Paying off collections / Charge offs

Anonymous · ‎05-20-2017

I filed BK in 2013 and after filing i had a few accounts go to collection / charge off . These are within the last couple years so waiting for them to fall off isnt reasonable .. The 3 accounts are less than $500 so paying them off now wont be problematic .

Before PIF I need to know how much impact it will have on my credit score. If this will help , should I contact them and request it to be deleted completely from the CRA .

Im new here and serious about getting my credit straightened out . Any and all advice would be appreciated.

sjt · ‎05-20-2017

@Anonymous wrote:
I filed BK in 2013 and after filing i had a few accounts go to collection / charge off . These are within the last couple years so waiting for them to fall off isnt reasonable .. The 3 accounts are less than $500 so paying them off now wont be problematic .

Before PIF I need to know how much impact it will have on my credit score. If this will help , should I contact them and request it to be deleted completely from the CRA .

Im new here and serious about getting my credit straightened out . Any and all advice would be appreciated.

It depends. If the charge off accounts are still owned by the original creditor and reported monthly, then yes you would see a score bump.

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MyLoFICO · ‎05-21-2017

I would definitley call and ask for a Pay for delete. I got a decent bump from paying off some olf collections. And they fell off on their own the very next month. So yeah, pay for delete is a good thing to try and get. Especially if they are $500 and under.

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Anonymous · ‎05-21-2017

When are the collections and COs scheduled to come off?

Anonymous · ‎05-23-2017

2020-2021 are when they "fall off" ... How succesful are PFD settlement letters ?

@MyLoFICO wrote:
I would definitley call and ask for a Pay for delete. I got a decent bump from paying off some olf collections. And they fell off on their own the very next month. So yeah, pay for delete is a good thing to try and get. Especially if they are $500 and under.