On a credit report, what is happening when a paid in full past collection is listed as open under st

Last year I paid a collection account in full. On my report it says it is still open but with no balance. Is this bad? Does it mean it is finished or not? Help! I can%26#039;t find anyone to answer this question!

On a credit report, what is happening when a paid in full past collection is listed as open under status?

What you need to do is carefully examine the item.

Is it listed in the negative/derogitory section of your report? If so, it%26#039;s still a bad item, even though it was paid. You would need to talk to the collection agency to see if they would get it deleted from your report. But you are going to find them very uncooperative in doing so.

Forget the nosense advice about contacting the credit agency, as they are not allowed to delete any entry from your history. Only the creditor can do it, or if they fail to respond to an investigation request.

Now it%26#039;s possible that the creditor has actually changed the status to %26quot;paid%26quot; and the open listing means it%26#039;s still available for use. Look at it again....does it show any late payments? If not, consider yourself extremely fortunate that you found a decent collection agent who has removed the negative information from your history. LEAVE IT ALONE because it will re-establish your credit history. As long as there are no negative information or late payments, it will improve your score.

On a credit report, what is happening when a paid in full past collection is listed as open under status?

It sounds like they didn%26#039;t close your account, although you paid it off.

I would leave it on my credit report since the balance is %26quot;0%26quot; it shows that you paid it.

If you want it removed, call the company %26amp; ask them to close the account %26amp; report it to the credit bureau.

On a credit report, what is happening when a paid in full past collection is listed as open under status?

If the balance is zero that is not a problem, but you can contact the credit agency and tell them that you want to get it removed or contact the original creditor.

Your credit was already affected due to the fact that was in collection, it will stay on your credit for 7 years.

On a credit report, what is happening when a paid in full past collection is listed as open under status?

Generally that shows that the account is still open, though this varies by company. Check with the company in question and, if you don%26#039;t want to continue with this account, request they close it and report it as closed at owner%26#039;s request. This should effectively get it off of your credit report. But a word of warning--never trust a company to do what you ask them to do. Always check your credit report--at least one of them--to be sure that they did as requested, and in the way you requested.

Also, bear in mind that credit reporting companies do not regard you as their customer, so they%26#039;ll tend to go with the banks or whatever, thus you must monitor them on issues such as this.

There are official courses you may pursue if this goes snafu, but they vary by state and by issue, so that would be something for the future, if you have any trouble with this transaction.

On a credit report, what is happening when a paid in full past collection is listed as open under status?

Truthfully, a paid collection account is just as negative as an unpaid collection. When creditors view your report, they still see that it went into collection status, which to them is insight as to the trouble that they may have to go through to get you to pay.

For creditors who are more understanding, it may look a little better to them, knowing that you did pay the bill, at least, even if they did have to resort to other methods to get their money.

As far as getting the status changed, I hope you kept your receipts. The first thing that you should do is dispute it with the credit bureau. If the collection agency does not respond to them, it will be removed from your report altogether. Then, if that fails, you will have to write to the collection agency. Make sure to keep all of your original receipts, but send copies to anyone who needs to see them (collection agency, credit bureau). Just keep all of your paperwork in order, and you should be able to get the status updated. The ultimate goal is to get it removed from your credit report. Maybe the collection agency will agree to doing this, since it is paid.

Before you start the dispute, pull all 3 reports. When you contact the collection agency, do it in writing, and be sure to get a statement in writing from them that they will update the status (or remove the listing--hopefully). You can count on most collection agencies to let you down, report inaccurate info, not update your credit report. So, it will be up to you to keep all paperwork and send letters certified (it is worth the extra money).

On a credit report, what is happening when a paid in full past collection is listed as open under status?

It is bad, but not as bad if there was a balance (I%26#039;ll explain). For now, it hurts your credit score the same as if there was a balance or not. Collections remain on your credit report 7 years after the %26quot;last activity%26quot;, in your case it will be automatically removed in 6 more years. If you had a balance, the credit company can update the status as unpaid and keep it on your record beyond the next 6 years. What can you do? Call the collection agency, apologize, be polite and beg to have it removed. They can send a letter to the credit agency to have it removed (letters to credit agency will probably just upset the collection agency and not work). If they don%26#039;t cooperate, try again in 6 months, you might talk to someone else that will cooperate. This was my experience, after a year and talking to 2 different people I had a paid collection removed and my score improved over 30 points. Good luck.