As I've been going through my collections, I've noticed several CAs have offered (on their website or verbally) to "stop reporting" on collections that are paid. So far, I've only had one actually say they will delete the account entirely, and I paid it - just waiting for them to make good on their promise (in writing).
Obviously, my highest priority is to have the accounts removed from my reports once they are settled or PIF, but I'm not quite sure what stopping reporting to the bureaus actually does. I assume it doesn't actually remove it from my report, correct? Is it possible to dispute a collections account that has stopped reporting but isn't deleted in order to have it removed, or would I be wasting my time?
Either way, I'm sure a paid/closed collection account on my reports is better than one with a balance still showing (and to get a mortgage eventually, they'll all need to be paid regardless), but I really want to maximize my opportunites when paying these off and don't want to go about it the wrong way because I got confused by some wording.
Any advice/help is much appreciated!
@Anonymous wrote:
@ORllyNao wrote:As I've been going through my collections, I've noticed several CAs have offered (on their website or verbally) to "stop reporting" on collections that are paid. So far, I've only had one actually say they will delete the account entirely, and I paid it - just waiting for them to make good on their promise (in writing).
Obviously, my highest priority is to have the accounts removed from my reports once they are settled or PIF, but I'm not quite sure what stopping reporting to the bureaus actually does. I assume it doesn't actually remove it from my report, correct? Is it possible to dispute a collections account that has stopped reporting but isn't deleted in order to have it removed, or would I be wasting my time?
Either way, I'm sure a paid/closed collection account on my reports is better than one with a balance still showing (and to get a mortgage eventually, they'll all need to be paid regardless), but I really want to maximize my opportunites when paying these off and don't want to go about it the wrong way because I got confused by some wording.
Any advice/help is much appreciated!
Stopping reporting will allow the debt to begin to age. Every month they report, that takes you back to 0 months since last negative. This kills your score every single month. So the sooner you can stop the bleeding, the sooner your report/score will start to heal.
Is this true for 5y3m old unpaid medical collections? That it will report 0 months since last negative for the past 5.3 years? My EQ score is lower than EX and TU, and also the only one with an unpaid medical reporting ($200). Potential mortgage lender instructed that I not pay it as it won't help my score, even though I could PIF/PFD. It is past SOL in my home state. I'm just wondering if Equifax is considering me deliquent monthly and i'm still "Bleeding" from it.
Disputing a legit debt will more than likely just waste your time and piss the creditor off. A better idea is to pay the debt, and then start a goodwill campaign to have the negative information removed. Just my .02
OP, I would think "will stop reporting" would mean they will stop updating it monthly. Not necessarily removing from your reports entirely.