I have an old collection account on my credit report. That was paid.. But thats not whats on my report.?

I have an old collection account from 2004. I have called the collection company and they said that it was also paid. They have told me to have the bureau contact them to verify. NOW if I do that will they make the notation that it was paid in 2004 or the current year of 2007? Because I have done research and have discovered that they might make the notation that it was paid and/or updated in 2007 which may have a huge nagative impact on my report is this true or will the notation be made that it was acctually paid in 2004 and not 2007 how does this work..... thanx

10 Answers

  • c_crum
    Lv 4
    1 decade ago
    Best Answer

    Hi Chef,

    If I am reading this right, you are saying that there is a derogatory collection account on your credit report and the credit agency's report shows that it is unpaid, is that correct?

    If so then showing it paid in 2004 or 2007 is a mute point. Because showing it paid either way will impact your score in a positive manner. Better to have it show "paid" at any date than have it showing still in collections.

    You need to dispute the information on the report with the credit agency. You can typically do this online. According to the Fair Credit Reporting Act the credit agency must contact the collection agency and that agency must report factual information including the date it was paid. Typically the credit agency will report it accurately but if they don't, dispute it again and again until they get it right.

    By the way, the collection agency has 30 days to respond to the credit agency's request. If they don't respond in time then the collection must be removed from your report forever. Dispute it during the holiday season or during the summer months when everyone is on vacation and it might go away all together.

    Good luck!

  • 1 decade ago

    Most of the answers are correct. It doesn't matter when you paid this account. This account will still appear as a collection account. But it is better to show paid then not paid.

    The date will have no affect on your score. Updating the balance to zero will have a small change on your score.

    TransUnion, Experian, and Equifax will have a limited role in correcting this. The only type of documentation we can use is a letter from directly from the company reporting this account is paid. There are a list of criteria the letter must meet or it can not be used.

    I would dispute this account with all three agencies. Simply stating this account has been paid. There is a good chance the company may not respond and that account can be deleated.

    One tip, is to contact the Trans, Exp, and Equifax directly. Then the company has 30 days to respond to a dispute.

    If you order your free credit report from annualcreditreport.com and place a dispute from that site, the company has 45 days to respond.

    Good luck and if all else fails, you are more than welcome to contact the fcc of your state and they will contact the collection company. But that does take some time.

    Source(s): Worked for TransUnion
  • 3 years ago

    the rule of thumb of seven years on a sequence account being dropped is fake. the way sequence companies artwork around this rule is they are going to sell their sequence bills to a various agency and the potential of 7 years starts lower back. the excellent thank you to do away with this account is to pay it. A debt is a debt till it fairly is paid. you may call the financial agency and cancel the computerized withdrawl however the greater efficient answer is to in basic terms pay it. as long as you pay some money say $5.oo curiously greater efficient than paying no longer something. additionally be valuable to write down a letter to all 3 credit companies explaining why the account replaced into antisocial. they are going to connect this letter on your credit checklist and accessible lenders,employers etc, will see which you're a responsible person it rather is making an attempt to make amends on antisocial bills.

  • 1 decade ago

    go to www.annualcreditreport.com and get a free copy of your credit report. Dispute the balance and the credit bureu will contact the collection agency to verify payment has been made. The collection agency will then either tell them its paid or they will have 30 days to prove that it hasn't been paid. If they don't prove that it hasn't been paid then it will show as paid.

    When it shows as paid doesn't matter it will all be the same on your credit score no matter when it was paid as long as its paid.

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  • 1 decade ago

    This is what you should do. Go online to transunion.com..Buy a 3 in one report. This will who you info on all three major bureaus. Each company gives you the option to dispute each item that in on your report. I believe you can do two online and you will have to submit to the other agency in writing. It is well worth the money and it works. I have helped a couple of my friends with this. The turnaround time is under a month but stay on top of it...Good Luck.

  • 1 decade ago

    I would send a receipt that your obligation was taken care of in 2004 directly to the credit bureau telling them to list it as paid in 2004, don't be afraid to question them.. Be firm.

    Good Luck

  • 1 decade ago

    send a receipt of the paid item to the credit bureau company, then they can do what they have to do, make sure it is a clear copy of the paid item. do you have a letter or anything from the collection company stating that it was paid. if so send that letter along as well.

  • 1 decade ago

    That's odd. They should update the information every 6 months. Make some more calls.

  • 1 decade ago

    if you have written proof that the item was paid and you have proof that you wrote the company three times its time to contact the state attorney generals office.stand up for your rights.

    Source(s): have been there many time and it pays to check your file once a month.
  • 1 decade ago

    Call them or pay a visit. Settle the matter ASAP.

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