topic Re: collections account worth deleting? in General Credit Topics

collections account worth deleting?

distantarray — Sun, 25 Sep 2011 20:03:46 GMT

his is how it appears on my report.... my credit score jumped over 40 points eq fico when this was changed.... instead of deleting for a account that wasn't supposed to be on my report now it shows this.

Individual account , PAYS AS AGREED , balance $0 , PAID AND CLOSED , type of loan, Installment sales contact (NOT listed as Collections) , MONTHS reviewed 54 with NO LATES on file....

this account is reported very wrong, but should I poke at this account for deletion or just let it be?

Re: collections account worth deleting?

RobertEG — Mon, 26 Sep 2011 00:24:33 GMT

I am confused. The account is apparently reporting as a paid and closed installment loan, with no derogs? What is detrimental in that reporting?

Why are you referring to it as a "collection" in the title to your post?

Its deletion will cause you to lose its age in your AAoA calculation. What is your thinking in pursuing deletion?

Re: collections account worth deleting?

llecs — Mon, 26 Sep 2011 04:32:42 GMT

OP, would you mind sharing the name of the company reporting this tradeline?

Re: collections account worth deleting?

distantarray — Mon, 26 Sep 2011 17:32:41 GMT

The account was a Collections Account it was posted to my credit report, but I had a barter agreement with the OC (local martial arts school) before I ever starting missing payments. I recieved a letter from the OC signed stating that the account was reported in error. So at first they changed it from Collections Account to Installment Loan, and with lates, I disputed that I was never late since the debt was invalid since it was paid through the barter agreement (website development for the school) and I haven't chcked my credit report in a LONG time. So a collections agency reported the collections on my report changed to Installment sales contract on the reports, $0 amount due and lists almost 60 good payments since the start of the account with no lates. The company is Affiliated Acceptance.

Re: collections account worth deleting?

distantarray — Mon, 26 Sep 2011 17:36:15 GMT

it was a collections agency that's reporting, people always say paid collections is bad as not paid all the time minus the utility with credit/debt ratio which is factored in with some companies scoring methods. That's the only reason, but since there's NOTHING listed that views them as a collections agency I wonder if my score would go up more, or down if this was deleted.

Re: collections account worth deleting?

llecs — Mon, 26 Sep 2011 17:37:22 GMT

OP, I'd check your CR from myFICO to see if FICO looks at it as a baddie. On the Accounts page showing all of your accounts, there is a column with a red flag. If there's a red flag next to this TL, then it is hurting your FICO. Absent the red flag, I'd ignore it.

I looked on their website and they seem to be a jack of all trades type of company who handles both billing and accounts management for fitness-related companies and also a collection agency for them. Maybe they are reporting as an OC? Worth a look on the flag, though.

Re: collections account worth deleting?

distantarray — Mon, 26 Sep 2011 19:04:45 GMT

there is nothing flaggedthat's why I'm confused they're reporting as far as I can see like an OC regarding the account. Which they are not.

Re: collections account worth deleting?

AndySoCal — Wed, 28 Sep 2011 02:16:42 GMT

The way it is currently reported in your post I would leave it alone. I would make sure if it is reported to the other bureaus it is reported correctly. You can use annualcreditreport.com for this. No need to buy a score.