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Discussion in 'Credit Talk' started by kev0153, Jul 26, 2016.
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Are you positive nothing else changed on your credit reports? And are you referencing a FICO credit score? Paying the collection should really have no immediate impact on your FICO scores, but congrats on the 20-point gain nonetheless.
Your post intrigued me so I started doing some more research into the newest version of the FICO credit score- FICO Score 9. I came across this quote from one of FICO's recent press releases:
"Among many enhancements in FICO® Score 9 is the way consumer accounts are treated after they are sent to collection agencies. First, any collection account that is paid in full is disregarded. Second, FICO® Score 9 differentiates unpaid medical accounts in collections from unpaid non-medical accounts in collections. FICO's research found that unpaid medical accounts were less indicative of credit risk than unpaid non-medical accounts. In fact, building the most predictive credit score requires treating medical collections this way."
To me, this means that the new FICO 9 credit score simply disregards paid in full collection accounts. In addition, the FICO 9 credit scoring model is looking at medical collections in a different light as well, which means they likely don't have as great of a negative impact on your credit score as unpaid non-medical collections.
So maybe this is what you're experiencing with the Time Warner collection you paid in full? If so, this is a really positive change for consumers and one I definitely need to research more. The FICO 9 Score was made available to consumers this year; however, I doubt many lenders have adopted it already. Lenders move very slowly on this kind of stuff.
It's always hard to tell what is changing when using credit karma. I believe they use vantage.
Yes, CreditKarma provides the VantageScore, which I believe still treats both paid and unpaid collections the same.