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Collections coming off

Established Member

Collections coming off

I had a collection that I recently did a pfd on and another that I was given an early exclusion on. Any idea on how long they take to update? I subscribe to the 3 bureau monitoring. Will I get an update when they do come off or how I do I monitor that?
Message 1 of 6
5 REPLIES
Administrator Emeritus

Re: Collections coming off

I'd give it 30 days from when you received the PFD and early exclusion. And while others who subscribe to 3 bureau monitoring (I don't) may know better, I don't believe you're notified when something comes off of your credit report, only when something negative is added. That means you'll most likely have to pull reports to confirm whether the items have been removed.

Formerly consumer affairs manager, media spokesman and myFICO Forums community manager at FICO, I'm now freelance writing for CreditCards.com and my own site, SpeakingOfCredit.com.

Message 2 of 6
New Contributor

Re: Collections coming off

Typically the change gets included in the next factor that actually gets tracked. For example: You had a baddie removed, and 10 days later your CC statement posts. The CC Statement posting causes the FICO score to recalculate, the drop of the baddie will get included in that recalculation so you will see a boost from both the CC payment and low utilization (if applicable of course Smiley Happy) and the boost from the removed TL

1/1/15 EQ 572-EX 570-TU 535
4/7/15 EQ 633-EX 606-TU 621
Goal:All 3 at 620 by 7/1/15
Message 3 of 6
Established Member

Re: Collections coming off

Thanks for the info!
Message 4 of 6
Highlighted
Administrator Emeritus

Re: Collections coming off


twalsh0625 wrote:

Typically the change gets included in the next factor that actually gets tracked. For example: You had a baddie removed, and 10 days later your CC statement posts. The CC Statement posting causes the FICO score to recalculate, the drop of the baddie will get included in that recalculation so you will see a boost from both the CC payment and low utilization (if applicable of course Smiley Happy) and the boost from the removed TL


My apologies if I've misunderstood your post, twalsh0625, but....

 

  • Collection agency items, which I believe the OP is referring to, are not the same as TLs and are not included in CC statements.
  • Recalculated scores are triggered by score requests, i.e. applications, myFICO purchases, credit monitoring, etc., and not CC statement postings.
  • Other than by their absence, the removal of baddies, whether collections, public records or TL delinquencies, are not specifically noted on a credit report.
  • Neither the removal of a baddie nor a drop in utilization guarantees a score boost.

This is not to say, however, that it's not possible for a credit monitoring service to alert you when something has been removed, i.e. compares reports daily for differences and reports those differences.

 

I would still recommend OP proactively check to see if the collections/baddies have been removed after about 30 days.

Formerly consumer affairs manager, media spokesman and myFICO Forums community manager at FICO, I'm now freelance writing for CreditCards.com and my own site, SpeakingOfCredit.com.

Message 5 of 6
Frequent Contributor

Re: Collections coming off

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Message 6 of 6