So my own credit report now just needs age as I believe I've done the work I can to get old stuff off and I'm tackling paid items on my Husband's credit report (the fradulent Chase/collection agency settlement is another story and I'm aiming to start tackling that after the new year with a law suit - Only reason for waiting is because there are two accounts and I want the other account PIF before I move forward).
At any rate, there are 3 paid collections concerning essentially 1 medical billing account with 1 company who is really backwater. Date's of these are 1-2009 & 1-2010 according to EQ. They were paid 9-2013 so they show recent activity. We have 2-3 years left of this being on the credit report and then we are through with these idiots.
There is also a chargeoff with webbank/DFS DOFD is 8-2011 with payment being 2-1-2013. Once it updated as paid it showed the CO notation from 12-2011 to 2-2013 (even though they admitted it was PIF as of the first of feb). My feeling is that the Dell CO is hurting the most and shows he has had a recent late due to how CO report. Is my presumption correct? The account was opened in 2007 and in the time since it was paid, webbank has allowed him to open up another account and is very happy with our business thus far. So they certainly are forgiving but haven't budged on cleaning up the reporting of this old account. Oh well!
In other's experience when does the age of the old paid CO account start to favor more heavily as compared to the fact that it is a CO? I have a feeling when all the bad stuff is gone and dropped we might see a dip then rise again due to rebucketing.
My feeling is that the Collection isn't hurting much anymore in his overall profile compared to the DFS account. Thoughts?
COs and collections both fall into the major derogatory category.
Since the collections are older and the CO is only 2 years old it is impacting your score a little more.
They both lose impact with time but both will still hurt until they are removed.