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How can a collection keep being updated on my credit report?
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♥ Mary ♥ wants to know:
I was watching my credit report earlier this year and I noticed something on two collections. They have opened dates of 4/10/2002 and 7/31/2003, but they keep reporting it every single month. How do they do that? Does it cost them money to do that? And will the reports still fall off my credit after the open date? How badly is it hurting my credit since they keep hitting it current?
I was watching my credit report earlier this year and I noticed something on two collections. They have opened dates of 4/10/2002 and 7/31/2003, but they keep reporting it every single month. How do they do that? Does it cost them money to do that? And will the reports still fall off my credit after the open date? How badly is it hurting my credit since they keep hitting it current?
(NOTE: Both of these were medical bills. I have disputed one of them and it is in the file with it now. I am not paying on something that should have been handled by insurance in the first place. I just got a loan even with these collections on there like that.)
Tagged with: Credit Report • Current • Medical Bills
Filed under: True Credit
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Some collection agencies update their reporting status on you to keep the account active with the bureaus to extend the time the account appears on your report. This is very deceiving of them, because most often the account is updated and the period of time the account is active appears to be extended. You will want to challenge this with the credit reporting agencies in writing. If you do, bureaus will correctly remove it 7 years from origination.