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What really counts as a "Collection?"

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Duncanrr
Valued Contributor

What really counts as a "Collection?"

Im looking at my TU CR and there are 4 sections: accounts, inquiries, collections and public records.  I have 3 collection accounts listed in the collections section.  I expect them to be all removed by next month.  I have 1 account in the account section that says "Collection account" in the status field (damn Verizon).  If I get the 3 collections removed from the collections section, will lender pulls indicate that I have "collections" in my record?

 

Does an account listed in account section but with note that its a collection actually count as a collection in FICO?

 

Duncan



Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 808 TU --- EX --- CK 804(FAKO-EX 821, EQ 823, TU 803)
Goal Score: 750

Take the FICO Fitness Challenge
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RobertEG
Legendary Contributor

Re: What really counts as a "Collection?"

The OC can report a current status as a referral for collection, but it does not become a collection for scoring purposes until a debt collector reports their collection activity.

 

Message 2 of 3
Duncanrr
Valued Contributor

Re: What really counts as a "Collection?"


@RobertEG wrote:

The OC can report a current status as a referral for collection, but it does not become a collection for scoring purposes until a debt collector reports their collection activity.

 


So as long as its not listed in the "collections" section then its not a collection and once my 3 current collects are removed then I will recover my points that were lost for having a collection?



Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 808 TU --- EX --- CK 804(FAKO-EX 821, EQ 823, TU 803)
Goal Score: 750

Take the FICO Fitness Challenge
Message 3 of 3
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