Hey guys, I'm a n00b, so be gentle! I was checking my credit report last night (all three are in the 620s now) and I'm trying to clean some stuff up. I have some very old stuff that is falling off in a year... but there is a medical bill that is haunting me. The collection agency is West Asset Management and it's for $341 and it was assigned to them on June 2003. Looks like I'm going to have it for a while. So here's the scoop: I'd like that tradeline removed. I'm making enough money now that I can afford to pay that off two or three times over (in full), if I want. Question is: is it a good idea to contact the CA in order to try to get it removed? Will they even do that, if I pay in full? What do I say and what should I do? Thanks, Jeff PS. Are there any possible estimates on how much getting rid of this tradeline would help my credit? PPS. How crappy is a 623 at EQ?
I think you have nothing to lose by contacting the CA, and requesting a "Pay For Deletion" for the account. Offer to pay the debt in full, in exchange for deletion of the tradeline. As it is four years old, you may have some leverage with it nearing expiration of Statute Of Limitations for legal collection through civil judgement. But, keep detailed notes of the conversation, and get any agreement in writing PRIOR to paying. Then I would dispute with the CRAs as insurance. Determining the positive effect on your score is difficult, it could be anywhere from 15-50 points, based upon how much other negative information is on your account. As for grading a score of 623, this is on the lower side, and you probably can get some credit, but you will have to pay much higher interest rates. You will not qualify for many of the top credit cards, and/or better rates on auto financing. A mortgage will also be "subprime" with this score, and you will pay a higher interest rate.
