@Anonymous wrote:I have a few old collection accounts, from 2010, and I need to know if I should pay these off or not. I'm fraid if I pay them off it won't make a positive impact on my credit score/report. From what I understand, they'll show up for two more years reguardless of whether or not I pay them off. Can anyone give me some info on collection accounts? Thank you!
You would approach the CAs with PFD offers, if they accept it then great if not then you can choose whether or not to pay them off. If the CA is reporting monthly then there is incentive to settle as this keeps your Fico depressed, if they are not updating then you may want to wait till they are removed from your CR and then settle so it doesnt affect your CRs. Here you will find some examples of PFD letters:
http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Example-Letter/td-p/4519
