Paid Collections Bringing Down Score
I recently paid off all my colletion accounts, 6 total, in order to purchase my home...The thing is, now that I paid them off my FICO is still 553...I now know, since being a member of TCI that paying off all collection debts is not a way to raise my FICO score. I disputed these collection accounts by saying "these debts are eronous" and the reply was, "these debts were verified as correct....My question is how can I dispute these paid collection items from my credit report, since they are bringing down my FICO score.
I know how to do it now, I have the forms
for sale that are (2) to get stuff off yr
cr. record, very effective , not many people
have them, just simply ask
to verify it with some references to some
laws, works everytime for me, gets deleted. Sometimes, I have to send ltr to
the creditors to get them to cease and
desist from puting it back on.
**Please See My Profile**
Quote:
On 2004-02-25 17:28, felineeyes wrote:
I recently paid off all my colletion accounts, 6 total, in order to purchase my home...The thing is, now that I paid them off my FICO is still 553...I now know, since being a member of TCI that paying off all collection debts is not a way to raise my FICO score. I disputed these collection accounts by saying "these debts are eronous" and the reply was, "these debts were verified as correct....My question is how can I dispute these paid collection items from my credit report, since they are bringing down my FICO score.
PM and I'll help you...at no charge. It's very simple just takes a few weeks that's all.
[addsig]
I am familiar with a process to take creditors to mitigation and winning via default. It's pretty effective to the majority of my clients. I wouldn't pay for anything though so be careful. Once the debt is absolved the creditors or required to remove all derogatory remarks with in 30 days but they drag it out. Your FICO May not jump immediately. If the Derogatories are removed and the account stays open (unlikely) you may see an increase in score. Also removal of derogatory (30/60/90/120 day lates and Collections) may stop affecting your score but only if the accounts can stay open or you have 3 - 5 the good tradelines with a $1000 aggregate.AND a good Mortgage or rental History 24 months w/o lates.