11-09-2012 09:26 AM
I had an unpaid balance on my verizon fios account for roughly 150 bucks that was being reported on EQ as a revolving past dude balance @ 120 days past due....seems a little strange but i just went ahead and paid it (i legitimately owed it). Can i expect a positive impact to my score since it wasn't being listed as a standard collections account?
11-09-2012 12:33 PM
There are three basic types of credit..revolving, installment, and open (not to be confused with open status).
Accounts that are due in full upon billing and that have no prescribed credit limit upon which the consumer can choose to revolve their debt and thus payments are traditional "open" lines of credit, not revolving. Traditionally, utilities, rents, and some non-CL cards due in full each month.
That account appears to be an open line of credit, not revolving.
As for its reporting, if the creditor is reporting a 120-late, that is not a "standard collections account." OC reporting is upon your account with them.
Collections are reported by debt collectors, with whom you have no account agreement, and are being collected, either as an agent of the creditor or as the current owner, based upon debt established with another.
Is this account being reported as a "collection," or is that just your own terminology?
11-09-2012 12:39 PM
on my Score Power thing it's listed under Credit Accounts with my car loans and credit cards. The dscription has it identified as a "collection account" though.
I paid the balance through a third party outside collection agency. But Verizon is listed on my credit report.
11-11-2012 10:01 AM
If listed as a "collection," that is totally separate.
Collections are not trade lines of a consumer. They are "accounts" only between the debt collector and the CRAs as a means of reporting prior delinquency on OC/creditor accounts.