04-29-2007 08:36 AM - edited 04-29-2007 08:38 AM
04-29-2007 08:49 AM
04-29-2007 08:51 AM - edited 04-29-2007 08:53 AM
dallas01 wrote:I was wondering when an account such as a collection updates every month does that continue to hurt your fico score? Would you loose points for the collection being on the report and then also every month when they report it after that?If this is the case it is better to go ahead a pay a collection that reports every month. I've heard it won't help your score to pay a collection.
Message Edited by dallas01 on 04-29-2007 08:38 AMAn account updating doesn't really hurt your score it just makes sure FICO never forgets. If an account hasn't updated in sometime then decides 6 mos later to update the status THAT can hurt you as FICO tends to give less credence for accounts it considers inactive. That being said, once a colelction is paid off it stops updating therefore having less and less impact as time passes
04-29-2007 08:53 AM - edited 04-29-2007 08:56 AM