Will it Help My Score?

Anonymous — Fri, 13 Feb 2009 21:43:42 GMT

I have 2 collections in my TU reports.

One for $342, date reported february 2008. This account was closed in 2005. It is also included in BK (discharged 2/2006)

The second one is for $548, date reported March 2007. This account was closed in 2005. It is also included in BK (discharged 2/2006).

Will it help my score if I tell the CRA that these 2 items are included in BK?

If I pay these off now, how long will it out of the "collections" section of the report? And will it help my FICO score?

Thanks.

Re: Will it Help My Score?

ScoreBooster — Sun, 15 Feb 2009 05:38:11 GMT

If you included them in your BK CH7, legally, there is nothing to pay off. Discharged means you're released from the debt. They should also report "IIB (Included in Bankruptcy) and a $0 balance.

For your credit, it doesn't really matter if the collections are paid or not.

Usually, these collections stay on your report for 7 - 7 1/2 years after the DOFD (Date Of First Delinquency) - in this case, the date you first missed the due-date with the original creditor/retailer.

However, I would suggest trying to get a PFD (Payment for deletion) agreement in writing with those agencies. Since you legally owe them nothing, You can - let's say, offer them $50 each as "reward" to have the reportings deleted.They might think about it because legally, their claim against you is worthless.

Message Edited by ScoreBooster on 02-14-2009 09:38 PM

topic Will it Help My Score? in Bankruptcy

Will it Help My Score?

Re: Will it Help My Score?