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How will disputed collection accounts removed from my file affect my fico?

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How will disputed collection accounts removed from my file affect my fico?

Hello, I have a few collection accounts on my file that are medical bills and will be removed. Does anyone know how much of a lift I will get from this to my score? Thanks!

Message 1 of 6
5 REPLIES 5
Super Contributor

Re: How will disputed collection accounts removed from my file affect my fico?

No way to answer this question as we know nothing about your credit file.  The biggest pieces of information that we'd need to know are:

 

What are your current scores?  How many total accounts do you have on your reports (open and closed)?  What is your AAoA?

 

How many total negative pieces of information do you have on your accounts?

 

How many total negative accounts do you have?

 

How old is each negative piece of information, including the one(s) that are going to be removed?

 

Where does your current utilization % sit?

 

 

Message 2 of 6
Senior Contributor

Re: How will disputed collection accounts removed from my file affect my fico?


@BrutalBodyShots wrote:

No way to answer this question as we know nothing about your credit file.  The biggest pieces of information that we'd need to know are:

 

What are your current scores?  How many total accounts do you have on your reports (open and closed)?  What is your AAoA?

 

How many total negative pieces of information do you have on your accounts?

 

How many total negative accounts do you have?

 

How old is each negative piece of information, including the one(s) that are going to be removed?

 

Where does your current utilization % sit?

 

 


Can you help estimate my friend's situation:

 

2 Collections, one paid and the other is unpaid. Both are about 5 years. scheduled to come off in 2018. Currently negotiating PFD.

He also has about 9 paid charge offs about 6 years old. Five of those were owned by the OC and reported until paid in the last two years.

Scores are EX: 648 EQ:659 TU: 655

Utilization: Around 1%

AAOA over 10 years

FICO simulators show a 20 point drop if a new collection appears.

 

 

American Express: Platinum Charge, Optima, Business Gold
Barclays: Arrival+ WEMC
Capital One: Savor WMC, Venture VS
Chase: Freedom U VS, CSR VI
Citibank: AAdvantage Platinum WEMC
Elan/US Bank: Fidelity VS
Credit Union: Rewards Visa
FICO 08: (1.1.20) EX: 827 / EQ: 838 / TU: 833
Message 3 of 6
Moderator Emeritus

Re: How will disputed collection accounts removed from my file affect my fico?


@sjt wrote:

@BrutalBodyShots wrote:

No way to answer this question as we know nothing about your credit file.  The biggest pieces of information that we'd need to know are:

 

What are your current scores?  How many total accounts do you have on your reports (open and closed)?  What is your AAoA?

 

How many total negative pieces of information do you have on your accounts?

 

How many total negative accounts do you have?

 

How old is each negative piece of information, including the one(s) that are going to be removed?

 

Where does your current utilization % sit?

 

 


Can you help estimate my friend's situation:

 

2 Collections, one paid and the other is unpaid. Both are about 5 years. scheduled to come off in 2018. Currently negotiating PFD.

He also has about 9 paid charge offs about 6 years old. Five of those were owned by the OC and reported until paid in the last two years.

Scores are EX: 648 EQ:659 TU: 655

Utilization: Around 1%

AAOA over 10 years

FICO simulators show a 20 point drop if a new collection appears.

 

 


If the one collection being negotiated comes off, maybe a 5ish point gain if any.

 

FICO 8, yeah if you get a recent negative you will get dinged for it even if you already have similar negatives on your report... marked change from FICO 5 and earlier, FICO 8 weights recent history more heavily apparently.

 

It's probably the CO's reporting within the last 2 years which is depressing the score; sounds like in another year and change if those all get excluded based on DOFD he may gain 150+ points when fully clean... 2018 should be a good credit year for your friend heh.




        
Message 4 of 6
Senior Contributor

Re: How will disputed collection accounts removed from my file affect my fico?


