@Anonymous wrote:
-I've disputed these collection accounts with the credt bureau (in addition to getting a full assurance from the collection agency that they would contact the credit bureaus on Monday to delete)...How long will it take for the credit bureaus to correct my file? Is there anything else I can do to expedite this?
CRA's will update as soon as the CA updates them but they do typically take several business days to process an update once received. Even with a dispute the CRA has to refer to the relevant party. Nothing you can do to expedite but you can follow up with the CA on Monday or Tuesday to verify that they updated the CRA's.
In future make sure you carefully review your reports well before applying for credit -- especially prior to a mortage or auto loan. You should be reviewing all of your reports on a regular basis to ensure that they are correct and to prevent fraud.
@Anonymous wrote:
-Once these two items are removed from my file will I see an immediate increase in my score if they were the only negative items on my credit report?
Yes. Dergogs tend to have a major impact and hold one's scores down as long as they are reporting. This is prcisely why the general advice is to always address derogs first. For most impact you want to address the biggest factors first:
http://www.myfico.com/crediteducation/whatsinyourscore.aspx
Derogs impact Payment History. Getting revolving utilization in check is also a common recommendation as it falls under the next biggest slice, Amounts Owed.
Personal:
