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Credit & Collections
Posted on 3/27/13 at 9:37 am
Posted on 3/27/13 at 9:37 am
I had a collection on a $57 medical bill back in 2009. Called the credit bureau to get it cleared. It was paid, but still showing on my credit. How long will it take once this dispute is resolved to show an affect on my credit score? And how much of an impact will it have?
4
Posted on 3/27/13 at 9:41 am to JPC526
1 collection 4 years old isn't going to have much of an impact on your score to begin with. If it is removed, I would expect minimal movement (soley based on this one item).
Posted on 3/27/13 at 11:11 am to JPC526
quote:
How long will it take once this dispute is resolved to show an affect on my credit score? And how much of an impact will it have?
I think the law is it HAS to be dropped after 7 years unless you dispute it and the company doesn't respond to the request, the bureaus will drop it.
Dispute it, and if they don't drop it, dispute it again until the don't reply and it's gone. You just have to choose a different reason for each dispute. But don't expect that to have a huge improvement on your FICO
Posted on 3/27/13 at 12:18 pm to JPC526
If it was a legit collection, and all you did was pay it, the bureaus aren't going to delete it even if you dispute it. If they can validate the debt was your's and valid with the collection agency, they will just leave it on there. If the collection agency is lazy and don't want to bother with proving it's your's, you may be good.
What you SHOULD have done was offer a "Pay For Delete" to the agency where they would delete the collection once you paid your outstanding bill. If the bureaus don't delete it after the dispute, you can always call the collection agency and ask them to delete it or write them a "goodwill letter" asking them to do so.
I had a collection removed that was less than a year old and my FICO score jumped about 50 points. I had one removed that was about 5 years old and didn't see any increase. You still don't want it on your credit report even if it doesn't affect your score.
What you SHOULD have done was offer a "Pay For Delete" to the agency where they would delete the collection once you paid your outstanding bill. If the bureaus don't delete it after the dispute, you can always call the collection agency and ask them to delete it or write them a "goodwill letter" asking them to do so.
I had a collection removed that was less than a year old and my FICO score jumped about 50 points. I had one removed that was about 5 years old and didn't see any increase. You still don't want it on your credit report even if it doesn't affect your score.
Posted on 3/27/13 at 2:01 pm to JPC526
Just add 7 years from the date of last payment or no payment for the bill and that should be when it will fall off.
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