topic Re: All Collections Gone - Result - No Score Change in 2 months in Understanding FICO® Scoring

All Collections Gone - Result - No Score Change in 2 months

Anonymous — Sat, 01 May 2021 12:56:45 GMT

I have been working to eliminate collection accounts from my CR. A couple were mine, and a couple went away through the verification process because they were never my debts.

They are all on debts that are more than 4 years old, so maybe that's why they haven't changed my score?

I thought there might be some change. I only have two active card accounts and a mortgage. I just thought that eliminating $20k in collections that were reporting monthly would make some change in my score.

Any thoughts from the smarter than me folks on the board?

Re: All Collections Gone - Result - No Score Change in 2 months

OmarGB9 — Sat, 01 May 2021 14:57:27 GMT

Normally it would, especially for that high an amount of debt. Two questions:

1. What scores are you looking at? True FICO scores, or CreditKarma/WalletHub/Capital One CreditWise scores?

2. Do you have any other derogatory accounts still showing on your reports?

Re: All Collections Gone - Result - No Score Change in 2 months

Anonymous — Sat, 01 May 2021 17:54:06 GMT

It was through the CRA companies. FICO 8, I believe.

I do have two charge-offs that were associated with two of the collection accounts. The accounts passed the SOL (4 years) at the end of last year.

3 of the collections were medical and were not listed anywhere other than collection accounts.

Re: All Collections Gone - Result - No Score Change in 2 months

OmarGB9 — Sat, 01 May 2021 20:55:16 GMT

@Anonymous wrote:
It was through the CRA companies. FICO 8, I believe.

I do have two charge-offs that were associated with two of the collection accounts. The accounts passed the SOL (4 years) at the end of last year.

3 of the collections were medical and were not listed anywhere other than collection accounts.

The only one that offers true FICO 8s is Experian, and only for their own score, unless you sign up for their monitoring service that gives all 3. Equifax gives a proprietary score that's not a FICO 8, and TransUnion gives a Vantage 3.0 score, which is also not a FICO 8.

Are the two charge offs accurately reflecting a zero balance?

Any other negatives? Late payments, repos, liens, defaulted student loans, etc.?

Re: All Collections Gone - Result - No Score Change in 2 months

Anonymous — Sat, 01 May 2021 22:32:04 GMT

Were the collections paid or deleted?

Re: All Collections Gone - Result - No Score Change in 2 months

MikeFromKeller — Fri, 14 May 2021 02:11:10 GMT

You stated "I do have two charge-offs that were associated with two of the collection accounts. The accounts passed the SOL (4 years) at the end of last year.

The term for charge-off is 7 years regardless of your states statue of limitations. So unless the 7 year period has passed, those CO's are going to remain on your score unless you can get them removed by other means.

Re: All Collections Gone - Result - No Score Change in 2 months

babygirl1256 — Fri, 14 May 2021 02:41:32 GMT

@Anonymous I believe the 2 remaining COs are keeping your scores down . . . I'm in the same position except I have only 1 CO remaining on EX (score 734) and EX (score 781) . . . My only charge off accurately reflects a zero balance; I have no other negatives (i.e. late payments, repos, liens, defaulted student loans, etc.) and my utilization is 5%; yet my Experian score is adversely affected by 100+ points. Hoping that we both get the desired scores soon!!!

Re: All Collections Gone - Result - No Score Change in 2 months

Anonymous — Sat, 29 May 2021 13:56:00 GMT

They were paid for delete, or deleted through the verification process. There are zero collections showing on my reports.

I was surprised when I got my scores through MyFico and they were identical to the scores through Credit Karma.

Re: All Collections Gone - Result - No Score Change in 2 months

Anonymous — Sat, 29 May 2021 13:56:48 GMT

Thank you! Good luck to you too!!

Re: All Collections Gone - Result - No Score Change in 2 months

Horseshoez — Sat, 29 May 2021 15:07:35 GMT

@Anonymous wrote:
They were paid for delete, or deleted through the verification process. There are zero collections showing on my reports.

I was surprised when I got my scores through MyFico and they were identical to the scores through Credit Karma.

LOL, the laws of probability suggest sooner or later someone will have identical CreditKarma (aka. Vantage) scores as their FICO scores. Is it common? Nope, not even remotely. Is it statistically possible? Definitely. Maybe you should go out and buy a lottery ticket today.