01-29-2013 07:15 PM
I have an account with West Asset Management for $73. I would like to pay that today, but I am not sure if this will lower my credit score? I also need advice on PFD. I have another account with West Asset Management that was paid in 2011. I need to get this removed from my credit reports as soon as possible. Any advice is greatly appreciated. Thanks!
01-29-2013 07:31 PM
Paying off a collection should never hurt your score. It does happen sometimes if something is coded wrong.
A PFD is a pay for delete. You offer to pay if they delete from the CR. If you PFD and they accept your score should go up, depending what else is on your report.
Since the other is already paid the only thing you can do is GW.
I would start by sending a simple DV letter to them...I found these accounts ____ ____ on my credit report. Please validate. There is no time they need to respond, they cannot continue collection activity.
01-29-2013 07:35 PM
Thanks, guiness56. Sorry about all the questions, but this is all new to me. Do I contact the CA or the CRA regarding the GW?
01-29-2013 07:47 PM
You can request a goodwill removal of the paid collection. For the collection that has not been paid, you can request a PFD. If you are not able to get a PFD, it will change the DOLA on the account as it will reflect the status change from unpaid to paid. The change in the DOLA should not affect the score. If you owed on a revolving account and it was affecting your utilization, then paying it off could increase your score because your utilization would drop.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.