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What's the difference?

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kitty9779
Regular Contributor

What's the difference?

I've got two collections listed under collections on my CR. I've also got a couple of accounts that are charged off under accounts on my CR. What's the difference? Is it that collections are owned or collected by a CA? Are they both equally bad? What about when they are paid? Does a paid charge off look better than a paid collection?

Message 1 of 6
5 REPLIES 5
cqdealer711
Frequent Contributor

Re: What's the difference?

fico views a paid or unpaid either one as the same.  if a CO is for a credit card, it may be being used in util. if its showing a balance



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Message 2 of 6
kitty9779
Regular Contributor

Re: What's the difference?

Right. But, the question is what's the difference?

Message 3 of 6
cqdealer711
Frequent Contributor

Re: What's the difference?

a CA is reporting a "collection account"  a CO is from an original creditor writing the debt off their books.



Starting FICO Score: 10/1/12--EQ 512 | TU 492 | EX 524
Current FICO Score: 2/22/14--EQ 705 | TU 703 | EX 716
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Message 4 of 6
guiness56
Epic Contributor

Re: What's the difference?

Are the COd accounts with the OC or the CA?  Only OC accounts should be under accounts.

 

COs and CA are scored on par with one another.

 

No, a paid CO looks no better than a paid CA and vice versa.

Message 5 of 6
kitty9779
Regular Contributor

Re: What's the difference?

Thanks! That's what it looked like, but it's sometimes difficult to tell.

I'm very lucky that I have a credit union that does extend credit with paid collections - as long as everything is paid. Also, my util will be VERY low when the last CO finally reports. The waiting is killing me!

Message 6 of 6
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