in the earlier thread, I will use the NY law to my advantage as the one that is most recent IS paid and I will seek its removal 11/08 (due to fall off 11/10 according to Experian)