Credit Score

Submitted by LT on Sun, 02/08/2009 - 16:07

How many points will your credit score raise if you have collection accounts deleted? I'm looking for an average if anyone knows.

As far as I know, if a negative item gets removed from your credit report, it increases your credit score by 10 to 15 points. However, if you can remove a charged off listing from your credit report, it can raise your score by as much as 50 to 100 points.

Mon, 02/09/2009 - 12:25 Permalink

LT, some people can raise their score a lot by going through their credit report and doing a simple clean up. Look for any morks or errrors that are on the account and get them off by disputing them. Remember also to use your three free pulls to keep track of your credit report and keep it clean.

Mon, 02/09/2009 - 18:18 Permalink

Hi fireyone.
Well you are right friend i had seen many peoples raise their score by going through their credit reports and get a good profit through it. But i think so that if any one wants to increase the score there are many other options also available.

Tue, 02/10/2009 - 05:39 Permalink
travelgirl (not verified)

I have 4 minor ones, 2 for 50, 1 for 48, and 1 for 100. I have paid 3 of them and getting to pay for the 4th. How do I then delete them? Are they removed after they are paid?

Tue, 02/10/2009 - 19:51 Permalink

Hi Travelgirl
Even if you pay off the debt in full the negative mark will stay in your credit report for seven years and six months from the date of your delinquency towards the debt. However, if you pay them off, it will show as "paid" in your credit report but will still remain as negative and affect your credit score. The Fair Credit Reporting Act permits the negative items to stay in your report for seven years and six months.

Wed, 02/11/2009 - 11:15 Permalink

Negative items can be completely removed from your credit report if the debt is still with the original creditor and you come to a pay for deletion agreement with the original creditor. However, for this, you should make the creditor agree to PFD before you make payment towards the debt. Once payment is made, it is very difficult to make the creditor agree to pfd.

Wed, 02/11/2009 - 11:28 Permalink

Yes it does look good that youve taken care of them. But it will still stay on your credit for 7 years. Your fico score will go up a little bit. Cleaning up your credit report is the 1st step in getting your score heading back in the right direction. Checking your report and cleaning up all necessary negatives is a great thing to do.

Thu, 04/09/2009 - 14:27 Permalink

A credit score is a numerical expression based on a statistical analysis of a person's credit files, to represent the creditworthiness of that person. A credit score is primarily based on credit report information, typically sourced from credit bureaus.
Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt. Lenders use credit scores to determine who qualifies for a loan, at what interest rate, and what credit limits. The use of credit or identity scoring prior to authorizing access or granting credit is an implementation of a trusted system.
Credit scoring is not limited to banks. Other organizations, such as mobile phone companies, insurance companies, employers, landlords, and government departments employ the same techniques. Credit scoring also has a lot of overlap with data mining, which uses many similar techniques.

Thu, 05/14/2009 - 11:17 Permalink
crorkz (not verified)

EFsmiG wow, awesome article post.Really thank you! Cool.

Tue, 08/05/2014 - 14:44 Permalink