topic Re: Collection deletions... Will it help? in Rebuilding Your Credit

Collection deletions... Will it help?

Anonymous — Mon, 27 Aug 2012 03:41:41 GMT

My scores are 630, 560, 536.
My scores are low due to old collection items reaging. I have a total of 10 collection items most are as old as 2007, but reaged and is showing a 2012 date.
I have 4 accounts from one company who agreed to remove all 4 from my reports once paid. Would this make any difference with my score? What kind of results should I expect (if any) after having old items deleted?
I have a secured card with a $200 limit and I keep the balance below $20... On time for 7 months never late. I also have a car payment 2 yrs never late. It's the collection Accts that are killing my scores. Any suggestions??

Re: Collection deletions... Will it help?

cadavis0609 — Mon, 27 Aug 2012 03:49:20 GMT

Reaging is illegal. Collections remain on your report for 7.5 years for the date of first delinquency. You probably will not find this on your fico report and you will need to go to annualcreditreport.com to find out what the DOFD is. If that date has changed, they are in violation of the FDCPA. Nonetheless, your question was simple. Yes, removing collections will improve your score, but get it in writing and make sure that it is worded that it will be removed from your credit reports, and not something like "will show paid in full" or something to that effect. They will try to get tricky on you. Good luck.

Re: Collection deletions... Will it help?

cadavis0609 — Mon, 27 Aug 2012 03:51:10 GMT

Correction, FCRA- Not FDCPA

Re: Collection deletions... Will it help?

Shogun — Mon, 27 Aug 2012 04:07:29 GMT

Should help some, don't expect a big jump since you have other baddies on your CR, but this is a good start.

Re: Collection deletions... Will it help?

Anonymous — Mon, 27 Aug 2012 04:13:21 GMT

I didn't think it would boost me alot, I want to pay all the old items but I've been told I would be hurting my score since the items would update with s current score. It's all so confusing. I'm thinking I just need to open another secured credit card to off set the bad items.

Re: Collection deletions... Will it help?

Shogun — Mon, 27 Aug 2012 04:17:06 GMT

Have you tried a PFD for them? That would make a big difference.

Re: Collection deletions... Will it help?

Anonymous — Mon, 27 Aug 2012 04:22:29 GMT

Yes I've tried to PFD for the other Accts. They won't agree. One company agreed and I have 4 items with them. I'm going to pay the other ones that are not deleting, so they won't reupdate on my reports. Im looking into a 2nd secured card as well.... That should help?

Re: Collection deletions... Will it help?

Shogun — Mon, 27 Aug 2012 04:24:52 GMT

Yes.. Most say it takes 3 revolving accts. to get the full effect. The ones that are paid start sending GWs.

Re: Collection deletions... Will it help?

Anonymous — Mon, 27 Aug 2012 04:28:39 GMT

Ok I for sure will!
The problem is if I get a secured card now I don't know if it will boost my scores by December. My scores took major hit when the old collection items updated with a current date. We are supposed to close on our home by Dec. I'm in desperate need of a 620 by Dec.

Re: Collection deletions... Will it help?

Shogun — Mon, 27 Aug 2012 11:34:24 GMT

Your loan officer should advise you against opening any new accounts at least 6 months before your mortgage.

Re: Collection deletions... Will it help?

llecs — Mon, 27 Aug 2012 14:23:31 GMT

OP, which date updated to 2012? DOFD?

Re: Collection deletions... Will it help?

Anonymous — Mon, 27 Aug 2012 14:37:48 GMT

Report date and last date of activity reported with 2012 date. A couple Accts only the report date updated to 2012 and the last date of activity stayed at the old date

Re: Collection deletions... Will it help?

llecs — Mon, 27 Aug 2012 14:50:42 GMT

The updating of the DOLA isn't re-aging. Re-aging is when the DOFD updates causing it to re-age and report longer than the 7-7.5 years. That's certainly illegal. DOLA can change after a dispute, after a payment, or even a random update by the creditor's own computers. It'll still drop as scheduled, though the changing of the DOFD can impact FICO in a negative way if the account hadn't updated in a long time.

Re: Collection deletions... Will it help?

Anonymous — Mon, 27 Aug 2012 14:57:43 GMT

Ok that makes sense. It's the DOFD that's killing my scores. I want to pay them so they won't keep updating, but won't I take another score drop when I do??

Re: Collection deletions... Will it help?

llecs — Mon, 27 Aug 2012 15:21:25 GMT

If they just updated this month, and they update again the next, you won't see an impact like you did before. Month to month you won't see any impact.

I didn't study the thread...are these CAs? COs? If a CO, what kind? CC? Installment? And have you tried PFDs?

Re: Collection deletions... Will it help?

Anonymous — Mon, 27 Aug 2012 15:24:28 GMT

They are collection items, one cable bill, one is a credit card ($300 owed) and the rest are medical bills under $300.

Re: Collection deletions... Will it help?

llecs — Mon, 27 Aug 2012 15:27:14 GMT

Paying these won't do anything to your score. Paying the CC CO can help your score if the card is factored into CC util and if the util on this account negatively hurts your overall util. Once paid, they'll stop updating. But definitely try a PFD first.

Re: Collection deletions... Will it help?

Anonymous — Mon, 27 Aug 2012 15:33:27 GMT

Ok I'll for sure will. 4 accounts agreed to delete once paid in full... I'm assuming that will help?

Re: Collection deletions... Will it help?

Shogun — Mon, 27 Aug 2012 17:39:16 GMT

Yes that will help.