Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Karma
Profile Image

Question By
joejccva71

0 Contributions
0 People Helped
I paid off a collection, they reported it as Settled and my FICO score dropped 15 points? Um, what?
They told me over the phone that they were going to list it as Paid off in full, but they listed it as Settlement. This was before I knew about Credit Karma site. What can I do? They also stated that they do not remove entries from credit report.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
996 Contributions
552 People Helped

In the FICO scoring models, other than newish FICO9? It dose not distinguish between paid and unpaid collections, let alone if its listed as paid off in full or settlements.... The dropping in your scores most likely caused by other things than the status change of collections. Yes, paid in itself isn't ground for removal from your credit report.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.