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Paid debt, but still on score?

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Joined: 11 Feb 2009
firefly23's page
Posts: 4

265 Magic Points

Subject: Paid debt, but still on score?
Posted on Wed Nov 18, 2009 4:45 pm  

So, my husband has several accounts that were in collections, but have since been paid off. They have no balance, according to his credit score, but they are still there. Are they hurting his score, and how can we get them removed?
Life is not about discovering yourself.
Life is about creating yourself.

Joined: 27 Oct 2009
marcusandila's page
Posts: 133

3030 Magic Points

Posted on Thu Nov 19, 2009 12:46 am  

firefly, dont hold me to this but im pretty sure they will stay on there for a few years. having collections on a credit report DOES hurt the credit score some. but being that they show no balances then that is good. hopefully someone else will correct me if i am wrong, but im pretty sure that is the way that it works.

there isn't anyway to get them removed. that takes time & even then...I don't know for sure, but they may still be on there. but I THINK that after so many years they are erased from the credit report so long as they ARE paid off.

Posted on Thu Nov 19, 2009 12:50 am  

I know they fall off after 7 years, but that totally sucks.

What if the original company still has an account on there that a collections agency is reporting too? So basically, you're getting hit twice for the same account?

Joined: 27 Oct 2009
marcusandila's page
Posts: 133

3030 Magic Points

Posted on Thu Nov 19, 2009 12:59 am  

is it 7 years? i knew bankruptcies stayed on there for that long, but like 20 years on public records.

it does suck, & yeah it is getting hit twice for the same debt. but the good news though is that since they are paid off. he can begin to start rebuilding his score again. and the "improve your credit score" is a great place to get some great advice on getting started with the process. it WILL take time, but it WILL get better Smile

Joined: 10 Oct 2009
debranewell2008's page
Posts: 591

109 Magic Points

Posted on Thu Nov 19, 2009 1:31 am  

Yes firefly the original creditor reported it and then when it got turned over to collections the collection agency reported it as well. Now if you would have tried to come to a pay for delete agreement with them before paying it off then they may have agreed to delete it once it was paid. But since they already have their money they have no reason to want to work out anything now. And I believe it will remain for a total of 7 years.

Joined: 27 Oct 2009
marcusandila's page
Posts: 133

3030 Magic Points

Posted on Fri Nov 20, 2009 5:37 pm  

lol im learning a bunch on here. im equipping myself with financial knowledge that will ALWAYS come in handy if I need it. I really wish there were more people on here though. lol That would make this forum sooooo much more knowledgeable.

I'm going back to school for business management & i'll be taking some financial classes with that, so I will come back on here to this forum and spread the knowledge! Everyone can benefit from this site, I know I sure have.

Oddly enough, I tell people about it & how they can even make some extra cash from it & no one believes me. lol I guess the world of scams has really ruined the credibility of every site. that's really sad.


Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1883

1916 Magic Points

Subject: debt
Posted on Sat Nov 21, 2009 1:33 am  

I believe it's 7 years and so-many months (LOL). Ok..the debt may be PIF..however........the debt WILL remain on there for that long. You can look at it this way...the debt looks 'better' (lack of a better word) being PIF than having a balance on it.

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