Do Collections (2+ Years Old) Still Factor Into Score?
I have old accounts (2 left) that will be unpaid after this week. One is an ATT account and the other is Con Edison (utility). I noticed they were 2004 close accounts but reported as 'opened collection' for 2006
Is it past the point where they hurt the score? While I will pay them I know the ca's won't do a delete. Just wondering if they are hurting the score more or less than I figure.
Thanks for all of your time and support!
PS. I noticed the one collection that's with CAVALRY PORTFOLIO SVCS is listed as an AT&T account. HOwever, on the AT&T site, they list a bunch of collection agencies they work with and they were not listed. Is that standard?
Re: Do Collections (2+ Years Old) Still Factor Into Score?
All serious derogs (90+ day lates, charge-offs, collections, public records, repos, foreclosures, etc.) will have their greatest impact on scores for the first two years. Over time they will have less of an affect on your scores.
Re: Do Collections (2+ Years Old) Still Factor Into Score?
Thanks for confirmation. That said, I'll work to delete them. I hate how accounts update each month for things that were first delinquent in 2004 (opened 2006)