November 25th, 2011

How Do Small Collection Accounts Impact Your Credit Score?

Fortunately, there is one recent change to the world of credit scoring concerning small debts, which are sometimes called “nuisance” collection accounts.

Fair Isaac, creator of the FICO score, has rolled out to all three credit bureaus its newest general-purpose FICO score, dubbed FICO 08. With this new version of the credit score, FICO says its will disregard collection accounts and other dings on your credit file when the original balance owed was under $100.

The logic there,” says FICO’s Tom Quinn, “is that for small dollar amounts, like a collection notice from a public library system, the (credit scoring) model will now bypass those and not consider those to be negative. Any kind of derogatory public information that’s less than $100” will be excluded, Quinn adds.

This certainly has the potential to help boost your FICO score if it was impacted by such a blemish. But beware: amid the credit crunch, every single account you have, and every single financial transaction you engage in is being analyzed to determine your credit worthiness.

Originally posted here.

About the Author

Socialtik Mag
Socialtik Mag is a progressive platform for young, aspiring professionals to express our views on the issues and ideas in the world around us. It’s the Gen-Y perspective of life in the new decade. In addition to the original content we produce, we post from sites around the internet to keep our peers aware of what’s positive, what’s fresh, and most importantly, what’s progressive.



Creating a Personal Finance Statement

If you own a small business or are self-employed, this guide will help you track income and expenses on a regular basis. Entrepreneurs tend to create personal financial statements for one of two reasons. Either they love number...
by DeAndra Harrison


Is Marketing a Money Drain or Money Fountain?

Marketing is an essential part of running a business, often overlooked or poorly implemented due to busy-ness of the Owner, this gets looked upon as money draining out of the business. On the other hand, if done right and imple...
by DeAndra Harrison


Perfect Pitch for an Investor’s Home Run

Angel investors can provide you not only with the money to take your small business to the next level, but also real-world experience, advice and a cache of industry connections. But are you giving investors the information t...
by DeAndra Harrison



Why Buy New Things When You Can Share Them?

The American dream typically centers around ownership. We dream about buying our first car or our first home. More ambitious dreamers target a second home for holiday getaways, or a private jet to whisk them away at a moment...
by Socialtik Mag


Can You Count on Your Community Bank?

For  years, the conventional wisdom was that small, community-based banks were good places for entrepreneurs to do their banking. It was easier to build a relationship with a local loan officer who lived in — and cared a...
by Socialtik Mag




  1. It can be inferred that you lack confidence in a victory over your rivals from the fact that you’re irritable against them.

  2. Wisdom appears in contradiction to itself, which is a trick life plays on philosophy of life.

  3. Sharing some thing is better than keeping up-to our self

  4. The talent of success is nothing more than doing well whatever you do without a thought of time.

  5. To read without reflecting is like eating without digesting.

  6. The important thing in life is to have a great aim, and the determination to attain it.

  7. Wise men learn by other men’s mistakes; fools by their own.

  8. Good company on the road is the shortest cut.

  9. One of these days is none of these days.

  10. From small beginnings comes great things.

  11. Wise men learn by other men’s mistakes; fools by their own.

  12. Wisdom appears in contradiction to itself, which is a trick life plays on philosophy of life.

  13. It is the general rule that all superior men inherit the elements of superiority from their mother.

  14. Look into my eyes – you will see what you mean to me.

  15. The climber, get past the footprints are unfortunately, lost to forward direction is very dangerous.

  16. Great post! I am actually getting ready to across this information which i found very interesting to read.

  17. The crew unscrewed the screws from the sewing-machine and chewed them.

  18. The interviewer reviewed the newspaper and renewed his viewpoint on the news.

  19. I’m inclined to underline these disciplines in the outline written on linen.

  20. The engineer examined the engine of the mining machine for stomach.

  21. Asics is determined to build the best equipment for athletes around the world.

  22. Pochettes Boutique des femmes de notre magasin Burberry, un chèque de haymarket de signature, affinés granuleuse zip en cuir leather.oversize tire, bords raffinés peints à la main, bracelet réglable, le matériel de métal poli.

  23. You Actually Make It Seem So Easy With Your Presentation But I Find This Matter To Be Really Something That I Think I Would Never Understand. It Seems Too Complicated And Very Broad For Me. I Am Looking Forward For Your Next Post, I Will Try To Get The Hang Of It!

  24. Asics GEL-Noosa Tri zapatos de las mujeres se actualizan con Seamless construcción y se carga con las características específicas de triatlón.

  25. Bienvenue à acheter les meilleurs tods en ligne. Vous pouvez obtenir la qualité officielle et le prix pas cher à notre magasin. Livraison gratuite!!!

  26. Thank you for your useful post,original ideas, is very benefit for me,thank you.

  27. Thank you for the information! I like this article.also very reasonable and learn more useful things from it.

  28. Chaussures Homme Tod avec une qualité supérieure sont la vente pas cher sur notre store.Get vos chaussures tods préférés à partir d’ici, bon service en ligne et gratuit SHIPPING.

  29. It is possible to how contrubutes to a sunscription within SharePoint rather opening the file to see who contributed.

  30. This is a well written article on this subject. I have been looking at starting a new business and this is valuable information to help me in my decision. Thank you.

  31. Thank you very much for this usefull information! I really understand the topic now!thank you…….

  32. It is cool!your article is really Great, thank you very much for your so hard to write down

  33. A shoes each of your colleagues is speaking about vivienne westwood shoes.

  34. Thanks intended for giving these kinds of good write-up. Also visit my weblog

  35. Extremely individual pleasant site. Astounding information readily available on couple of clicks.

  36. Great looking website. Think you did a lot of your very own coding. Feel free to visit my blog post

  37. The insoles of the Supra Shoes are made with soft materials which can ensure excellent footwear for you.

  38. Very nice information here.And I will definitely be waiting for more such nice entries like this one from you.

  39. Very nice post. I just stumbled upon your blog and wanted to say that I’ve really enjoyed surfing around your blog posts. In any case I will be subscribing to your rss feed and I hope you write again very soon!

  40. Thanks a lot very much for your professional and amazing help. I will not be reluctant to propose your web blog to any individual who needs tips about this subject.

  41. I’m not sure where you’re getting your info, but great topic. I needs to spend some time learning more or understanding more. Thanks for fantastic information I was looking for this information for my mission.

  42. Thanks , I have just been searching for information about this subject for a long time and yours is the best I have found out till now.

  43. You’ve got produced some decent points there. I looked around the net for further information and facts regarding the concern and discovered many people will go as well as your views on this site.

  44. I am truly inspired by this online journal! Extremely clear clarification of issues is given and it is open to every living soul. I have perused your post, truly you have given this extraordinary informative data about it.

  45. Unable to get any news from the epicenter,the commander ordered the airborne troops to land from the air,ignoring the fact that the local meteorological conditions were complex.

  46. This blog is the best I’ve ever seen, we will support you.

  47. This is very interesting, you are a too skilled blog. I have added your RSS feed and look forward to the future looking for your magnificent additional posts.

  48. The secret of success is constancy of purpose.A good medicine tasks bitter.

  49. Great works are performed not by strength but by perseverance.

  50. Nothing great was ever achieved without enthusiasm.


Leave a Reply

Your email address will not be published. Required fields are marked *

Twitter Users
Enter your personal information in the form or sign in with your Twitter account by clicking the button below.

thru 9/26 - Fall Sale. 30% Off select styles. Disc