topic Re: Credit report remarks in General Credit Topics

Credit report remarks

Anonymous — Mon, 19 Aug 2019 19:34:46 GMT

Hello!

I’m looking for help with my credit report remarks. I had a cell phone account with Verizon, and it went to collections. After it was charged off, I paid the balance in full. My credit reports with both TransUnion and Equifax state in the comments “payment after charge off/collection”. Shouldn’t it also say “Paid in Full”? Would this more positive remark raise my credit score at all or make me more credit worthy?

Thank you in advance for your help.

Re: Credit report remarks

Effielin — Tue, 20 Aug 2019 15:25:27 GMT

I was waiting to see if someone who is more experienced then me would answer you. I don't believe remarks matter unless a manual review is being done of the credit report. Usually its all done by computer now.

Re: Credit report remarks

Remedios — Tue, 20 Aug 2019 16:03:39 GMT

@Anonymous wrote:
Hello!
I’m looking for help with my credit report remarks. I had a cell phone account with Verizon, and it went to collections. After it was charged off, I paid the balance in full. My credit reports with both TransUnion and Equifax state in the comments “payment after charge off/collection”. Shouldn’t it also say “Paid in Full”? Would this more positive remark raise my credit score at all or make me more credit worthy?
Thank you in advance for your help.

Hi @Anonymous and welcome to the forums

It's just the different language used. "Payment after charge off/collection” indicates that it was paid, but also what preceded the payment, which is a collection. As long as balance reflects $0.00 owed, it makes no difference.

The damage was done when the account went to collections and collection reported. "Paid" vs."Payment after charge off/collection” would make no difference scoring wise.

The good news is, if that was your only or last unpaid negative, updates to that account stop and your score will gradually recover somewhat, though the impact of collection will be there for as long as stays on your CR.

Re: Credit report remarks

Anonymous — Tue, 20 Aug 2019 16:09:31 GMT

Thank you so much for the response and detailed explanation about the remarks. This helps me understand the impact on my credit.

Re: Credit report remarks

Anonymous — Tue, 20 Aug 2019 16:10:41 GMT

Thanks for your input about the remarks. That makes sense. Looks like you were pretty much corrext!

Re: Credit report remarks

Remedios — Tue, 20 Aug 2019 16:16:08 GMT

@Anonymous You may want to attempt GW approach and see if you can get it removed from your credit report. It usually takes time and quite a few letters, but it's something you may want to consider.

Good luck

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Stories/td-p/1573680