Report Date in impact on score
Date: Wed, 09/23/2009 - 08:07
any idea how much impact the reported date has on my score?
The date would get updated with every payment you make towards t
The date would get updated with every payment you make towards the account and the account would stay on the report for seven years from the date you'd make the final payment towards its settlement. This is the way it works since with every payment the amount you owe is changing.
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any idea how much impact the reported date has on my score? |
The damage might have already been done with the entry of the negative information in the report. But you may actually see some improvement in your score after settlement.
Yes, you will see the improvement to your score about 6 months o
Yes, you will see the improvement to your score about 6 months or more after you have paid it off.
Well according to what i've read, the 7 year window is based on
Well according to what i've read, the 7 year window is based on date of first delinquincy...it lists on my report too that one should drop off in 2011 and the other in 2013. so i don't think the 7 year window resets...though i guess the statue of limitations would
my question is that someone told me before that the report date is what fico focuses on for aging purposes...
In a round-about way it is. The charge-off happens 180 days afte
In a round-about way it is. The charge-off happens 180 days after the default. Then, the 7 year clock starts. According to the Fair Credit Reporting Act [15 U.S.C. ?1681c(c)(1)]:
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The 7-year period ... shall begin ... upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action. |
So, it's actually 7 1/2 years from the date of delinquency.
yeah 7.5 years is correct...my thing though is what about the 'r
yeah 7.5 years is correct...my thing though is what about the 'report date' and can paying these actually be hurting my score
In the short run, a little. In the long run (after 6 months) it
In the short run, a little. In the long run (after 6 months) it will help immensely. With responsible use of credit, you will be surprised how fast your score will begin to climb, although it will be a little slow at first. When people speak of "tolling the SOL" (stopping the clock) by making a payment that relates to the state SOL for filing a lawsuit. If there has been some time past it is best (and safest) to simply pay it off - again, depending on your state - some states will automatically reset the clock when you admit it's your debt (by negotiating for a settlement)... It's a bit tricky...
An unpaid debt will hurt you more than a paid debt, regardless.
yeah but isn't paying a collection different then paying say a c
yeah but isn't paying a collection different then paying say a credit card?
i'm not concerened about SOL at all, i'm only concerned about the report date and its effect on my credit score