The effect of a 6.5 year old collection on score

[MidnightVoice]

I tend to treat my CRs and DWs CRs as one big report, as they broadly similar (nearly everything on our reports and in our life is joint). 

There is only one baddie on any of our reports - a six and a half year old collection (that shouln't be there, but the OC has no record of why it went on - long, long story).  It is on 3 of the 6 reports.

Average score of the reports it is on - 705

Average score of the reports it is off - 797

Just thought I would let you all know.

[haulingthescoreup]

Which three is it on, and which is it off? I assume you're talking about reports from myFICO vs reports directly from the CRA's, and not three brand new credit agencies? I've had enough of a blow for today.

[fused]

A collection this old isn't having much of an impact.

[MidnightVoice]

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haulingthescoreup wrote:

Which three is it on, and which is it off? I assume you're talking about reports from myFICO vs reports directly from the CRA's, and not three brand new credit agencies? I've had enough of a blow for today.

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Self - on EX

DW - on EQ and on EX

All via myFICO

Message Edited by MidnightVoice on 10-16-2007 03:55 PM

[MidnightVoice]

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fused wrote:

A collection this old isn't having much of an impact.

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I call 92 points a pretty big impact!

[fused]

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MidnightVoice wrote:

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fused wrote:

A collection this old isn't having much of an impact.

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I call 92 points a pretty big impact!

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I have never experienced, heard of or seen a 92 point increase when a collection this old falls off a report. IMHO, that would be material for the Guinness Book of World Records. A collection less than 2 years old it's certainly a possibility.

[MidnightVoice]

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fused wrote:

I have never experienced, heard of or seen a 92 point increase when a collection this old falls off a report. IMHO, that would be material for the Guinness Book of World Records. A collection less than 2 years old it's certainly a possibility.

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So should I submit it to them? 

I will be VERY interested to see what happens to those scores come about April next year.  But that collection is the only major difference between the reports - the high scores have a total range of 16 points, the low scores a range of 33 points.  Seems pretty good evidence to me!

[scramblingin2007]

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MidnightVoice wrote:

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fused wrote:

A collection this old isn't having much of an impact.

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I call 92 points a pretty big impact!

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I agree, 92 points is HUGE!

[RobertEG]

Midnight, I am curious.  If the collection agency has no data to justify the collection account, and you have disputed it per the Fair Credit Reporting Act, they have a legal (non-discretionary) obligation to remove it.  Period.  It is the law, not a matter of choice.  Once properly disputed, they have 30 days to justify.  I would be interested to hear their rationale for not removing it..  A statement that they have no data upon which to make a decision is an express legal admission of their legal obligation to remove it.  I would elevate this to government regulatory review, as it appears clearly improper.

And any adverse effects you have suffered since disputing this item would clearly subject them to legal action based upon non-compliance with the FCRA.  The entire intent of the FCRA is to prevent this type of unwarranted abuse and neglect of the consumer.  I would sock it to them1111

Message Edited by RobertEG on 10-16-2007 08:56 PM

Message Edited by RobertEG on 10-16-2007 09:00 PM

Message Edited by RobertEG on 10-16-2007 09:02 PM

Message Edited by RobertEG on 10-16-2007 09:04 PM

[MidnightVoice]

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RobertEG wrote:

Midnight, I am curious.  If the collection agency has no data to justify the collection account, and you have disputed it per the Fair Credit Reporting Act, they have a legal (non-discretionary) obligation to remove it.  Period.  It is the law, not a matter of choice.  Once properly disputed, they have 30 days to justify.  I would be interested to hear their rationale for not removing it.

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EX does not need a rationale for not removing it!    You know EX.

I am just too lazy to bother going through the whole process of getting it sorted out -  OC, CA, CRA etc- it will probably drop off quicker than I can get it removed.

And the important thing - it is NOT adversely affecting my life at the moment.  My EQ and TU are high enough to get DW and I all the credit we need, my middle score is high enough to get the best mortgage and other loan rates etc.  Due to this place I now only apply for new credit or CLIs when and where I know I will almost certainly get them.  Knowledge is power - because I now know more about credit in general, I can speak to CCCs, not get pulled and get information from them, and am more likely to get what I want.

So all in all, I am good