topic Re: HOW LONG TO SEE POSITIVE RESULT FROM A COLLECTION REMOVAL? in Rebuilding Your Credit

HOW LONG TO SEE POSITIVE RESULT FROM A COLLECTION REMOVAL?

RobsFico — Mon, 28 Apr 2008 14:51:55 GMT

Hi all. Maybe someone can help me with a couple of questions I have.

Quick summary:

Approx 1 mo ago I received an alert (thank you Fico-Quarterly Monitoring) as to a large drop in my TU score from 789 to 690. Upon investigation, I found an obviously (to me at least) erroneous report by a CA as to an alleged debt. Apparently a case of mistaken identity as I had never even heard of the CA (AIS Services, LLC) and the OC turned out to be some sort of paycheck advance loan company by the name of "CashNet" , with which I had never done any business with.

I immediately paid for and received my EX and EQ reports. My EX reported 804 and my EX reported 667. The EX score had the same recent bogus CA info that was just recently sent to them but the EQ report did not.

I followed up immediately with disputes to both TU and EX using their respective normal dispute procedures i.e., TU by mail and EX on-line. I did not contact the OC or the CA as I usually like to adhere to the KISS principle where possible.

Result? This morning I received the investigation result (online) from EX and they indicate the CA report has been deleted from my file with them. BTW, so far I have not heard from TU.

Questions: How long before I will see the positive results to my EX FICO score? Can I reasonably expect my score to go back to or very near my previous score? Will I have to pay EX and TU to see my current (and hopefully updated) score? Note: Late last year my EX score was in the upper 700s as was my TU. Please bear in mind that there were were NO other negatives or complicating factors in either my EX or TU reports when all this occurred nor have there been any since.

Although I don't post much, I have lurked here for several months and never ceased to be amazed at not only the good information available, but also the willingness of many to help where they can.

Thanks in advance for any one's insight here.

Rob

Re: HOW LONG TO SEE POSITIVE RESULT FROM A COLLECTION REMOVAL?

Anonymous — Mon, 28 Apr 2008 15:00:46 GMT

RobsFico wrote:
Questions: How long before I will see the positive results to my EX FICO score?

Immediately after it is removed.

Can I reasonably expect my score to go back to or very near my previous score?

No clue, I'd think so if nothing else has changed.

Will I have to pay EX and TU to see my current (and hopefully updated) score?

Yes, you'll have to buy new scores. You can get updated reports after a dispute for free.

Note: Late last year my EX score was in the upper 700s as was my TU. Please bear in mind that there were were NO other negatives or complicating factors in either my EX or TU reports when all this occurred nor have there been any since.

Although I don't post much, I have lurked here for several months and never ceased to be amazed at not only the good information available, but also the willingness of many to help where they can.

Thanks in advance for any one's insight here.
Rob

Re: HOW LONG TO SEE POSITIVE RESULT FROM A COLLECTION REMOVAL?

llecs — Mon, 28 Apr 2008 15:02:26 GMT

The CRAs have 30 up to 45 days to complete the investigation. Per the FICO score, the increase on EX and EQ for sure would have been immediate. Your score would have gone back to the level it was before, assuming all else on your report is equal.

Re: HOW LONG TO SEE POSITIVE RESULT FROM A COLLECTION REMOVAL?

RobsFico — Mon, 28 Apr 2008 15:12:57 GMT

Just for the record here, the 2 CRAs in question are EX and TU, with only EX having reported the results of their investigation thus far.

Thanks

Re: HOW LONG TO SEE POSITIVE RESULT FROM A COLLECTION REMOVAL?

Anonymous — Mon, 28 Apr 2008 15:14:35 GMT

So have u checked yet? If so, what happened.

Re: HOW LONG TO SEE POSITIVE RESULT FROM A COLLECTION REMOVAL?

RobsFico — Mon, 28 Apr 2008 15:16:57 GMT

Not yet but will do so (with EX) today.

Re: HOW LONG TO SEE POSITIVE RESULT FROM A COLLECTION REMOVAL?

Anonymous — Mon, 28 Apr 2008 15:17:34 GMT

Ok let us know...

Re: HOW LONG TO SEE POSITIVE RESULT FROM A COLLECTION REMOVAL?

RobsFico — Mon, 28 Apr 2008 15:55:28 GMT

Yikes!! Just purchased my EX score.

826! Even better than I expected.

Now have to wait for TUs response by mail. Fingers crossed.

