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OC Says No Deletion Upon Payment


gogrrl
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First off, the OC (Hospital) is reporting under Collections on my husbands CR. Is this normal or is it usually listed by the CA?

I called the OC and asked if I paid the account would they delete the listing on my CR. They said no they could not do this, but would report it as "Paid in Full". I told them nevermind. Should I accept their offer and call them to have them notify me in writing of this agreement? Or, is a "Paid in Full" just as bad as "Paid Collections" or even a possible settlement?

Also, this was just recently reported so I'm not sure of my leveraging power.

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Paid collection is just as bad as an unpaid item... sorry to say... You might check in the Credit Repair forum for tips you can try to negotiate with them for a pay for delete or for them to update it current. Sometimes goodwill can go a long way. Any account can show up as a collection account on your CR if in fact it is delq. and in either the OCs collection depart or with a 3rd party CA.

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I would go for the "paid" status because at least you could explain the circumstances to a future lender even though it may not help your credit score. The credit score is only a "report card" and in the end doesn't really mean what most people seem to think. Do not be tricked into believing creditors will not lend at attractive rates because your score is not at a certain level. The best "leveraging power" is when you have no perceived income or known assets and a leg in bankruptcy court. When you're at that point, "bend over they will"!

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If you have any paid collections over four years old, they are removed from consideration for an A credit loan or an FHA loan.

If the collections are not paid you won't get an A credit loan for seven years ( or until the umpaid item drops off your CR.)

So Paid collecitons are better than unpaid ones.

Debt companies are terrible at keeping records and they are bought and sold all the time so you have a decent chance of disputing paid collections in the future and having them drop off because the CRAs don't know whom to contact for verification.

I'm not saying pay all collections willy-nilly, but paying a collection item is not the same as leaving it there to rear its ugly head once your situation improves. Deal with the item don't just let it sit there. Push for closure and deletion in any way possible.

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Or, is a "Paid in Full" just as bad as "Paid Collections" or even a possible settlement?

I'm with J on this. If you're not looking for any type of loan in the near future and need to show your accounts as "paid" then it is suicide to to settle for a paid collection or charge-off. Your goal should be a clean report and paid or unpaid, it's still derogatory. Read up some more in the repair section before taking your next step.

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