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Score Improving, One Giant Ding Left

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Posted by jeje ( on November 04, 2002 at 18:43:24:

Okay, so this year, I went from FICO 544 to 656 by:
a. Paying off collections
b. Paying off credit card balances
c. Seasoning (account aging beyond 2+ years, etc)

I still have 1 giant ding on my report with a CA from an old phone bill incurred in New Jersey. It's a huge amount, it appeared on my report in '99 and has not been updated since. Last date of activity is in late 1997. I believe SOL runs out late next year (or maybe mid 2004?)

I was half expecting it to rear up since I started paying things off, but since it hasn't reared up, I'm tempted to dispute it to see if it will fall off. Or even try validation to see if they drop the ball on the records.

My goal is to get to FICO 700 by 2003 tax season. Is it worth it? Should I just wait it out? I don't want to stir up anything that may get me sued (for a utility bill? please educate me on this) and land another judgment in my history.

To sum it up, the debt is under $20K, collection account, old phone bill, New Jersey, last activity in late 1997, entered on credit in 1999, no activity on credit report since initial reporting, no activity even after I began paying off this year.

With that being said, what's the likelihood of being sued this if I draw attention to myself?


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