Established Member
jhr4
Posts: 17
Registered: ‎09-20-2012
How to accurately age a collection?

For socring purposes, when is a collection's "anniversary." For example, if I have an collection that was assigned on 12/20010, paid on 02/2011, and DOFD of 7/2010, when is the debt considered two years old?

 

I am not asking about when a collection will fall off a report.

Mega Contributor
RobertEG
Posts: 18,535
Registered: ‎03-19-2007
Re: How to accurately age a collection?

I think the question is how does FICO score the aging of a reported collection, not how old the debt is considered to be.

There is no longer any debt if it was satiisfied in 2/2011.

 

I have seen different opinions on how FICO scores the aging impact of a collection.

The logical method would be based on the DOFD, as that reflects acts acts on the debt by the consumer, and the statutory date used under the FCRA to gauge its ultimate deletion.

The arbitrary date that  a debt collector receives collection authority and/or chooses to report a collection is unrelated to any acts by the consumer.

 

However, numerous posts have been made on the site that indicate reporting dates, either initial or updates, have impact on their scores.

While that makes no logical sense to me, many swear that it happens.

 

I have never seen a definitive answer to your question.

Established Contributor
bettercreditguy1
Posts: 760
Registered: ‎02-11-2012
Re: How to accurately age a collection?

If your are referring to the two year aniversary of the collection, it would be 12/2012.That was the date you said it was "assigned". However as stated earlier, that usually is not the date that would initially effect your credit score. If you are talking about the aniversary of the debt, that would be the dofd.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience