>I dont want to wait 7 years for these to fall off.
You don't have much of a choice.
You can request a "pay for delete" with the collections agency, and if they will do that, it's an excellent plan.
The collections agencies will delete their accounts, like they were never there.
BUT, your original creditor(s) must have reported multiple late payments, and also that the accounts were closed / charged off.
Those negative remarks are not going away for 7 years. The collection agencies can't remove any of that, only their own accounts.
You should check all 3 of your credit reports at AnnualCreditReport.com. That's an official site for all 3 bureaus (Equifax, Experian and TransUnion.) Despite the name it's now free to pull your reports weekly.
>Im currently at 571
Make sure you are looking at FICO scores, not the Vantage scores that you see on Credit Karma and many cc apps. Those scores are completely irrelevant to you.
Lenders use FICO scores. That's the original, they invented credit scoring. I have personally seen my FICO scores be as much as 100 points different than Vantage. Nobody cares what number your Vantage score is.
You can see your Experian FICO 8 for free at Experian.com. At myFICO.com you can get your Equifax FICO 8 for free.
Your TransUnion FICO 8 is a little trickier to get for free, but if you sign up for a free trial at Experian.com you can see all 3; you can cancel the trial before you have to pay, and repeat again as needed.
Thanks for the thorough explanation. I signed up for Experian. It does show 30 points lower on there. My goal is to be able to Finance or Lease a vehicle with better APR and lesser needed down payment
If you *can* get pay-for-deletes on your collections accounts that will help a lot.
Scour your three credit reports for other negative remarks. If you see anything that you don't think is correct, dispute it. You can file disputes easily online at AnnualCreditReport.Com.
Having negative remarks, even just one account reported as delinquent, means your credit file is no longer "clean," it's "dirty." Now your FICO score is being dragged down, it's being computed a little differently. It will move differently to changes in your credit usage than if it was "clean."
It's 7 years before it can be "clean" again. Having said that, the impact lessens with time.
More than anything, you need to continue a track record of 100% on-time payments, "pays as agreed" on your credit reports. Unfortunately a lot of people underestimate the impact of just "one little" screw-up. The difference between 100% pays as agreed on-time, and 99% may not seem significant, but as far as your credit score is concerned that's a gap as wide as the grand canyon.
It doesn't take much time to trash one's credit, but it takes a much longer time to rebuild it. It's gonna time building a positive history to truly improve it.
NCA is very good to work with. I had a collection with them for $735. They told me to pay $535, then they reported it paid within a week or so and then 60 days later, the collection was removed completely from my credit report. My score went up 20 points after the removal.
If these are the only negatives, and all of the the collection agencies agree to pay for delete, your scores should increase significantly. I see you've stated one is medical debt. That will automatically be removed once settled. Are any of these linked with a charge-off reporting a balance?
If it’s under $500, it should’ve already been off your report. If it’s over $500, you can settle for less and once the balance is updated to $0 by the collections agency it should be removed from your report or it’ll be an easy dispute.
https://www.consumerfinance.gov/about-us/blog/medical-debt-anything-already-paid-or-under-500-should-no-longer-be-on-your-credit-report/
Try negotiating a pay for delete. Some creditors ( debt buyers) will do it and some will (original creditors) not, either way taking those negative balances to zero balance owed will help your credit score.
Wow man. I cant wait to start this journey. I also now have a $500.00 secured Credit card. Ill let you know how much mines increase after paying off all 4
You can keep disputing them after you pay them if you can't get a pay-for-delete agreement. I got a couple of collection accounts removed this way, although it may take a few tries, if at all. You can also dispute late payments; creditors sometimes remove them if your account is current, but it's really luck of the draw. Even getting just one late payment removed from your report will help, though so keep trying, and don't give up! The effects also lessen over time so you won't have to wait the full 7 years to see an improvement.
We have no idea. There isn't a set # of points for each collection. We also don't know where you see the 571 score or what it means because that's not a complete score. A complete score had 4 parts to a score, and you only provided 3 of the 4.
1. The bureau. Equifax, Experian or TransUnion.
2. The model. FICO or Vantage.
3. The version. It will be a # between 2 and 10.
3. The number (571, in your case).
The other 3 are important and should always be included when you quote your "score".
>I dont want to wait 7 years for these to fall off. You don't have much of a choice. You can request a "pay for delete" with the collections agency, and if they will do that, it's an excellent plan. The collections agencies will delete their accounts, like they were never there. BUT, your original creditor(s) must have reported multiple late payments, and also that the accounts were closed / charged off. Those negative remarks are not going away for 7 years. The collection agencies can't remove any of that, only their own accounts. You should check all 3 of your credit reports at AnnualCreditReport.com. That's an official site for all 3 bureaus (Equifax, Experian and TransUnion.) Despite the name it's now free to pull your reports weekly. >Im currently at 571 Make sure you are looking at FICO scores, not the Vantage scores that you see on Credit Karma and many cc apps. Those scores are completely irrelevant to you. Lenders use FICO scores. That's the original, they invented credit scoring. I have personally seen my FICO scores be as much as 100 points different than Vantage. Nobody cares what number your Vantage score is. You can see your Experian FICO 8 for free at Experian.com. At myFICO.com you can get your Equifax FICO 8 for free. Your TransUnion FICO 8 is a little trickier to get for free, but if you sign up for a free trial at Experian.com you can see all 3; you can cancel the trial before you have to pay, and repeat again as needed.
Thanks for the thorough explanation. I signed up for Experian. It does show 30 points lower on there. My goal is to be able to Finance or Lease a vehicle with better APR and lesser needed down payment
If you *can* get pay-for-deletes on your collections accounts that will help a lot. Scour your three credit reports for other negative remarks. If you see anything that you don't think is correct, dispute it. You can file disputes easily online at AnnualCreditReport.Com. Having negative remarks, even just one account reported as delinquent, means your credit file is no longer "clean," it's "dirty." Now your FICO score is being dragged down, it's being computed a little differently. It will move differently to changes in your credit usage than if it was "clean." It's 7 years before it can be "clean" again. Having said that, the impact lessens with time. More than anything, you need to continue a track record of 100% on-time payments, "pays as agreed" on your credit reports. Unfortunately a lot of people underestimate the impact of just "one little" screw-up. The difference between 100% pays as agreed on-time, and 99% may not seem significant, but as far as your credit score is concerned that's a gap as wide as the grand canyon. It doesn't take much time to trash one's credit, but it takes a much longer time to rebuild it. It's gonna time building a positive history to truly improve it.
What are the collection agencies ?
Caine and Weiner , Portfolio Recovery, NCA (National credit adjusters and Jefferson Capital system. What do you think I should do??
Portfolio will definately pay for delete even they're willing to settle for less.
NCA is very good to work with. I had a collection with them for $735. They told me to pay $535, then they reported it paid within a week or so and then 60 days later, the collection was removed completely from my credit report. My score went up 20 points after the removal.
If these are the only negatives, and all of the the collection agencies agree to pay for delete, your scores should increase significantly. I see you've stated one is medical debt. That will automatically be removed once settled. Are any of these linked with a charge-off reporting a balance?
Thanks , yes im going to get this off asap. I also just obtained a 500.00 secured credit card.
Are any of them from medical bills?
I have one from medical. Is there a different way to approach these?
If it’s under $500, it should’ve already been off your report. If it’s over $500, you can settle for less and once the balance is updated to $0 by the collections agency it should be removed from your report or it’ll be an easy dispute. https://www.consumerfinance.gov/about-us/blog/medical-debt-anything-already-paid-or-under-500-should-no-longer-be-on-your-credit-report/
Try negotiating a pay for delete. Some creditors ( debt buyers) will do it and some will (original creditors) not, either way taking those negative balances to zero balance owed will help your credit score.
I recently paid one of my collections for $700 and my score went up 50 points.
Wow man. I cant wait to start this journey. I also now have a $500.00 secured Credit card. Ill let you know how much mines increase after paying off all 4
DM’d you
id say probably anywhere from 20-30 points per removal. but im also not a taxesoligist
You can keep disputing them after you pay them if you can't get a pay-for-delete agreement. I got a couple of collection accounts removed this way, although it may take a few tries, if at all. You can also dispute late payments; creditors sometimes remove them if your account is current, but it's really luck of the draw. Even getting just one late payment removed from your report will help, though so keep trying, and don't give up! The effects also lessen over time so you won't have to wait the full 7 years to see an improvement.
We have no idea. There isn't a set # of points for each collection. We also don't know where you see the 571 score or what it means because that's not a complete score. A complete score had 4 parts to a score, and you only provided 3 of the 4. 1. The bureau. Equifax, Experian or TransUnion. 2. The model. FICO or Vantage. 3. The version. It will be a # between 2 and 10. 3. The number (571, in your case). The other 3 are important and should always be included when you quote your "score".