I just pulled my Equifax FICO and was hoping to see some improvement from my last score, 581. For the last few months, I have only had an old charge-off from 1997 as negative information. I was shocked to find it was now 568, and a new collection was added to my file. It's a collection agency, which is trying to collect on a $250 debt from 1994. I know darn well the SOL is up for it. It was never on any of my reports until May 2001. MY question is, how do I approach this? Do I dispute with the CRA or do I get in touch with this agency? Can this be reported at this late date? Any suggestions would be quite welcome. I plan on buying a new car in August and was right on track with what my credit union wanted. I'm afraid this will blow a hole in the whole darn thing.
