Q. I received a collection letter about a small amount occurred many years ago, will it hurt my credit score?
A. It depends on how small is your collection amount. Since 2009, FICO has changed its credit score calculation by not counting any balance less than $100.
While FICO score is the most commonly used credit score, you should also check credit scores produced by the three major credit bureaus: Equifax, Experian, and TransUnion. CYou can get free report each year at Annualcreditreport.com.
A. It depends on how small is your collection amount. Since 2009, FICO has changed its credit score calculation by not counting any balance less than $100.
While FICO score is the most commonly used credit score, you should also check credit scores produced by the three major credit bureaus: Equifax, Experian, and TransUnion. CYou can get free report each year at Annualcreditreport.com.
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