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YOUR "COLLECTION SCORE"


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The last post in this topic was posted 2017 days ago. 

 

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I don't know if this has been asked before or not...

 

Does you Collection Score go up if you apply for a biz cc and you get approved, BUT!!

 

It does not report to personal. So basically, all you show is an inquiry.

I would bet yes

It's all about the assumption that they can get money. ...nothing else matters to them

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  • 1 month later...

Interesting FICO Blog pitch for their collection score. This provides insight into their practices. Who gets called and who doesn't.

 

http://www.fico.com/en/blogs/collections-recovery/collections-101-youre-still-using-analytics-part-2/

 

 

  • Given the number of calls that can be made in a day, how should calls be allocated to accounts?
  • Which accounts should be assigned to the best collectors?
  • How much money should be spent locating this customer?
  • Should this inbound call be routed to the IVR or to a collector?
  • What settlement rate should be offered to this account?
  • How much should be spent on letters?
  • Which accounts should be placed with a collection agency, and when?
  • How much should I pay my agency to collect pre-charge-off accounts?
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Collection-analytics-chart-2.JPG_zpsonoe

 

Wow. Guess everyone has to "earn" a living. Interesting tho that the sample chart lists 1 to 30 "days" instead of say months delinquent. Fico marketing bloggers fooling themselves... as if it is legitimate OC's collecting on 1-30 day late payments in house who they are trying to sell this analytics tool to, and not their real target, JDB's and CA's...

 

Sent from my SCH-I545 using Tapatalk

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  • 4 weeks later...
  • 4 weeks later...

The bottom line is...if you have CAs out there who might come after you, and you don't have any need for credit at present, it's probably better to leave your bad credit alone, to lessen the probability the CAs will target you. In many states, by the time the 7-year reporting SOL has passed and the accounts are off your reports, the collections SOL will also have passed, so you should be free and clear. Of course, YMMV...check your state's SOLs to be sure. Any CA/JDB that tries to illegally re-age gets sued. Any CRA that reinserts without notice gets sued.

If you start improving your credit score too soon, the CAs will target you for sure. Best to let sleeping dogs lie. That's why I waited until all my baddies were well past the collections SOL before I started rebuilding.

 

Of course, you can use this as a weapon, too. Always do a test mortgage app 6 months or so before you actually plan to buy, just to see what vermin, if any, come crawling out of the woodwork. You'll then have plenty of time to play whack-a-mole. :grin:

 

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  • 9 months later...

Older topic, I know - but it looks like I just got hit with this too. I mentioned in another thread about a CA coming at me for a student loan from 2001 - which isn't in the federal database so it's SOL for them :) It seems that I just had a collection AND a tax lien both fall off at least one, possibly 2 reports. Haven't checked FICO yet but CK FAKO told me 40+ point bump & broke 700. If FICO broke 700 too I can imagine it would shake some things loose.

 

Guess it's time to get prepared :)

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Older topic, I know - but it looks like I just got hit with this too. I mentioned in another thread about a CA coming at me for a student loan from 2001 - which isn't in the federal database so it's SOL for them :) It seems that I just had a collection AND a tax lien both fall off at least one, possibly 2 reports. Haven't checked FICO yet but CK FAKO told me 40+ point bump & broke 700. If FICO broke 700 too I can imagine it would shake some things loose.

 

Guess it's time to get prepared :)

It is a good thread to bump :wave:

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Alot of info to digest here. I'm curious, if you don't forsee the need for any real credit: an auto loan or a mortgage for 4 years or whatever the SOL in your state is, if you let this time go by and the odds work out in in your favor that you don't get sued after the SOL and if it's been 7 years since the original default, these bad entries can fall off of your credit report?

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Alot of info to digest here. I'm curious, if you don't forsee the need for any real credit: an auto loan or a mortgage for 4 years or whatever the SOL in your state is, if you let this time go by and the odds work out in in your favor that you don't get sued after the SOL and if it's been 7 years since the original default, these bad entries can fall off of your credit report?

yes. ties inton the old Federal SOL of 7 years

 

and any positives stay on for 10 years, so you have a 3 year window with positive accounts that can really help your rebuilding

 

but that's really a Credit rebuilding topic - this is a pinned topic FYI, not a real discussion thread.

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  • 2 months later...

Do you think CRA's is what Guns & Roses was really singing about?

 

The lyrics fit perfectly.

 

Hmm.

 

http://www.youtube.com/watch?v=E1WUMRgbPR0&feature=related

 

I am not the same person I was 4 weeks ago in the way I think about these things. You guys are the best! http://creditboards.com/forums/public/style_emoticons/#EMO_DIR#/clapping.gif

GN'R fan here...

