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James K wants to know:
I know paid collections stay on your report seven years from the day the collection company reports you paid in full, but how long will my score suffer? When I turned 18, I inherited four medical debts that totaled $400. In all actuality, they were simply a series of insurance copays that didn’t get covered due to miscommunication. I recently found the debts and paid them off (as they only appeared on my Equifax credit file, where they had been lingering for many-a-year).
I know paid collections stay on your report seven years from the day the collection company reports you paid in full, but how long will my score suffer? When I turned 18, I inherited four medical debts that totaled $400. In all actuality, they were simply a series of insurance copays that didn’t get covered due to miscommunication. I recently found the debts and paid them off (as they only appeared on my Equifax credit file, where they had been lingering for many-a-year).
As a result, my Transunion and Experian scores are nearing 700, but my Equifax score, which had fallen to 551 after paying off the medical collections in December/January, has only climbed to 576. Will the collections continue to devastate my Equifax score for the full seven years, or will it get better before then? With continued low card utilization and good payment histories, do I stand a chance of getting the Equifax score to 700 with the collections still on the report?
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