This hurting my Score?

[Anonymous]

I settled on a debt with Verizon Wireless back in March. When I look at my report the balance is $0 and the Current Status is 'Collection account'. No delinquency reported. Is this hurting my score in any way? If so what should i do?

[RobertEG]

The Current Status reflects no historical information, and is simply a snapshot of the status as of the last-received reporting.

If the account is paid, it is no longer delinquent, and should not show a delinquency status.

However, prior status is retained under other codes, so whether therie is a need for correction depends upon what the reporting references.

The issue is not one of scoriing impact, it is more one of possible confusion upon a manual review, showing a collection status on a paid account.

Are you sure that it refers to the Current Status?

[crrredit]

If you mean do paid collections on your report hurt your score, the answer is a big fat yes. The only thing negative on my reports is a 2-year-old paid collection and it is still affecting my score. Five more years...sigh.

At this point, the only thing to try is a GW letter. So far, that hasn't worked for me yet, but I'll keep trying. 

[Anonymous]

I paid it back in March, so the balance is zero. Status of 'collections account' is current (today).  Nothing reported as late.  So my question is, is the status of 'collections account' hurting my score in any way. Just wanting to make sure I dont need to do anything else for this account before I move on and work on the next negative reporting account.

[RonM21]

The status itself isn't going to effect your scores. If the debt is paid, the only other thing left that you could do, is try a GW request for deletion.

The collection account itself, regardless of status, will hurt your score as long as it remains on the report, but not the status.

[Anonymous]

Sorry for not understanding. The orginial creditor is Verizon and that is who is reporting that status. The account type is open. Wish I could figure out how to post a screenshot. How would I know if its reporting in collections?