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From Flawless Credit to Nightmare credit
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Posted by SadStory (67.34.34.10) on September 07, 2003 at 21:11:25:
My credit report has been flawless, average scores were 720 for years. In January of this year, I received a letter from a collections agency claiming a debt owed from a medical bill which was incurred in 2000. This was an item that should have been paid by my insurance company but never was. I realized that while trying to sort things out with the insurance company my credit scores would continue to decline. Unfortunately I did the stupid thing of paying the balance in an effort to help repair my credit. As you can imagine this did absolutely nothing for my credit score which is now 580 according to one of the CRA's. I have spoken to numerous persons from attorneys, to anyone who would listen but all to no avail. I am currently severly restricted reguarding my credit options, unable to qualify for even a home equity line of credit, even though there is a substantial amount of equity in my home. The mortgage companies all claim to be at the "mercy" of my credit score. Ridiculous, considering the rest of my credit report unblemished. Please let me know what is the best approach to restoring my credit. I have spoken to one of the CRA's and they claimed their computing system is automatic and even if the item was removed, my score would not go back to what it was before, is that true? Also does the collections agency keep meticulous records of paid accounts, and for how long typically?
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