Creditors have an agreement with the CRA's to report accurate info and not to delete that info. Creditors pay the CRA's to report their info. But some do it anyways for a business decison like the CA's that PFD. They get more revenue back that they paid to obtain. There's no law. Collection accounts dont affect AAoA's.
VantageScore 3.0 ignores collection accounts with zero balances in the calculation of credit scores. Never heard about AAoA's being considered in any scoring model on paid collections.
Creditors and collections agencies must report always accurate and honest information and that is true. There is an important part that is ignored and has helped me get several removed.
All that agreement aforementioned says is that any information that remains on your report must be true and accurate.
Based on FCRA Section 623 (7)(E) they are not required to report the account or any negative information it is entirely at their discretion.
So as such they can remove the reporting of the account at their discretion but are not required to-do so. My interpretation as I've argued before and won is once an account becomes negative they can choose to remove the account pursuant to FCRA Section 623 (7) (E).
As I said. There are many collections agencies that will delete accounts once paid. There are some that wont even report if you make contact in a certain timeframe and never report it. The creditors can do what they want. The CRA's dont pay the creditors. The creditors pay the CRA's to report. So if they want it on your report. They will pay to have it there for a reason. To protect other creditors to look out for one another in a way. @RobertEG will explain it much better then any of us when he comes on.
@cyrusvalentino wrote:Creditors and collections agencies must report always accurate and honest information and that is true. There is an important part that is ignored and has helped me get several removed.
All that agreement aforementioned says is that any information that remains on your report must be true and accurate.
Based on FCRA Section 623 (7)(E) they are not required to report the account or any negative information it is entirely at their discretion.
So as such they can remove the reporting of the account at their discretion but are not required to-do so. My interpretation as I've argued before and won is once an account becomes negative they can choose to remove the account pursuant to FCRA Section 623 (7) (E).
That why people do GW letters and some are successful. Yes the creditors as I said can do what they want. What worked for you doesnt apply to every poster here. You had good luck and some dont.
@FireMedic1 - While I'm not disagreeing with you some have success and others don't. Isn't the purpose of responding to this person's topic to give them steps we've tried and had success with so that they may also use them.
Just because I was "lucky" doesn't mean they won't be lucky using the same method. Others have also been lucky using the same method. There are so many methods to try, like with older debts you can use 1099c's against the businesses based on new guidance etc.
Ultimately, I was giving the OP the steps to try next if all else fails or they get the standard textbook denial after saturation.
@cedric_86 Who is the Collection Agency over the account your trying to have removed? Also how old is the account?