@Revelate wrote:

@sjt wrote:

@BrutalBodyShots wrote:

No way to answer this question as we know nothing about your credit file.  The biggest pieces of information that we'd need to know are:

 

What are your current scores?  How many total accounts do you have on your reports (open and closed)?  What is your AAoA?

 

How many total negative pieces of information do you have on your accounts?

 

How many total negative accounts do you have?

 

How old is each negative piece of information, including the one(s) that are going to be removed?

 

Where does your current utilization % sit?

 

 


Can you help estimate my friend's situation:

 

2 Collections, one paid and the other is unpaid. Both are about 5 years. scheduled to come off in 2018. Currently negotiating PFD.

He also has about 9 paid charge offs about 6 years old. Five of those were owned by the OC and reported until paid in the last two years.

Scores are EX: 648 EQ:659 TU: 655

Utilization: Around 1%

AAOA over 10 years

FICO simulators show a 20 point drop if a new collection appears.

 

 


If the one collection being negotiated comes off, maybe a 5ish point gain if any.

 

FICO 8, yeah if you get a recent negative you will get dinged for it even if you already have similar negatives on your report... marked change from FICO 5 and earlier, FICO 8 weights recent history more heavily apparently.

 

It's probably the CO's reporting within the last 2 years which is depressing the score; sounds like in another year and change if those all get excluded based on DOFD he may gain 150+ points when fully clean... 2018 should be a good credit year for your friend heh.


If my friend was able to get both collections removed what do you think the gains would be.

 

Yup, the five CO that were reporting until he paid them were a killer.

 

May 2018 will be epic for him Smiley Happy

 

 

American Express: Platinum Charge, Optima, Business Gold
Barclays: Arrival+ WEMC
Capital One: Savor WMC, Venture VS
Chase: Freedom U VS, CSR VI
Citibank: AAdvantage Platinum WEMC
Elan/US Bank: Fidelity VS
Credit Union: Rewards Visa
FICO 08: (1.1.20) EX: 827 / EQ: 838 / TU: 833
Message 5 of 6
Moderator Emeritus

Re: How will disputed collection accounts removed from my file affect my fico?


@sjt wrote:

@Revelate wrote:

@sjt wrote:

@BrutalBodyShots wrote:

No way to answer this question as we know nothing about your credit file.  The biggest pieces of information that we'd need to know are:

 

What are your current scores?  How many total accounts do you have on your reports (open and closed)?  What is your AAoA?

 

How many total negative pieces of information do you have on your accounts?

 

How many total negative accounts do you have?

 

How old is each negative piece of information, including the one(s) that are going to be removed?

 

Where does your current utilization % sit?

 

 


Can you help estimate my friend's situation:

 

2 Collections, one paid and the other is unpaid. Both are about 5 years. scheduled to come off in 2018. Currently negotiating PFD.

He also has about 9 paid charge offs about 6 years old. Five of those were owned by the OC and reported until paid in the last two years.

Scores are EX: 648 EQ:659 TU: 655

Utilization: Around 1%

AAOA over 10 years

FICO simulators show a 20 point drop if a new collection appears.

 

 


If the one collection being negotiated comes off, maybe a 5ish point gain if any.

 

FICO 8, yeah if you get a recent negative you will get dinged for it even if you already have similar negatives on your report... marked change from FICO 5 and earlier, FICO 8 weights recent history more heavily apparently.

 

It's probably the CO's reporting within the last 2 years which is depressing the score; sounds like in another year and change if those all get excluded based on DOFD he may gain 150+ points when fully clean... 2018 should be a good credit year for your friend heh.


If my friend was able to get both collections removed what do you think the gains would be.

 

Yup, the five CO that were reporting until he paid them were a killer.

 

May 2018 will be epic for him Smiley Happy

 

 


Pure swag, ballpark 20 points; my tax lien was worth 16 points with some lates still on the file, I think delinquencies and PR/collections are scored seperately so it's likely the CO's are still going to be the ballgame while they're still on the report.




        
Message 6 of 6
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