Credit Ratings
 

Just curious. I have a "collection" being shown on my credit report. I have no idea why it's there and I've called and called and spoken to "managers" for hours on end and because they weren't the ones there when it happened they think I'm lieing. Anyway it was only $80 so I said "F-U" I'll pay here here is my credit card #. My question is how much does my credit score bounce back up after it's paid? That one single collection dropped it 100points. I'm younger and don't exactly own a whole lot of stuff. I just graduated from college last year but I did have a credit score of 730 and now it's down to 622. So wtf.

How long was the collection being shown on your account? The longer the more your credit score will drop.

What you can do to get the cerdit score back up is; use a credit card (with no balance) for small purchases each month such as gas, or a meal here and there then pay the balance at the end of the month. This is called revolving credit and in the long run bulk up your FICA Score. It shows creditors you can use a card frequently and not acrue a large balance like most idiots do.
Keep in mind if you have a balance on your credit card don't do it.

TD,

Send a letter to each of the major credit bureaus contesting the collection. Write a detailed explaination of your side of the story. I've found that most creditors will "revise" their position when some pressure is brought on- particularly over such a small amount.

If you have proof that the collection was paid in full, I would forward that along with a statement that while you fully contest the collection, you paid it in full as a quicker resolution. The credit bureaus will open investigations and there is a chance that it could be removed from your history.

Even if you have paid the collection off in full, it still takes 7 yrs from the date of first activity for it to drop off your credit rating. I have been though this with a slightly larger amount and its damn near impossible to get it removed once its there. A single collection effects your score somewhere in the 40-50 pt range.

credit rating
 

ToiletDuck:

There are two things you can do. The first is to challenge the debt. Contact the credit agency and tell them you want to dispute the debt. The original creditor will have 30 days to respond. If they do not respond within the 30 days, the debt is removed from your report. You may have to repeat this several times in order to insure that the bad debt is removed.

Your second option is, that if it is a legitimate debt and it is paid in full, you can request a deletion letter from the original creditor. By law, the original creditor must show good reason as to why the debt should remain. Since it is paid in full and they have received payment, why should you be penalized any further.

Hope this helps.


atp

I've written all of them. One credit company actually removed it. The others however are still showing them. I've tried to get them to remove or show it as paid but transunion NEVER updates they sent me a letter saying ti was fixed but it's never showed on my credit report.

What about the deletion letter? Give that a try if you haven't already. Remember, contact the original creditor and see what happens.

atp