Hello everyone, I had a question as well about paying old collections. Has anyone ever heard of a " pay of deletion letter" where the creditor agrees to delet an old item if you pay it. If so does anyone know where I could find a form letter for this? Thanks

Eventhough, I ask these questions, I do continue looking for an answer. I just found this on another forum.


UPDATE: In 2007, Fair Isaac agreed with debt collectors that a debtor should not be penalized for paying off old debt accounts. While it is true that renewed account activity could reset the date of last activity on a collection account, it does not change the date of last activity for the original debt. Furthermore, Fair Isaac claims that adjustments have been made in credit scoring that allow for a debtor to pay an old debt without any negative movement in their credit scores. This settles a decades old argument that paying off an old liability demonstrates financial responsibility. What we do not know is whether the actual change to risk scoring models was made in 2007, or if it is part of the FICO 08 scoring update. Either way, by late 2008 debtors will not be penalized for paying off an old debt account. With this in mind debtors can pay off older accounts without fear of a negative credit score reaction. This is true for lump sum payoffs. Making a series of payments on an old debt is still not advisable. Still though, debtors should focus on newer debts, since older accounts may drop off their credit report before they get a chance to repay them.

Does anyone know if my credit score will be punished if I pay off old collection items? I have several items (5) that are under $200 for telephone, medical, etc. I want to pay these off, but I read somewhere that this could negatively affect my scores and that they are best left alone. Read that it's better to leave the old alone and just focus on the new credit, paying all bills on time and keeping balances low.

When my DH became terminally ill, we had to surrender a car that he had just purchased (both our names were on the note) that item is due to drop off of my report early 2009. I just noticed that Portfolio Recovery has picked it up as a collection item and added over $2000 to the balance. Now that one is showing up as a new collection item on my Experian report.

What can you do?

Yes unpaid hospital bills can be reported to the credit bureaus, usually as collection items, or as judgments. My suggestion to you since you are so unclear as to where your credit stands is that you get a copy of your credit report from each credit bureau along with the score. That is the only way you will know exactly where you stand. You do not have to purchase all three of them at the same time and they will be less expensive than myfico.com. Due one each period or each time you get your hands on some extra cash. The information contained therein is invaluable so just need to bite the bullet.

yup... this is my only problem....i have some medical bills but im not sure if they get posted to my umm reports or not.. do they?

:cheerup:Ahhhhh come on, we got your back here, no need for feeling like you are the only one. some people in here would not mind trading places with you. One baddies, psssss, please. When I first got my credit report sent to my house, it had to be delivered to my door because it could not fit into my mailbox. Now how do you feel:laugh:.

Yeah, it looks like you are a little new to the world and may have to wait for establishment to occur. But earlier you said you messed up your credit. I know you are not hollering about this one item?

How long has the negative been reporting? When I pulled my credit report, I had nothing good on it.............................unless, they are saying that your scores are too low to be calculated and that is like the low 400's or beneath it right? That is the only thing I can think of

well the deliquent hold on ima pull up my report on experian... i dont mind posting my hiorrible credit


Date Opened:
12/2005 Date of Status:
02/2006 Reported Since:
02/2006 Last Reported Date:
02/2007
Type:
Installment Terms:
1 Months Monthly Payment:
$0 Responsibility:
Individual
Credit Limit:
$1,352 High Balance:
N/A Recent Balance:
$1,352 Recent Payment:
$0

thats my only negative.. in which im tryna clean now.. ballys fitness robbed me


.. i got a free equifax today.. and that negative isnt on there for some reason

How long has the negative been reporting? When I pulled my credit report, I had nothing good on it.............................unless, they are saying that your scores are too low to be calculated and that is like the low 400's or beneath it right? That is the only thing I can think of.

Wait a minute, this is too new to me. I have heard of someone requesting additional info....this is crazy. OK, even if you had messed up your credit, something should be on there reporting. IF you have just those two cards, that is good enough. You say you saw them before, was it a problem similar to what myfico is saying? Also, what credit monitoring service was that? I'm wondering was there a mistype going on which caused you to receive that response! OOOOORRRRR...........

she said i havent had a record on file for 6 months or something like that?

which is true.. the oldest card on my report started reporting on 07-08

Wait a minute, this is too new to me. I have heard of someone requesting additional info....this is crazy. OK, even if you had messed up your credit, something should be on there reporting. IF you have just those two cards, that is good enough. You say you saw them before, was it a problem similar to what myfico is saying? Also, what credit monitoring service was that? I'm wondering was there a mistype going on which caused you to receive that response! OOOOORRRRR............

most likekly i dont.. my credit is messed up...

i called its because i havent had a card on file for 6 months


i jus recently started building my credit got my first card like 5 months ago.. than got my kay jjewlers card and my macys card!

and 1 bad on file from balleys fitness

but i guess ima keep building wit the cards i have tilnext year.. than check my score out

[B

Thank you for your interest in FICO-Scored Experian Credit Profile.[/B]

We regret we are unable to fulfill your order request because your credit report does not currently contain enough information to meet the minimum scoring criteria required to calculate a FICO® score. In order for a FICO® score to be calculated, a report must contain]

Say what? Do you not have any credit cards or loans? Sometimes they may require a copy of your DL or utility bill to confirm your identity, especially if you have recently moved. Otherwise, it almost sounds like you don't have credit.

Damn im sad now....





Thank you for your interest in FICO-Scored Experian Credit Profile.

We regret we are unable to fulfill your order request because your credit report does not currently contain enough information to meet the minimum scoring criteria required to calculate a FICO® score. In order for a FICO® score to be calculated, a report must contain:

It takes time to build good credit, it doesn't happen overnight.

Thanks Ur Great for the Help... Now this is where i stress myslef out by getting my score.. im expecting low 400's