topic Re: Negative and Collection in Rebuilding Your Credit

Negative and Collection

Anonymous — Tue, 22 Mar 2011 18:43:00 GMT

What is the different? Which one should you pay off? which one is hurting my score the most?

Re: Negative and Collection

MBOhio2 — Tue, 22 Mar 2011 18:54:12 GMT

We're going to need a little more information here.

"Collection" is essentially an account status assigned by the creditor where they begin activity to try to recover the debt because the debtor has stopped making payments. This is not the technical definition, just my plain-English summary. Other can chime in with more technical descriptions including when exactly this happens, etc.

"Negative" refers to anything negative on your report and isn't really a credit term, just how you refer to something hurting your score.

Do you have specific issues that you can explain to help us better understand how to help you?

Re: Negative and Collection

Anonymous — Tue, 22 Mar 2011 19:01:53 GMT

Yes, I pulled my EQ report and it stated 2 negatives and 6 collections

Re: Negative and Collection

Anonymous — Tue, 22 Mar 2011 19:02:38 GMT

What type of negative? 30, 60, 90, 120 day late? Repo? Foreclosure? CO? These all have different impacts. Also what is the age of the negatives or the collection? The longer it has been the less impact it has, it does still impact your score, but like a scar it fades over time. Post some more info and someone here I assure you has been through it or going through it. Good luck and happy trails.

Re: Negative and Collection

Anonymous — Tue, 22 Mar 2011 22:24:15 GMT

A collection, CO, Foreclosure, repossession, etc are all negative accounts.

A late payment of any length is a negative.