No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
@pizzadude wrote:
@RobertEG wrote:I am not sure I would accept that as gospel. I have never seen anything posted by Fair Isaac that states that the presence of multiple reportings by different debt collectors, each reporting on the same OC debt, score the same as multiple collections relating to different debts. As the OP has stated, that makes no sense.
I totally agree that it doesn't make sense. But I would postulate that FICO probably isn't detailed enough to match collections back to the original creditor account. Many times CAs report gobbledygook dates and accounts numbers, and I just don't see how FICO would know to match and/or exclude them.
in the event that i do have to different agencies reporting what if i disputed it on my reports? disputing the fact that only one agency owns the debt not the other
I had 2 CAs reporting the same debt on my reports...only both had a balance. I DVd both and disputed the 1st one (based on reported dates..that one was the oldest). I'm not sure if the DV or the dispute did this, but CA 1 was deleted from all 3 of my reports. The fact that all 3 CRAs removed it within days of each other tells me it was probably the DV.
I'm guessing that most CAs don't keep up with debts they don't own or aren't collecting on anymore. My advice - DV or Direct Dispute CA 1.
@pizzadude wrote:
@RobertEG wrote:
One of the mysteries of the FICO scoring algorithm. I agree that mutliple reportings by debt collectors on the same debt are actually equivalent, and should not be scored as separate collections. I would hope that the scoring algorithm has some means to do that. However, I dont have any evidence to support that hope.
Maybe someone who has gone through the experience of multiple debt collections reporting on the same debt will post their experience on the results to their scoring....
FICO scores each and every collection on your report, regardless of whether it represents a prior collection effort that has since been discontinued ( with a $0 balance ), or a new collection with a balance.
A collection is a major derogatory and is never ignored by FICO, with the exception of FICO08 which I believe excludes collections under $100 from scoring.
+1 Well said, pizzadude!
-Barry