Accounts vs. Collections in MyFico Acct

[Starr79]

Hello. Does the Accounts tab in MyFico represent open active accounts from OC's only? If I see collection companies on this tab instead of the Collections tab should I report it to CA to be changed, or will that hurt my Fico?

[Booner72]

Hi - I had a collection appearing in  the "accounts" section, it had a flag and was saying it was 120 past due etc etc.  I was told that it is just a jumbled confusion of my info from the CRA in how it is generated to the myfico report. 

[Starr79]

Thanks!

[RobertEG]

Your credit file has two segments, one under which OC reportings are stored, and one under which debt collector reportings are stored. 

Many commercial credit reports do a very poor job of formatting their reports, and often post information under an OC account heading that pertains to a collection, and visa versa.  Debt collectors, if they have reported correctly, are not responsible for how their reporting is formatted in your CR.

Any account or collection reported to your credit file, open or closed, remains until it is deleted.  Deletions are made by the reporting party, with only one exception, that being that the CRAs have an arbitrary policy of deleting old accounts on their own initiative after they have been closed for a period of approx. 10 years.

[LIGHTNIN]

A CA reporting anywhere on your CR, is hurting your score.In case you didnt know,a Paid collection hurts the same as an Unpaid collection, no score change.

If the debt is unpaid and you have the funds, you can do what's called a PFD (pay for delete) letter. A PFD letter is a written agreement with the CA,you agree to pay and they agree to delete.Here's an example of a  PFD Letter. Now if you can get the CA deleted, that may help your score.Some CA's accepts PFD letters, while others do not.

For more info, I would suggest reading What Steps Do I Take?Do I DV?PFD?.

If it's a Paid CA, you can do what's called a  G W letter. It's a short letter sent to the CA, asking if they would agree to kindly delete.

Hope this info helps  Good Luck to You!

[Starr79]

I just saw the rest of these responses. Thank you all.