Re: HOW LONG TO SEE POSITIVE RESULT FROM A COLLECTION REMOVAL?

llecs — Mon, 28 Apr 2008 15:58:51 GMT

Congrats!!!!!!!!!!!!!!!!!!!!!!

Re: HOW LONG TO SEE POSITIVE RESULT FROM A COLLECTION REMOVAL?

RobsFico — Mon, 28 Apr 2008 16:09:36 GMT

Thank you very much. I have learned much here just as a lurker and will continue to do so. As soon as I receive the (hopefully positive) results of my TU investigation, I will post up.

I must say, I was a bit apprehensive going into this dispute process after having read a few posts by members regarding their bad results in dealing with this type of thing. I'm glad now I chose to use the "normal" dispute process as opposed to contacting the CA or OC directly since in my case, this was (to me at least) a clear case of mistaken identity. Talk about a sigh of relief. More so since I am contemplating a home purchase in the upcoming months.

llecs wrote:
Congrats!!!!!!!!!!!!!!!!!!!!!!

Re: HOW LONG TO SEE POSITIVE RESULT FROM A COLLECTION REMOVAL?

llecs — Mon, 28 Apr 2008 16:21:58 GMT

If you hadn't disputed, I would have advised you to either wait and send a DV or file a police report and then dispute.

Why DV? You place the burden on them to validate. If they do, then dispute would be next step along with letters to the BBB, FTC, etc. Plus it give you a chance to see info from the OC and you can prevent them from selling the info to another CA, if it were to happen.

Or dispute? I would have recommended a police report. CRAs have a nasty habit, from what I read in here anyway, of verifying non-legit debt. A police report would make it more official. Nobody is going to risk jail time by filing a false police report. Plus, if there's an ID theft issue, you've taken the first necessary steps. Moreover, if the CRA came back with "verified", then disputing again could eventually come back with a "frivilous dispute" claim by the CRA, then you would be stuck.

But I am glad it is working out for you. 100 plus points is huge.

RobsFico wrote:
Thank you very much. I have learned much here just as a lurker and will continue to do so. As soon as I receive the (hopefully positive) results of my TU investigation, I will post up.

I must say, I was a bit apprehensive going into this dispute process after having read a few posts by members regarding their bad results in dealing with this type of thing. I'm glad now I chose to use the "normal" dispute process as opposed to contacting the CA or OC directly since in my case, this was (to me at least) a clear case of mistaken identity. Talk about a sigh of relief. More so since I am contemplating a home purchase in the upcoming months.

llecs wrote:
Congrats!!!!!!!!!!!!!!!!!!!!!!

Re: HOW LONG TO SEE POSITIVE RESULT FROM A COLLECTION REMOVAL?

RobsFico — Mon, 28 Apr 2008 17:28:26 GMT

I agree that the increase was huge, but of course I don't know what the exact score was before the CA report. The only thing I DO know is that my EX FICO score was 779 as of late last year (Oct/Nov).

Since I looked into, and was not suspicious of, any criminal wrongdoing (ID theft, etc), I came to the conclusion the my situation HAD to be mistaken identity and remained hopeful that during EXs' investigation, this would be readily apparent to them or the CA. Thankfully for me, that was what apparently revealed itself during their investigation.

Now if TU is as successful at realizing this, I will be a happy camper.

Rob

llecs wrote:
If you hadn't disputed, I would have advised you to either wait and send a DV or file a police report and then dispute.

Why DV? You place the burden on them to validate. If they do, then dispute would be next step along with letters to the BBB, FTC, etc. Plus it give you a chance to see info from the OC and you can prevent them from selling the info to another CA, if it were to happen.

Or dispute? I would have recommended a police report. CRAs have a nasty habit, from what I read in here anyway, of verifying non-legit debt. A police report would make it more official. Nobody is going to risk jail time by filing a false police report. Plus, if there's an ID theft issue, you've taken the first necessary steps. Moreover, if the CRA came back with "verified", then disputing again could eventually come back with a "frivilous dispute" claim by the CRA, then you would be stuck.

But I am glad it is working out for you. 100 plus points is huge.
RobsFico wrote:
Thank you very much. I have learned much here just as a lurker and will continue to do so. As soon as I receive the (hopefully positive) results of my TU investigation, I will post up.

