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Here are some highlights helping us all be less behind the 🎱 when it comes to this cryptic qualifier:

  • No collection may report on your credit until it is at least 180 days old. This gives you, or if an insurance company is involved, ample time to pay the bill before it dings your credit as a collection account.
  • If a medical collection is paid, or in the process of being paid through insurance, it cannot appear on your credit.
  • If a collection has gone 6 months on your credit report without being updated, it must be either removed or not factored into your scoring.
  • Collections which did not arise from a contract or agreement to pay are prohibited from being reported. This includes, among other items, collections for traffic and parking tickets or even library fines.

Read more about these changes