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myFICO update

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xcaliber
Established Member

myFICO update

I just received an alert from myFICO and it was concerning collection. Below is the way it reads. My question is what is the difference in a paid collection and a collection account. myFICO states that this was an improvement.

Previously reportedNewly reported
Balance:$0 
Past due:$0$0
Status:At least 120 days or more than four payments past dueAt least 120 days or more than four payments past due
Last activity:7/1/20097/1/2009
Description:Paid collection
Collection account
Message 1 of 4
3 REPLIES 3
guiness56
Epic Contributor

Re: myFICO update

If the other one was reporting a balance, it now shows paid.  And no, it is not an improvement in score but you no longer owe a debt.

Message 2 of 4
xcaliber
Established Member

Re: myFICO update

Previous reported should be over one block as well as Newly reported. The balances remained the same and the score didn't increase, but the standing did. The way it is worded in the description paid collection to collection account has me puzzled. Thanks for the info though.

Message 3 of 4
guiness56
Epic Contributor

Re: myFICO update

Correct.  They are just saying it went from a collection account, which would be unpaid, to a paid collection account.  Neither help your score, one looks better.

Message 4 of 4
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