First time here, hope I make sense. How much will having 2 collections removed from my cr improve my score? Also, I have a dispute with EX on 2 accts. I checked the status today and one is still pending, the other says updated. What exactly does updated mean? My results won't be available for review until 12/23. One other thing. Why are scores from different agencies so different. My score from EX and EQ have a difference of about 68 points. Is that odd. Thanks!!!
I'm new too but I'll try and field this one and everyone can beat down on my answers if incorrect. Difference in the scores: The scoring models that they release to you are not always your true FICO scores. Sometimes they are close but I think a lot of people here say that your Equifax (i think so be kind) is the closest to accurate. Experian and TU scores tend to be more far off than Equifax and they can be different from one an other based on minor differences between the reports or the way that they are reported to your bureau. Like say you have a VISA card and it reports to two different bureaus. Never been late but the balance on one is your balance from two months ago vs. the other that shows your balance from say 5 months ago (seen it happen, so it does). This does not reflect on how you pay your bills or how well you keep your account, but can affect what your debt percentage is and that can make a big difference in scores. The formula is secret supposedly on finding out what your true FICO score is. If the formula was out there for everyone, then FICO would not be in business. Look at your reports closely. Look for minor differences - like when the trades were last updated, the amount of inquiries and who they are from, the amount of the balances on your open and closed accounts, and see if one has just different things reporting on it. This is a good start to see areas where you need to work on. Also as I understand it, Experian is the one that is the most popular so you might want to start your effort with them, just to get the ball rolling. As far as having the two collection accounts removed - Its going to depend on how long ago they are from, what percentage those collection items were in ratio to your total debt, how many other "good" tradelines you have, I guess in general - a few different things But if they do remove them, its good either way Hope this helps and that I answered your questions correctly
Thanks for your reply. The oldest collection is 3 years and the other is less than 1 year. I have letters from both companies stating that there is no record of collection and both accounts were paid in full. I just wondered if it would greatly improve my score or should I just let it go.
Are they being reported as open collection accounts or are they being reported as paid collection accounts. There would be a big diference there in the way they were being reported. What can it hurt? I'd dispute them until they got sick of me and they fell off. It can only help your score.
Both accounts are showing balances. When I called the companies, they immediately sent letters for me (my husband & I are applying for a mortgage) stating that the accounts have a zero balance and they have no record of collection activity for these accounts. How could they be reported as collection/charge offs if the company doesn't have a record of collection for the accounts? Something sounds screwy around here!!!
There both showing open collection accounts on your bureau but you have letters in hand saying that they have a zero balance and there is no record of collection activity for those accounts? Dispute them as not yours. At worst they will come back as verified as paid collection accounts. Best bet is that the collection agency will not even respond to the dispute and you will get both deleted. I wish I had it made like you do.
Deleting a paid collection that was 2 1/2 years old got me one point on my FICO. Where it hurts is when your other creditors use it as a reason to raise your interest rates because you are now a bad risk because you have a collection. Funny thing is that when it is deleted, your interest rates do not go down.
Your score may go up or down any where between 1 and 100 points.Depends on how they roll the dice: Cause noybody knows the score least of all FICO
So what you have here is 2 different Fico scores on the same account at the same time.Aren't the benefits of F I C O wonderfulllll?
No don't let it go. Fico is not the only thing to consider here. Collections are very damaging to your credit worth regardless of their effect on your score!====================
Even thought the system isn't perfect you can't just simply do away with it. Another system that won't have so many errors needs to be in place first. The only part of the "system" *I* would do away with is having inquiries hurt you. Kellie
You got back 1 point of the 20 points that fico took off your score when the collection was first reported. Don't FICO ROCK ? . FICO at work -don't U just love it?
And just where do you find a good scam to replace it with when there isn't any such thing as a good racket? And just why not.? ! If somebody was breaking into your home would you call the police on the spot or would you wait for a better intruder to come along first?
