Senior Contributor
Posts: 4,189
Registered: ‎03-24-2008
Re: How long does it take for companies to report the payoff?

HI and Welcome to the forums,

 Some things about unpaid CA is scored the same as a Paid collection.FICO sees a collection as a collection.

 Recent collections can hurt a FICO by 80-100pts in the beginning,then they tend to hurt less and less as time going on.
 I would suggest working on the most recent CA first, because they are the ones hurting your CS the most.

The OC and a CA can both report on the same debt.When a OC reports a past due debt, it dings your CS(credit score).
Then if a CA reports on the same debt, it ding your CS even more.

Debts are either assigned to a CA or sold.If assigned the OC still owns the debt.
If sold, the OC changes the balance to $0 and the CA is the one you have to deal with.


Study the Common Abbreviations  or make a copy to put next to your computer, so you'll know the way we talk around here.

Suggest reading the  The Son Of Credit Scoring 101. and What Steps Do I Take?Do I DV?PFD?


Oh and 2 very important dates to know........the DoFD ( date of first default) on each account.

Second date is your states SOL (statute of limitations), or just tell us what state you live in.

FICO's Oct 2013 TU711 EQ713 EX723~~Live below your means and always keep an emergency fund -Love Everybody ~ Big Kenny ~ Big and Rich ~~~~~Credit Scoring 101 - Common Abbreviations - Freq Req Threads - Free Credit Reports - What Steps Do I Take?DV? PFD?