I was wondering how heavy a paid collection account weighs on your score. I have 3 paid collections. Is it worth disputing as not mine and see if I can get them off? Any inpute is appreciated.
Hello, I have a paid collection and they keep verifying. How are they reporting the collections? Currently past due, I5 or paid/was previously late? My problem is that my paid collection is being reported as currently past due and if it wasn't the score simulators say it would increase my score by approx 20 points. I've tried disputing the status several times and it always comes back verified.
Yes it is worth disputing off. BUT>>there is a downside to it (at least the way I see it). I applied for AmEx blue last week and they pulled EQ. There are two paid collection accounts on my EQ report--those are the only derogs left. Well, I disputed them back in March as "no knowledge" and they were both verified by the CA sometime in April. So, EQ changed the "last reported date" to April 2002. When I called AmEx this week to talk about why I was declined, the lady at the other end of the line explained that "collection accounts reported within the last two years count against you...". So, in other words, even though both of these were paid back in '99, the reporting date was changed when I disputed the trades and that is why I was declined. In this scenario, disputing the paid collections actually had a negative impact on my report. Well, at least this is what AmEx told me. I told her that I regretted ever paying those collection items, because either way I still would have been declined for their card. She just sighed and that was it. BTW, I totally disagree with their philosophy of basing their decisions on the "report date" rather than the date it was actually paid because it makes no logical sense to me. I would have liked an AmEx card, but what can you do.
matt, This is bothering me, something to consider, if equifax is using the "date reported" as a verification or status date, then that tradeline isn't accurate. The "date reported" is specifically attached to the amount, balance, and balance date. To be accurate they should have updated the "status date" and included under "note" that the information was verified on that updated status date. I would explain this to equifax in a new dispute, request specific verification of the "commencement of delinquency" date or deletion; payment date, and question the accuracy of the "date reported" date. Then request your corrected report be forwarded to amex for reconsideration. Disputing a paid collection shouldn't have a negative impact on your report. Did you request validation from the collection agency and was it provided? Sassy
for equifax the date under "last activity" is the date of delequency were the 7 year timer starts from.. the date reported is the last time the account was reported to them from the ca or oc... I think the amex rep was looking at the wrong date field and should of applied their 2 year rule to the last activity date..
