topic Re: Help Needed: Difference Between "Will Stop Reporting" and "Will Delete"? in Rebuilding Your Credit

Help Needed: Difference Between "Will Stop Reporting" and "Will Delete"?

ORllyNao — Thu, 31 Jan 2019 21:00:48 GMT

As I've been going through my collections, I've noticed several CAs have offered (on their website or verbally) to "stop reporting" on collections that are paid. So far, I've only had one actually say they will delete the account entirely, and I paid it - just waiting for them to make good on their promise (in writing).

Obviously, my highest priority is to have the accounts removed from my reports once they are settled or PIF, but I'm not quite sure what stopping reporting to the bureaus actually does. I assume it doesn't actually remove it from my report, correct? Is it possible to dispute a collections account that has stopped reporting but isn't deleted in order to have it removed, or would I be wasting my time?

Either way, I'm sure a paid/closed collection account on my reports is better than one with a balance still showing (and to get a mortgage eventually, they'll all need to be paid regardless), but I really want to maximize my opportunites when paying these off and don't want to go about it the wrong way because I got confused by some wording.

Any advice/help is much appreciated!

Re: Help Needed: Difference Between "Will Stop Reporting" and "Will Delete"?

Anonymous — Thu, 31 Jan 2019 21:52:59 GMT

@ORllyNao wrote:
As I've been going through my collections, I've noticed several CAs have offered (on their website or verbally) to "stop reporting" on collections that are paid. So far, I've only had one actually say they will delete the account entirely, and I paid it - just waiting for them to make good on their promise (in writing).

Obviously, my highest priority is to have the accounts removed from my reports once they are settled or PIF, but I'm not quite sure what stopping reporting to the bureaus actually does. I assume it doesn't actually remove it from my report, correct? Is it possible to dispute a collections account that has stopped reporting but isn't deleted in order to have it removed, or would I be wasting my time?

Either way, I'm sure a paid/closed collection account on my reports is better than one with a balance still showing (and to get a mortgage eventually, they'll all need to be paid regardless), but I really want to maximize my opportunites when paying these off and don't want to go about it the wrong way because I got confused by some wording.

Any advice/help is much appreciated!

Stopping reporting will allow the debt to begin to age. Every month they report, that takes you back to 0 months since last negative. This kills your score every single month. So the sooner you can stop the bleeding, the sooner your report/score will start to heal.

Disputing a legit debt will more than likely just waste your time and piss the creditor off. A better idea is to pay the debt, and then start a goodwill campaign to have the negative information removed. Just my .02

Re: Help Needed: Difference Between "Will Stop Reporting" and "Will Delete"?

radfam — Fri, 01 Feb 2019 18:16:14 GMT

@Anonymous wrote:
@ORllyNao wrote:
As I've been going through my collections, I've noticed several CAs have offered (on their website or verbally) to "stop reporting" on collections that are paid. So far, I've only had one actually say they will delete the account entirely, and I paid it - just waiting for them to make good on their promise (in writing).

Obviously, my highest priority is to have the accounts removed from my reports once they are settled or PIF, but I'm not quite sure what stopping reporting to the bureaus actually does. I assume it doesn't actually remove it from my report, correct? Is it possible to dispute a collections account that has stopped reporting but isn't deleted in order to have it removed, or would I be wasting my time?

Either way, I'm sure a paid/closed collection account on my reports is better than one with a balance still showing (and to get a mortgage eventually, they'll all need to be paid regardless), but I really want to maximize my opportunites when paying these off and don't want to go about it the wrong way because I got confused by some wording.

Any advice/help is much appreciated!
Stopping reporting will allow the debt to begin to age. Every month they report, that takes you back to 0 months since last negative. This kills your score every single month. So the sooner you can stop the bleeding, the sooner your report/score will start to heal.
Is this true for 5y3m old unpaid medical collections? That it will report 0 months since last negative for the past 5.3 years? My EQ score is lower than EX and TU, and also the only one with an unpaid medical reporting ($200). Potential mortgage lender instructed that I not pay it as it won't help my score, even though I could PIF/PFD. It is past SOL in my home state. I'm just wondering if Equifax is considering me deliquent monthly and i'm still "Bleeding" from it.

Disputing a legit debt will more than likely just waste your time and piss the creditor off. A better idea is to pay the debt, and then start a goodwill campaign to have the negative information removed. Just my .02

Re: Help Needed: Difference Between "Will Stop Reporting" and "Will Delete"?

radfam — Fri, 01 Feb 2019 18:17:23 GMT

OP, I would think "will stop reporting" would mean they will stop updating it monthly. Not necessarily removing from your reports entirely.

Re: Help Needed: Difference Between "Will Stop Reporting" and "Will Delete"?

Anonymous — Fri, 01 Feb 2019 18:26:58 GMT

@radfam wrote:
@Anonymous wrote:
@ORllyNao wrote:
As I've been going through my collections, I've noticed several CAs have offered (on their website or verbally) to "stop reporting" on collections that are paid. So far, I've only had one actually say they will delete the account entirely, and I paid it - just waiting for them to make good on their promise (in writing).

Obviously, my highest priority is to have the accounts removed from my reports once they are settled or PIF, but I'm not quite sure what stopping reporting to the bureaus actually does. I assume it doesn't actually remove it from my report, correct? Is it possible to dispute a collections account that has stopped reporting but isn't deleted in order to have it removed, or would I be wasting my time?

Either way, I'm sure a paid/closed collection account on my reports is better than one with a balance still showing (and to get a mortgage eventually, they'll all need to be paid regardless), but I really want to maximize my opportunites when paying these off and don't want to go about it the wrong way because I got confused by some wording.

Any advice/help is much appreciated!
Stopping reporting will allow the debt to begin to age. Every month they report, that takes you back to 0 months since last negative. This kills your score every single month. So the sooner you can stop the bleeding, the sooner your report/score will start to heal.
Is this true for 5y3m old unpaid medical collections? That it will report 0 months since last negative for the past 5.3 years? My EQ score is lower than EX and TU, and also the only one with an unpaid medical reporting ($200). Potential mortgage lender instructed that I not pay it as it won't help my score, even though I could PIF/PFD. It is past SOL in my home state. I'm just wondering if Equifax is considering me deliquent monthly and i'm still "Bleeding" from it.

Disputing a legit debt will more than likely just waste your time and piss the creditor off. A better idea is to pay the debt, and then start a goodwill campaign to have the negative information removed. Just my .02

You get the initial hit for the collections account, and then you keep getting hit only if the creditor/CA is updating on a monthly basis. Now if they aren't reporting, then the collection account will start to age (as in time since last negative). I hope that makes sense, and I hope even more that I am correct! I'm just going off of my own experience with negative accounts.