@PrinceCorwin wrote:
Paid a couple collections accounts on my wife's credit report down to $0 balance. Still reporting as collections accounts with $0 balance on reports. Companies say they don't remove accounts, only update balance. What do we do now?
Unfortunately, collections will stay in your report for up to 7 yrs. Their impact on her credit score will slowly become less significant as time passess. When you say "companies", I'm assuming you mean the collection agencies who took over the defaulted loan? They are not obligated to remove them but some will do it. Perhaps, the collection agencies who has the accounts just aren't as nice.
My personal experience, I had collections as recent as 2013. When I paid them all off in early 2015, I called and asked for letter of removal from them to send to the CRAs and, thankfully, they obliged. Within 6 mos, I had zero collections showing on my report.
You know how they call incessantly to make people pay, maybe turn the table around and keep asking if they will? It's worth a shot, I guess. Otherwise, there's nothing you can really do until they will eventually fall off.
