topic Re: Do Collections (2+ Years Old) Still Factor Into Score? in Understanding FICO® Scoring

Do Collections (2+ Years Old) Still Factor Into Score?

jbh — Tue, 29 Jul 2008 22:06:36 GMT

I have old accounts (2 left) that will be unpaid after this week. One is an ATT account
and the other is Con Edison (utility). I noticed they were 2004 close accounts but reported as 'opened collection' for 2006

Is it past the point where they hurt the score? While I will pay them I know the ca's won't do a delete. Just wondering if they are hurting the score more or less than I figure.

Thanks for all of your time and support!

PS. I noticed the one collection that's with CAVALRY PORTFOLIO SVCS
is listed as an AT&T account. HOwever, on the AT&T site, they list a bunch of collection agencies they work with and they were not listed. Is that standard?

Re: Do Collections (2+ Years Old) Still Factor Into Score?

fused — Tue, 29 Jul 2008 22:45:03 GMT

All serious derogs (90+ day lates, charge-offs, collections, public records, repos, foreclosures, etc.) will have their greatest impact on scores for the first two years. Over time they will have less of an affect on your scores.

Re: Do Collections (2+ Years Old) Still Factor Into Score?

jbh — Tue, 29 Jul 2008 23:16:17 GMT

Thanks for confirmation. That said, I'll work to delete them. I hate how accounts update each month for things that were first delinquent in 2004 (opened 2006)

Re: Do Collections (2+ Years Old) Still Factor Into Score?

fused — Wed, 30 Jul 2008 01:29:10 GMT

head over to the rebuiding your credit forum for some help. GL!