Hey boredhousewife...
what are you trying to accomplish.... a 700 fico score is pretty good

Is it the economy playing a role?

FICO scores what a joke ours are in the 700 score and with R1 accounts and does us no good so what is the point. They don't bother with what is on your account no matter what your score is I agree FICO is not a good indcator of consumers. Every consumer is different with different needs. Anyway they are changing the fico scores again to a new system. It's suppose to be introduced this year.

There are U.S. websites where people compare credit scores all the time.. I'm glad that you'll tell us the before and after scores.

Americans seem to be much more open about their credit scores and private information than us private Canadians! :)

I've been visiting Myfico.com and reading some of the posts regarding how much a score would rise after a collections account or an R9 drops off and most people have reported a rise of 30-50 points. I'm not sure if myfico.com is only based on an american standard of calculation... however I will report what my score is before and after so some of us can get a general Idea of what to expect as an increase as it will be the only factor changing on my credit score.

Hey Gillian25,

FICO score points are magical mysterious numbers that even the regulators don't have access to... We just have to guess at them for the moment. The credit score is not part of the credit reporting agencies regulations.

From my understanding as a collection item ages, it is worth less and less points. So.. the collection item that is brand new will be worth many more points than one that is 6 years old.

Again, because the credit score is not regulated, it's not available to the public. I've fought pretty hard on this point with Saskatchewan Justice as the credit score is the most important piece of information reported about individuals.

Currently my FICO score is 671.
I have a one last collection agency remaining on my equifax credit report, 4 old credit cards from 2003 that are all paid but have numerous late payments (worst being an R5) and a current mastercard and Installment loan that are in excellent standing.
I am hoping that when the collection agency drops off of my credit report (may2008) it will make a difference.

Does anyone know how many points I am losing with this collections account on there?