Collections

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attrapereves
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Collections

Postby attrapereves » Sat Jul 12, 2014 12:28 pm

We just pulled my wife's Equifax report and noticed two collections on there. I'm a little confused about when they will fall off her report. Which one of these dates should I use to determine the 7 year mark?

The dates are listed as:
Date of 1st delinquency 10/2008
Assigned 6/2009
Collection reported 9/2010

The balance is less than $300, so we might consider speaking with them about paying it and having it removed.

Another question: My wife has a large medical bill ($2500) from two years ago. The hospital said she was only allowed to have 6mo to pay it off. This didn't work into finances at the time. It was turned over to collections where she immediately contacted them and set up a payment plan. She's been paying them monthly. Does this show up negatively on a credit report?


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Terry
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Postby Terry » Sat Jul 12, 2014 9:19 pm

attrapereves wrote:We just pulled my wife's Equifax report and noticed two collections on there. I'm a little confused about when they will fall off her report. Which one of these dates should I use to determine the 7 year mark?

The dates are listed as:
Date of 1st delinquency 10/2008
Assigned 6/2009
Collection reported 9/2010

The balance is less than $300, so we might consider speaking with them about paying it and having it removed.

Another question: My wife has a large medical bill ($2500) from two years ago. The hospital said she was only allowed to have 6mo to pay it off. This didn't work into finances at the time. It was turned over to collections where she immediately contacted them and set up a payment plan. She's been paying them monthly. Does this show up negatively on a credit report?


Seven years from "Date of 1st delinquency 10/2008" - a credit pull on 11/2015 will reflect that account no longer reporting. Most collection agencies will report accounts even if a payment plan is setup. The fact it was turned over to collections will negatively impact the credit report, but at least the subsequent payments will be reported which will appear better than no payment.
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MemberSince99
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Postby MemberSince99 » Sat Jul 12, 2014 9:32 pm

Just a suggestion, but it might be a good idea to obtain a copy of your credit report and see what's on it, rather than ask us what we think is on it. It's a lot more accurate that way, not that expensive and not even that much more work than typing questions here.

attrapereves
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Postby attrapereves » Sat Jul 12, 2014 9:38 pm

MemberSince99 wrote:Just a suggestion, but it might be a good idea to obtain a copy of your credit report and see what's on it, rather than ask us what we think is on it. It's a lot more accurate that way, not that expensive and not even that much more work than typing questions here.


I did. That's where this info came from. :-)

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Postby rockyrock » Sat Jul 12, 2014 10:04 pm

MemberSince99 wrote:Just a suggestion, but it might be a good idea to obtain a copy of your credit report and see what's on it, rather than ask us what we think is on it. It's a lot more accurate that way, not that expensive and not even that much more work than typing questions here.


You must have missed the first line of his post...it could happen to anybody.
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MemberSince99
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Postby MemberSince99 » Sun Jul 13, 2014 6:01 am

I did my bad, sorry!

attrapereves
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Postby attrapereves » Mon Jul 14, 2014 8:18 am

Another question... Her medical bills that are in collections (and being paid monthly) are listed four times on the report. They were all sent to the same collection agency.

I'm assuming they are listed separately because each one is for a different department at the hospital. However, they all say "unpaid" beside them. It seems like only a few are actually showing up. Adding up the balances, it only equals around $600 (should be a lot more).

When they reported the balance to her, everything was combined. I wonder if they consider her to be paying the larger bill, but not paying the smaller ones.



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