Reply
New Member
Raiders
Posts: 9
Registered: ‎01-05-2012
0

How many points will your credit score increase if error is corrected on a report?

I had a collection agency place a negative item on my credit report.  The amount is 52K!  It should be cleared up with all agencies once the dispute is processed.  How many points may my credit score improve?  "It depends" is not the answer I'm looking for.  I'd like a range if anyone has a clue.  Thank you.

Valued Contributor
Scamp
Posts: 2,791
Registered: ‎03-18-2007
0

Re: How many points will your credit score increase if error is corrected on a report?


Raiders wrote:

I had a collection agency place a negative item on my credit report.  The amount is 52K!  It should be cleared up with all agencies once the dispute is processed.  How many points may my credit score improve?  "It depends" is not the answer I'm looking for.  I'd like a range if anyone has a clue.  Thank you.


Hi, and welcome to the Forums!  :smileyhappy:

 

I can't give you a guesstimate or range, only partly because I'm not among the scoring gurus we have on here - and even they would need a much more detailed picture of your credit profile even to hazard a guess.

 

Hopefully, one or more of them will be able to respond, but in the interim, you might run your info through the FICO Score Estimator and see if that gives you any idea.  Do your info with the derog first, then redo without it.

 

Hope this helps, and welcome again.

_____________________________________________________________________________
It's never too late to become the person you might have been. ~George Eliot

02/12/09 EX: 701 / 02/08/10 EQ: 719 / 02/08/10 TU: 723

Backdoor Numbers, Credit Scoring 101, Understanding Your FICO Score PDF
Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

Re: How many points will your credit score increase if error is corrected on a report?

How many other derogatory accounts or accounts with late payments are showing on your CRs ? The good news is that your score will return to where it was previously IF you are able to get the collection removed from your CR.
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
New Member
Raiders
Posts: 9
Registered: ‎01-05-2012
0

Re: How many points will your credit score increase if error is corrected on a report?

I have nothing else.  It's a clean report except for Nationstar screwing us up.  

Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
0

Re: How many points will your credit score increase if error is corrected on a report?

A brand new collection can drop your score 75-100 points, if it was clean before. It varies though, depending on what else you have going on, like if you allow balances to report, and how old your credit history is on each report.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}