topic Re: Paid collection in Understanding FICO® Scoring

Paid collection

jbee — Tue, 20 Jul 2010 15:16:58 GMT

I have a collection account that was paid back in March. On my cr is says paid and closed but it's updating monthly as KD (Key Derogatory). I've been hesitant to call the collection company to demand them to update this info because it's only on Eq and Ex and not TU. And I've been preapproved for a mortgage, but just waiting for the house to built (couple more months). Do you think it's hurting more since it's reporting as KD monthly or should I have them update the account and possibly risk it being put on TU also?

Any thoughts???

Re: Paid collection

fused — Tue, 20 Jul 2010 17:40:43 GMT

What is the "date of last activity" date on EQ? What is the "status date" on EX? If both are less than two years old, as I suspect, this collection is hurting your FICO scores.

Re: Paid collection

jbee — Tue, 20 Jul 2010 18:13:46 GMT

Hey Fuse,

I'm not sure but it look like June 2010, they're updating it as Key Derogatory each month. I've posted what's on Equifax.

Collection agency [?] Original balance [?] Current balance [?] Status [?] Date assigned [?] Date reported [?] Date last active [?] Date paid [?] Date closed [?] Original lender [?] Account number [?] Type of account [?] Account holder [?] Type of credit [?] Payment status [?] Largest past balance [?] Amount past due [?] Account descriptions [?]

180yc00000

$100

Unpaid

Oct 01, 2004

Jun 01, 2010

May 01, 2004

Not Reported

XXXXX5116

Not Reported

Individual

Not Reported

Re: Paid collection

jbee — Tue, 20 Jul 2010 18:21:32 GMT

Sorry for the earlier post.

Collection agency 180yc00000

Original balance $100

Current balance $0

Status Unpaid

Date assigned Oct 1, 2004

Date reported June 1, 2010

Date last active May 1, 2004

Date reported Not reported

Re: Paid collection

fused — Tue, 20 Jul 2010 19:18:30 GMT

@jbee wrote:

Sorry for the earlier post.

Collection agency         180yc00000

Original balance             $100

Current balance              $0

Status                                Unpaid

Date assigned                Oct 1, 2004

Date reported                  June 1, 2010

Date last active               May 1, 2004

Date reported                 Not reported

Is that from EQ??

Re: Paid collection

fused — Tue, 20 Jul 2010 19:19:08 GMT

Also, which site did you get that info from?

Re: Paid collection

jbee — Tue, 20 Jul 2010 20:09:07 GMT

I got it from here, yes, it's Equifax.

Re: Paid collection

fused — Tue, 20 Jul 2010 21:31:46 GMT

To get the info you need, you have to pull your reports from the CRA websites or from annualcreditreport. myFICO reports don't have the info you need, only the scores.

Re: Paid collection

Anonymous — Tue, 20 Jul 2010 21:53:26 GMT

If you don't mind me asking, how did you get your TU score up so much in 3 months?

Re: Paid collection

jbee — Tue, 20 Jul 2010 22:02:58 GMT

I don't mind at all. I started with 2 collections on my report. I did a goodwill and one was taken off all reports, and the other fell off TU only. It's still on the other two. Now, I have to work on my credit card utilization and hopefully bring up a little more. It's a little over 50% right now, so I got some work to do.

Re: Paid collection

AndySoCal — Thu, 22 Jul 2010 01:51:21 GMT

I would NOT have the collection agency update this it could hurt your score. The lender will see the zero balance and consider it paid. The way it is reporting the account was paid in 2004 per the DOLA. Also the collection agency is reporting activity on the account before it was assigned to them. How can that be?