Newbie needs help understanding collections on report

[Anonymous]

I have been reading on the boards for a while, and have fianally decided that I need help with some questions that I have about two old paid collections. These were from a bad time in my life (divorce) and they just didn't get paid until a couple of years later. Both were either late 2004 or early 2005 when they were originally turned over to a CA. The Time Warner was paid about 5 months late when I got notice that it was turned over to collections. Should the condition now read Paid, just as the second one? If so,how should I try and get that changed?

The TXU was paid but still says Collection Chargeoff. I guess the pay status is correct, or should it be changed to paid?   Should I send letters to these companies asking that they remove these. What are the chances of that happening? Thanks everyone for any insight and suggestions. I have learned a lot on this forum already.  I guess I am lucky that these are the 2 biggest things I'm dealing with now.

Here they are:

CMI 


 Original Creditor: 11 TIME WARNER CABLE

 Account No.: 2821****  High Balance: 122 

Date Opened: 11/04/2004  Date Reported: 05/27/2005  Balance: 0 

Condition: Derogatory  Responsibility: Individual 

 Remarks:

Other: Accounts in which the exact category is unknown

TXU ENERGY 

  Account #: 0005**** 

  Type: Utility company

  Opened: 03/11/2002

  Condition: Paid

  Pay Status: Collection/Chargeoff

  Reported: 08/29/2008

  Balance: $0 Payment: $0

  Responsibility: Individual

Two-Year payment history:     NONE REPORTED

[llecs]

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

and What Steps Do I Take - great for learning the repair process.

I'd send both a GW letter asking them to delete.

[RobertEG]

Bottom line on old collections for FICO scoring is simple.  FCRA 605(c) prohibits and collection from remaining in your credit reports after 7 1/2 years from the date of first delinquency (DOFD) on your account with the original creditor that led directly to the collection.

Any other dates, such as the date the CA was reported to the CRA, any date any payments were made, or the status of the debt, with either the OC or CA, are meaningless. Paid or unpaid, the CA is still a CA, and counts the same, so I would not waste time over arguing current status simply for FICO reasons 

Just know the date that you had your first (30-day) delinquency with the original creditor, after which the account was never brought back into paid, good standing before the collection was posted.  Add 7 1/2 years to that DOFD with the OC, and that is the date the CA will disappear from FICO scoring.

Until then, its status as paid or unpaid in your CR is really only of concern to you should you apply for new credit during that period, for it will show to a potential creditor in a manual review of your credit report, and may raise some heavy concerns.

[Jayleesmimi]

Thank you for your response.  I will need to address these small issues, as I will be applying for a home loan in Feb. or March. That is why I'm needing opinions and help from the experts, because I do not want these to show this status to raise any concerns.

[Jayleesmimi]

Ha! Sorry, I'm signed into my mother's account on here. She is the one who got me looking at my credit.   We are both avid readers. I will go backand sign into my account now.

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