 

Was it "Welcome To the Jungle" off of "Appetite For Destruction?" :dance: :yu2:

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:yu:

 

 

Alot of info to digest here. I'm curious, if you don't forsee the need for any real credit: an auto loan or a mortgage for 4 years or whatever the SOL in your state is, if you let this time go by and the odds work out in in your favor that you don't get sued after the SOL and if it's been 7 years since the original default, these bad entries can fall off of your credit report?

 

yes. ties inton the old Federal SOL of 7 years

 

and any positives stay on for 10 years, so you have a 3 year window with positive accounts that can really help your rebuilding

 

but that's really a Credit rebuilding topic - this is a pinned topic FYI, not a real discussion thread.

This thread is the best.

 

Seeing some of the things I am up against, I just may pay the OCs I presently still have, not kick the bear on other things lurking, and sort of do that indefinitely while I focus on other things. Not sure I will for a full 7 years, but, maybe clean up reports or try to on things that don't seem too large or intimidating. The info here always has me weary of wanting to clean too much.

 

I am presently judgement-proof. And I had no problem telling anyone threatening to go after me that. Basically told them, "Go after what." Never heard from them again.

 

Paying my three positive (positive means not defaulted or went to a CA) TLs from two creditors would be the continuing positive history.

 

Perhaps time to lay low for indefinite until I'm prepared to take a bull by the horns...

Edited by rslifkin
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a new Collection score method announced.

 

https://www.oracle.com/corporate/pressrelease/oracle-banking-collections-062716.html

 

 

http://www.oracle.com/us/industries/financial-services/fs-bank-collections-wp-3029011.pdf

 

 

Oracle Banking Collections can interface with local credit bureaus, the bank’s preferred
scoring engines and other third party applications and fetch data in real time helping the
bank take appropriate actions in relation to their customers.

:warning:

 

this should be cute - if Oracle obtains information from the CRA's they become a reseller of credit reports and subject to the FRCA if they transmit inaccurate information.

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ICAN,

 

Thanks for this thread -- one of my favorites, and a must-read for new members!

 

 

===

I'll add another data point for the "collection score".

 

All 3 of my reports finally became clean this June.

I was previously opted out and had all 3 CRAs frozen.

 

On June 23, I applied for new credit cards (first apps in 16 months).

 

Yesterday, I received a dunning letter from a new medical CA, dated June 24.

 

Clearly this CA subscribed to at least one of the CRAs collection monitoring services.

The CAs are just sitting there, patiently waiting for the opportunity to pounce.

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pretty soon the CA's won't be able to report medical debt until it's 180 days past due, and if insurance subsequently pays it, it will be deleted.

 

ICAN, this should be great news for a huge number of Amercians!

 

Do you know the details of when the 180-day clock starts?

- Is it from date of service?

- Or from date of the dunning letter?

 

In my case above, the debt is nearly two years old. I was never billed by the OC, nor contacted by the CA, until now (when I finally received the initial dunning letter).

 

So with the new 180-rule, the devil may be in the details. The CAs could potentially just wait out the 180 days from medical service, and then hit your reports with impunity.

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Thanks. Medical debt will not be reported by CRAs for the first 180 days from DoFD.

 

Not all I hoped for, but still much better than today.

 

 

3. Medical Debt Collections

a. To allow appropriate time for insurance remediation and clarity on what a consumer’s individual payment obligation is for a medical account, the CRAs shall prevent the reporting and display of medical debt identified and furnished by Collection Furnishers when the date of the first delinquency is less than one hundred and eighty (180) days prior to the date that the account is reported to the CRAs.

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ICAN,

 

Thanks for this thread -- one of my favorites, and a must-read for new members!

 

 

===

I'll add another data point for the "collection score".

 

All 3 of my reports finally became clean this June.

I was previously opted out and had all 3 CRAs frozen.

 

On June 23, I applied for new credit cards (first apps in 16 months).

 

Yesterday, I received a dunning letter from a new medical CA, dated June 24.

 

Clearly this CA subscribed to at least one of the CRAs collection monitoring services.

The CAs are just sitting there, patiently waiting for the opportunity to pounce.

They are so stupid. They can be defeated so easily.

 

This thread is again rocking, 2nd Wave. :)

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opt out is only for marketing purposes - it doesn't protect you from collection agencies or JDB's

 

 

there are scammers who had in the past, illegally laid their hands on marketing lists of consumers, thru old data breaches and tried to scam folks,

 

 

but if you have real unpaid bills out there, opting out or freezing your reports won't help - they can pull thru those

 

 

and the CRA's can sell this service to collection agencies - it's not marketing

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Can you ask a collector if this information is being used on you or what your score is? I noticed my CU pulled my credit a few days ago so I'm sure they're seeing the defaults across the board and making an assessment of what to do or if they realize I'm about to file for a bankruptcy.

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