topic 5 Year Old Collection Acct in Rebuilding Your Credit

5 Year Old Collection Acct

Anonymous — Tue, 21 Feb 2017 01:41:56 GMT

Hi all.

I was looking for some feedback regarding a collection account I paid a little over 5 years ago. This is the only collections account on my report. I know this stays on for 7 years, but I was wondering to see if it would be worth it to do a GW to appeal to the creditor to remove this a bit early. I am not sure how much having this one collection is influencing my score, but anything would help right now. It was a bank account that overdrafted when I was 19. I was on a payment plan but couldn't keep up with it and it got sent to collections. I paid it off almost immediately around tax time-which was shortly after this got sent if I am remembering correctly. I wish I had been a little more diligent with it, but I had rent and bills and I was the only income in the household at the time- as well as being a full-time student. Automatic bill pay with lack of funds got me in trouble. Lesson has long since been learned.

As always, appreciate the feedback. If it isn't worth it, or resets the 7 years, or anything like that- please let me know not to do it. I tried to search the boards for guaranty gw letter but couldn't find much.

(I copied and pasted this- it reports on all three, that is why it is in triple text).

COLLECTION AGENCY 668YC52465 Prof Pl Svc Professional Placement

ORIGINAL LENDER Guaranty Bank Best Bank 08 Guaranty Bank Best Bank Guaranty Bank Best Bank

ORIGINAL BALANCE $452 $452 $452

CURRENT BALANCE $0 $0 -

STATUS Paid Payment after charge off/collection Paid account/was a collection account, insurance claim or government claim or was terminated for default

DATE ASSIGNED Feb 15, 2012 Feb 15, 2012 Feb 15, 2012

ACCOUNT NUMBER XXXXXXX XXXXXXX XXXXXXX

ACCOUNT HOLDER Individual Individual Individual

DESCRIPTION - Paid collection

-

Re: 5 Year Old Collection Acct

stargazer25 — Tue, 21 Feb 2017 03:38:58 GMT

If this is your only negative, it's a big deal. You might want to contact the CA. I found this, it might be of interest to you:

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/New-Collection-Update-w-PFD-Response/m-p/3489075/highlight/true#M368373?filter=location&location=forum-board%3Arebuildingcredit&q=Professional+placement+services

Re: 5 Year Old Collection Acct

stargazer25 — Tue, 21 Feb 2017 03:58:51 GMT

Also, say you can get it cleared right away you can ask the CRA to EE at 6.5 years from DOFD which should be the first overdraft charge not when it went to collections.

Re: 5 Year Old Collection Acct

Anonymous — Tue, 21 Feb 2017 04:17:39 GMT

That's really helpful information! I have emailed them.

Hopefully, I hear something back soon.

Thank you for all your help.

Re: 5 Year Old Collection Acct

RobertEG — Tue, 21 Feb 2017 05:50:59 GMT

Do you happen to live in New York?

Re: 5 Year Old Collection Acct

Anonymous — Tue, 21 Feb 2017 13:03:40 GMT

Nope. Michigan.

Re: 5 Year Old Collection Acct

Anonymous — Tue, 21 Feb 2017 14:32:28 GMT

SUCCESS!!!! I emailed PPS and a representative emailed me back this morning right after 8am stating he could not find the account I was referencing. He provided me with his phone line and I called and spoke with him a bit. The account was in my maiden name. Due to moving I had not received information from PPS, I paid GB directly, and he said due to this fact he would submit for the account to be deleted from the bureaus! He said it usually takes about 15 days to go through but gave me his info in case I have more questions!

Re: 5 Year Old Collection Acct

Aduke1122 — Tue, 21 Feb 2017 19:15:21 GMT

Nice congrats

Re: 5 Year Old Collection Acct

stargazer25 — Wed, 22 Feb 2017 02:15:55 GMT

Yay! I am glad it worked out!