Jump to content

Zero balances and paid off debt still show up negative!

Recommended Posts

Hi- I just obtained my credit report for this year..and I have some questions

1) I have several accounts listed under "negative or adverse accounts" but the balance says zero, and past due says zero. Pay status: paid or paying as agreed

I don't understand...why is it still under the negative section if I've paid it off or have a zero balance?

2) I paid an old debt through a collection agency, and it still shows up as negative! It won't be removed for another 4 years! The amount is only 120 dollars and I paid that already. Pay status: payment after charge off/collection date closed: 6/2008 date paid: 6/2008

Can someone explain this to me or suggest if it's possible to have these removed??

Link to comment
Share on other sites

If it's valid then it is likely that it can not be removed. It appears that they are reporting it correctly (Paid).

It's still showing as a negative because even though the balance is zero, it's still a collection account. The fact that it had to go to collections before it actually got paid still counts against you.

sucks...i know...:cry:

Link to comment
Share on other sites

A paid collection is still a collection account. Colelction accounts are negative no matter if you paid them or not. They are more negative if they are unpaid. The point is, you are penalized if a debt ever gets to a collection agency.

Thankfully, the FICO model decreases the damage over time. A paid collection may still be on your credit report 3 years after you paid it, but it is probably only costing you 5 or 10 points at the most.

Link to comment
Share on other sites

This topic is now closed to further replies.

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.