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This entry was posted on Friday, August 1st, 2008 at 1:57 pm and is filed under Credit Repair.
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August 15th, 2008 at 9:34 am
will it help to pay a bill that has been in collection for some time?
August 15th, 2008 at 11:18 am
Not in the short run, but yes in the long run. The way your credit is scored in relation to collections is they are graded by time. i.e. a 3 year old collection has less “weight” on your credit score than a 1 month old collection.
The problem is, the bureaus measure this time from the “last activity” variable on your credit report. So, when you pay the collection your last activity date changes which actually has a negative effect on your credit. However, in the long runthis is the only way your credit can be corrected.
This is why I suggest that you cave your money and payy all of your collections at onece. This way your credit will heal on an even time-frame. PS I am sorry about lagging behind on the tutorial, I should have the next chapter done today…
August 25th, 2008 at 7:31 pm
How long does bad credit history stay on your credit report,if disputed i understand 7 years or older information must be removed is this correct?
August 26th, 2008 at 11:41 am
Seven years is the statute of limitations (SOL) that collections or a poor pay history must be removed, with the exception of bankruptcies, judgments and state and federal tax liens. These can be found in the “Public Records” section of your credit bureau.
However, when paying off debts to the collection agencies you can try to negotiate that they give you a letter stating “this debt was reported in error” in lieu of you paying the full amount.
ANY OTHER LETTER WILL NOT WORK. The letter from them must state that they reported the remark in error, then you can have the collection removed immediately and your score will go up overnight.
Most collection agencies are unable or unwilling to do this. However the agents are on commission, I have negotiated a low pay-off and then asked them for the letter in lieu for paying more on the debt.