I wish I'd known that before I paid this collection account on my report. I owed these guys $29, and the day before I started reading Creditnet I paid them. I had a 582 Equifax FICO then. Now, two months later, it has finally been changed to "PAID" on my report. I have a 582 Equifax FICO now. When people say that paying a collection doesn't help your score, and may hurt it, they are *not* exaggerating. I am in the middle of a dispute over this account, hopefully it will drop off of the report. Incidentally, today was 2 days after the 30-day anniversary of Equifax receiving my dispute, according to the return receipt. I guess they have another.. 12 days to respond, once they took their 30 days to decide what to do with it?
That's not necessarily true. A few years ago i came into a small financial windfall, and paid or settled most of my collection accounts. It raised my score quiet a bit.
Perhaps you were on a different scorecard than me. Fair Isaac allegedly has 12 different scorecards, at least, and some things are weighted differently on some than on others.
Well, aren't there are a lot of different factors, such as how old the collection was, how much the collection was for etc? New collections dropping off will raise your score, older ones not so much so. My biggest score increase came from getting a 2 year old collection off versus getting a 5 year old collection removed.
They only have 15 more days if they notify you. if they have not updated in 30, then call and ask what the heck are they doing.
Here is how that works 5 years ago they knocked 25 points off your score for it, today it came off and they added 10 of the 25 points to your score what happened to your other 15 points? 2 Yrs ago they sliced your score 25 points on this one too. For this they add 20 of the 25 points back to your score when it came off today so you're still cheated out of your other 5 points on this one. New or old we still get the shaft, one just isn't quite as royally as the other one.
