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length of time since Derogatory public record or collection is too short

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Anonymous
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length of time since Derogatory public record or collection is too short

Transunion

The score 673 omn 06/21/2010

040  Derogatory public record or collection filed

020 lenght of time since Derogatory public record or collection is too short

 

Equifax

040  Derogatory public record or collection filed

020 lenght of time since Derogatory public record or collection is too short

 

Experian

040  Derogatory public record or collection filed

020 lenght of time since Derogatory public record or collection is too short

 

What is the credit report's meaning?

I already paided a bill of only $30 for collection Jan. 2010, why this still in mt credit reports, how to fixed them? Thanks

 

 

Message 1 of 4
3 REPLIES 3
RobertEG
Legendary Contributor

Re: length of time since Derogatory public record or collection is too short

Hi, bluesky, and welcome!

Probably the most common misconception about credit reporting is the assumption that payment of a debt removes it from your CR, and thus from credit scoring.  It does not..

FICO is an analysis of your risk of going delinquent on payments, and not your willigness or ability to pay old debt once it occurs.  So payment of a debt does not erase the fact of its late payment.

The FCRA sets up limits on how long old delinquencies remain in your CR.  For collections, it does matter when, or even if, you paid.  It remains, under FCRA 605(c), for 7 1/2 years from one singe date-certain, and that is the date that you first went delinquent on the OC account upon which the CA was based. 

So for each CA, you need to know the DOFD on the OC account upon which collection was based.

 

If you seek removal prior to the 7 1/2 period from your DOFD, the only way to do this is to send the CA a good-will (GW) letter, and ask for their deletion.

 

Message 2 of 4
Anonymous
Not applicable

Re: length of time since Derogatory public record or collection is too short

Where Can I get the good-will letter, Thanks

Message 3 of 4
RobertEG
Legendary Contributor

Re: length of time since Derogatory public record or collection is too short

You can view what others have offered, but as far as a form template goes, there is none.

A GW letter is, by its nature, very personal, and very specific to your situation.

You want to open any good-will letter by identifying it as a request for their deletion of prior reporting to your CR.  From that point on, it is specific to your situation.

I only offer some advice, from my perspective.

Know from the moment they identify it as a GW letter, their first inclination will probably be to just chuck it in the trash, and move on to more pressing business.

So, knowing they are capitalists, I would offer, as quickly as possible, their benefit  in granting you the GW. 

That is much easier to do when you are GW'ing an OC, for you can point to your years of good account standing with them, and the desire to continue such business relationship.  Much harder to do with a debt collector/CA.  Their whole business is built upon the monetary benefits to them of your prior misery.

Find some hook that would appeal to deletion by a CA. I dont know of a good one.

The other problem you are facing in a GW is that teh credit reporting gudelines published by the CRAs, and agreed to by all who report to them, specifically instructs that prior reporting should NOT be deleted on the basis of subsequent payment of a debt.

I know this all sounds negative, but I offer these observations only to emphasize the GW deletions, particuarly with a CA, are not easy to obtain.

But it costs you nothing to try.  So, good luck with your GWs!

Message 4 of 4
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