Score Watch® alertNovember 17, 2004
View details of other recent alerts:
| Important alert: |
Your FICO® score has gone up to 707 |
| Changes to your FICO® Score | |
Your FICO® score has gone up to 707
 |
Your FICO® score has gone up:
 |
|
Your FICO® score may have gone up because the following factor is not hurting your FICO® score as much as before:
- You have too many bankcard charge accounts
|
| Changes to your credit report | |
This jump in your FICO® score happened on the same day as a change on your Equifax Credit Report™ which triggered an alert. It's likely that the change in your credit report caused your score to go up, but this is not always the case. Your score may have changed for other reasons, such as paying back your debts responsibly, which isn't always reported as a credit alert. Also, as factors that were hurting your score get older, they have less of a negative impact which can raise your score. In addition, if multiple changes on the credit report happened on the same day, some may have hurt the score while others helped it.
1 new collection was added to your credit report
|
New collection on debt to: Wireless Telecom
Reported: 6/9/2004
The collection agency CREDIT MANAGEMENT was hired by a creditor to collect $500 in debts on account number 2560XXXXXXXX.
| Original balance: |
$55.87 |
Agency name: |
CREDIT MANAGEMENT |
| Current balance: |
$0 |
Agency number: |
008CJC34Y |
| Status (as of 7/13/2004) : |
Paid |
Agency industry: |
Collection reclaimant |
| First delinquency: |
1/23/2002 |
Original creditor: |
Wireless Telecom |
| Last payment: |
4/2004 |
|
|
| Description: |
Collection has been paid off |
Contact: CREDIT MANAGEMENT, 333 Third Ave, Silver City, CO 50050 · 1-800-555-5555
|
|
What is a collection? |
A collection on your credit report means that a business has employed a third-party collection agency to collect a long-standing debt from you.
|
How new collections impact your score: |
A new collection on your credit report means that a business has employed a collection agency to collect debts from you that are past due. A new collection almost always lowers your FICO® score, sometimes significantly. The more collections that appear on your credit report, the more your FICO® score will go down.
Your FICO® score measures the chances that you will pay back debts. A collection on your credit report indicates you had trouble paying back a past debt, which is why it can cause such a dramatic drop in your FICO® score. However, the impact of a collection on your FICO® score can lessen over time if you demonstrate responsible use of credit by paying back all new debts on time. After seven years, the collection will drop off your credit report and no longer have any impact on your FICO® score.
Collections that were assigned more recently cause more harm to your FICO® score. The collection's company, balance, and status do not affect your FICO® score. |
|