I must say, I was a bit apprehensive going into this dispute process after having read a few posts by members regarding their bad results in dealing with this type of thing. I'm glad now I chose to use the "normal" dispute process as opposed to contacting the CA or OC directly since in my case, this was (to me at least) a clear case of mistaken identity. Talk about a sigh of relief. More so since I am contemplating a home purchase in the upcoming months.

llecs wrote:
Congrats!!!!!!!!!!!!!!!!!!!!!!

Re: HOW LONG TO SEE POSITIVE RESULT FROM A COLLECTION REMOVAL?

Anonymous — Mon, 28 Apr 2008 17:54:56 GMT

@RobsFico wrote:
Yikes!! Just purchased my EX score.
826! Even better than I expected.
Now have to wait for TUs response by mail. Fingers crossed.

Wow!!! That is great. You are only 14 pts away from the holy grail!!

Re: HOW LONG TO SEE POSITIVE RESULT FROM A COLLECTION REMOVAL?

llecs — Mon, 28 Apr 2008 18:04:28 GMT

@Anonymous wrote:

@RobsFico wrote:
Yikes!! Just purchased my EX score.
826! Even better than I expected.
Now have to wait for TUs response by mail. Fingers crossed.

Wow!!! That is great. You are only 14 pts away from the holy grail!!

Just watch out for the rabbit!

Re: HOW LONG TO SEE POSITIVE RESULT FROM A COLLECTION REMOVAL?

RobsFico — Mon, 28 Apr 2008 18:06:37 GMT

Yeah I know. Even I was was shocked at the higher than expected score there.

One thing I have determined, partially from reading numerous posts/threads here in the forum, is to not get too hung up on the actual number itself. As long as I can at least maintain numbers in the upper 700s I'll be happy come home purchase time. I do have to admit though that that number sure does feel good.

@Anonymous wrote:

@RobsFico wrote:
Yikes!! Just purchased my EX score.
826! Even better than I expected.
Now have to wait for TUs response by mail. Fingers crossed.

Wow!!! That is great. You are only 14 pts away from the holy grail!!

Re: HOW LONG TO SEE POSITIVE RESULT FROM A COLLECTION REMOVAL?

Anonymous — Mon, 28 Apr 2008 18:08:52 GMT

I'm sure it does feel good. Congrats again!!

Re: HOW LONG TO SEE POSITIVE RESULT FROM A COLLECTION REMOVAL?

Anonymous — Mon, 28 Apr 2008 19:50:40 GMT

RobsFico wrote:
Yikes!! Just purchased my EX score.

826! Even better than I expected.

Now have to wait for TUs response by mail. Fingers crossed.

Wow Rob, that is a beautiful score! How did you achieve that score? I would love to know! You must have a pristine credit report! I am very jelous! (sp)

Re: HOW LONG TO SEE POSITIVE RESULT FROM A COLLECTION REMOVAL?

RobsFico — Mon, 28 Apr 2008 20:09:04 GMT

scramblingin2007 wrote:

RobsFico wrote:
Yikes!! Just purchased my EX score.

826! Even better than I expected.

Now have to wait for TUs response by mail. Fingers crossed.

Wow Rob, that is a beautiful score! How did you achieve that score? I would love to know! You must have a pristine credit report! I am very jelous! (sp)

Well, I doubt there is any "magic answer" here. Just a long history of credit, combined with an almost obssessive need to never, ever have any late payments. I guess what it boils down to is basics, basics, basics. Not real sexy or exciting, but over time it really pays off.

For a number of years I didn't monitor or check my scores per se, but I did adhere to the basics of paying on time, etc. I was guilty of letting too much credit card debt slowly build, but I still paid on time. I was fortunate in that when I retired last year, I was able to completely pay off 99% of my CC debt. It's only relatively recently that I have begun to check into specifics ever since I retired and have wanted to see where I stood. More so because I'm thinking of moving to a different part of the country and buying a home.

Hey, like they say, even a blind squirrel gets lucky once in awhile.

Re: HOW LONG TO SEE POSITIVE RESULT FROM A COLLECTION REMOVAL?

RobsFico — Mon, 05 May 2008 21:06:54 GMT

UPDATE!

Well, today I received the results of my TU dispute as to the bogus CA entry mentioned previously in this thread. And the results are:

My new TU FICO score is now 794

I am once again a happy camper.

I guess the answer to my original thread question is that upon the completion of the CRA's investigation, you will see an immediate positive result from a collection removal from your credit report(s), ESPECIALLY if the CA was truly bogus ( a la mistaken identity) to begin with. Obviously things can get a bit more complicated when a person is fighting for removal of what was an otherwise legitimate debt.

Rob