topic Re: Impact of an unpaid collection over time in Understanding FICO® Scoring

Impact of an unpaid collection over time

Snook_on_the_Line — Thu, 18 Apr 2024 00:16:42 GMT

Saw a post on here with a graph of the impact of a single 30/60/90 day late payment over time on this forum a while back

Anyone have a link to a graph depicting the impact of a single unpaid collection on an otherwise clean scorecard over time?

Re: Impact of an unpaid collection over time

CorpCrMgr1 — Sat, 20 Apr 2024 02:59:31 GMT

Over time your score will slowly increase.

Re: Impact of an unpaid collection over time

FireMedic1 — Sat, 20 Apr 2024 12:35:04 GMT

Collection agencies basically have the same ding until its gone. Basically like a CO. Lates and other credit baddies will lose some sting after time.

Re: Impact of an unpaid collection over time

Snook_on_the_Line — Sun, 21 Apr 2024 04:19:09 GMT

@FireMedic1 wrote:
Collection agencies basically have the same ding until its gone. Basically like a CO. Lates and other credit baddies will lose some sting after time.

So seeing as how it's the only baddie on the report I can expect a significant bump in score when it falls off next year?

Im going to call Transunion and Experian on Monday and see if I can get them to exclude it. I'm going to explain to them what happened and hopefully they will be understanding.

its a single collection from an ER visit that my insurance should've covered in full.
I never received a bill requesting payment for anything. At the time of discharge from the hospital I was told I owed nothing.
Nada, zip, el zilcho.
No bill in the mail. Nothing.
Over two years later a collection for $1098 shows up on my report.
checked the dates and it's from that ER visit

it's almost six years old now and I can't wait to be rid of it.

anyone have any advice on how to get rid of it.

Re: Impact of an unpaid collection over time

Thomas_Thumb — Sun, 21 Apr 2024 14:51:36 GMT

@Snook_on_the_Line wrote:
@FireMedic1 wrote:
Collection agencies basically have the same ding until its gone. Basically like a CO. Lates and other credit baddies will lose some sting after time.
So seeing as how it's the only baddie on the report I can expect a significant bump in score when it falls off next year?

Yes, typically 50-60 points.

Re: Impact of an unpaid collection over time

Snook_on_the_Line — Wed, 24 Apr 2024 17:56:45 GMT

@Thomas_Thumb wrote:
@Snook_on_the_Line wrote:
@FireMedic1 wrote:
Collection agencies basically have the same ding until its gone. Basically like a CO. Lates and other credit baddies will lose some sting after time.
So seeing as how it's the only baddie on the report I can expect a significant bump in score when it falls off next year?
Yes, typically 50-60 points.

Data point to add.
Had the account deleted thru dispute last night

5 year old collection Only one on report.

78 point increase in fico 8.