cancel
Showing results for 
Search instead for 
Did you mean: 

Paying Collectons

tag
Anonymous
Not applicable

Paying Collectons

I have or had 3 collections that were on my report. These were no where near falling off or where I could ask for an early exclusion. I have paid them all with a settlement offer. My question is once these are reported to the agencies as paid, will my score increase any?

Message 1 of 6
5 REPLIES 5
gdale6
Moderator Emeritus

Re: Paying Collectons


@Anonymous wrote:

I have or had 3 collections that were on my report. These were no where near falling off or where I could ask for an early exclusion. I have paid them all with a settlement offer. My question is once these are reported to the agencies as paid, will my score increase any?


Its possible if they were being figured into your utilization percentage. Typically there is only a boost if they are removed from ones CR not just updated to paid status as Fico still figures them in negatively and they would look like they just happened. As they age they would lose effect on your Fico. You want to begin your GW letter campaign asking for removal of these TLs as soon as they are updated to paid status.

 

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Stories/td-p/1573680

Message 2 of 6
Anonymous
Not applicable

Re: Paying Collectons

Thanks! I'll start working on those letters.
Message 3 of 6
Anonymous
Not applicable

Re: Paying Collectons

So my question is, if I have an unpaid collection account that is scheduled to come off in May 2016 but I pay the balance in full today will the credit report update to say paid but more importantly will it still come off in May 1016 as was scheduled?
Message 4 of 6
Anonymous
Not applicable

Re: Paying Collectons

If it comes off in May I wouldn't pay it just let it fall off
Message 5 of 6
gdale6
Moderator Emeritus

Re: Paying Collectons


@Anonymous wrote:
So my question is, if I have an unpaid collection account that is scheduled to come off in May 2016 but I pay the balance in full today will the credit report update to say paid but more importantly will it still come off in May 1016 as was scheduled?

Yes it will update to paid and yes it will still be removed in May. At this late date I would jut settle it for a percentage (50 or less) especially if its past states SOL as well. You can also ty calling the CRAs for the early exclusion.

Message 6 of 6
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.