I was looking at my Equifax Credit Report and noticed something that I've not noticed before. You see, their Status, Type of Account, and Tiimeliness of Payment System works like this: 0=Approved not used; too new to rate 1=paid as agreed and so one down to: 5=Pays or paid 120+days past the due date; or collection account 7=Making regular payments under wage earner plan or similar arrangement 8=repossession 9=charged off to bad debt My questions are this: If you have an account that is an unpaid collection account, aren't they supposed to report it as a 5 and not a 9? If you making regular payments under wage earner plan or similar arrangements then why would the rating turn into a 7, which is worse than a 5. This seems illogical!! After you pay these accounts off, whether they are a collection account or an open account (even if previously charged off), shouldn't they go back up to a 5 and not stay a 9? This is the most ignorant and confusing line of BS I have read yet to determine anything pertaining to credit reports and their scoring systems. My thoughts were to turn all of my 9's into 5's thus increasing my credit score. Anyone have thoughts on this?
