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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?
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
Right. But, the question is what's the difference?
a CA is reporting a "collection account" a CO is from an original creditor writing the debt off their books.
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.
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!