Closed Collection?

[krit]

I have a 5.5 year old closed collection by the OC showing a balance of zero. I also have an open CA due to fall off in March. Once the open CA falls off, how damaging will this closed collection be? Is it as bad as it being open? Thanks. 

[FireMedic1]

A collection open, closed, or paid doesnt affect scores. The collection itself does the point loss. It may have been sold to another agency and hasnt posted yet maybe. Or the OC wrote it off and you'll be getting a 1099c. Others will chime in.

[krit]

Yes, it was sold. I PFD that CA and got the open one removed. This closed one by the OC remains, though. 

[krit]

One more question: The open one is being reported as new every month, but the CRA said it'll fall off in March of '22. I disputed it last year, and then read that a dispute re-sets the clock. I'm not buying that. My understanding is that it can report only ~7 years past the DOFD. I hope this is right. 

[FireMedic1]

Disputing it doesnt reset the clock. It updates as a fresh entry on your reports and hits your scores. You can ask for EE with TU 6 months early, EX at 3 months. leave EQ as is. Call and ask for a supervisor. Explain that the CA doesnt even own the debt. You paid the one they sold it to. Good luck.

[krit]

Thank you! I asked EX about it last month but was told no dice. However, I wasn't speaking with a supervisor. I'll give it a shot. Thanks again for your help.