Paid Collections

Anonymous · ‎05-05-2007

I am paying off my collections but this has not improved my score. Is there any way the collector can remove the item once it's paid off. This is really hurting my credit I want to buy a home but I don't want to wait 7 years for the collections that are paid to fall off my credit. Any one have any suggestions?

Tuscani · ‎05-05-2007

evangelista_1999 wrote:
I am paying off my collections but this has not improved my score. Is there any way the collector can remove the item once it's paid off. This is really hurting my credit I want to buy a home but I don't want to wait 7 years for the collections that are paid to fall off my credit. Any one have any suggestions?

You should have negotiated a pay for delete. While you do not have as much leverage now that you have paid, you can still ask them to remove the tradelines.

Anonymous · ‎05-06-2007

Once it's paid, like Tuscani said, you lose all leverage and they lose all incentive. What's the DOFD?

Anonymous · ‎05-07-2007

What is DOFD? I am new to the Credit Score World.

Tuscani · ‎05-07-2007

Date of first delinquency. Call the CRA and ask them.

Anonymous · ‎05-07-2007

Usually DOFD is the date the account went 120 days late.

Anonymous · ‎05-08-2007

Normally I dispute collections and after so long the collectors will not respond, especially if the debt is small and the account will automatically be deleted due to lack of response.

Anonymous · ‎08-30-2007

I'm kinda jumping in late on this thread, but I'm a wreck, and so is my credit score. At least I did get on with Suze Ornman plan, it is working great!

I seen Woo's response, and wanted to know what type of letter he wrote to get those collection accounts removed. I have several colllection accounts that were actually medical bill's paid off from a few years ago, and would like to write a GW letter or something like that to the Credit Reporting Agencies (CRA's) <-- at least that's what I think the acronym is suppose to be!

Any examples, links, etc, would be most thankful!

Was out of town and didn't know about a payment due on a bank account we had long since closed (it was a line of credit, still paying on it, but never get the notifications from them!), and being late 6 days cost me a drop of 35 points on my Score! HELP!!!! Can a GW letter to the bank get them to forgive this too so I can go back to good status with them as I pay it off?

- TK

fused · ‎08-30-2007

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=2661

Anonymous · ‎09-06-2007

Tuscani wrote:

You should have negotiated a pay for delete. While you do not have as much leverage now that you have paid, you can still ask them to remove the tradelines.

Hmm. How does this play out? A phone conversation with them agreeing to a delete, followed by a letter confirming the verbal agreement (check enclosed)?