Repaying old collections versus waiting to drop

[Anonymous]

I have two collections on my reports and both are about 3.5-4 years old. They are about 300 bucks a piece and I am able to pay them. I've researched the two companies and see mostly that it is highly unlikely I could get a pay for delete on them. If I cannot get a PFD is it better that I let them sit the remaining amount of time or just straight up pay them? Mainly I don't want it to hurt my score when I have just gotten it up a little bit. 

As far as waiting - I don't foresee needing anyting such as a car or home within this time period, but I also have no issue with just paying them. Right now it really just comes down to what is best for my score.

[MarineVietVet]

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@Anonymous wrote:

I have two collections on my reports and both are about 3.5-4 years old. They are about 300 bucks a piece and I am able to pay them. I've researched the two companies and see mostly that it is highly unlikely I could get a pay for delete on them. If I cannot get a PFD is it better that I let them sit the remaining amount of time or just straight up pay them? Mainly I don't want it to hurt my score when I have just gotten it up a little bit. 

As far as waiting - I don't foresee needing anyting such as a car or home within this time period, but I also have no issue with just paying them. Right now it really just comes down to what is best for my score.

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Scoring looks at paid and unpaid collections exactly the same so in that respect it doesn't matter if you pay them off or wait.

One advantage of paying these is that further collection efforts will stop.

[RobertEG]

Credit report exclusion shields others from knowledge of the unpaid debt by simply seeing an unpaid collection in your credti report.

Leaving the debt unpaid could still be a factor in application for future credit if known to the creditor.

[superdad]

Another thing to consider is, is any of them updating monthly?  If so i would pay the ones that are updating monthly.  If not i would check with your states SOL and if past SOL i would send a strongly worded letter.  I copied this from another discussion but not sure who wrote it but i saved it in my email to use.

If past SOL. Negotiate for a settlement. In any communications with Portfolio, refer to this as "old, time barred debt" and tell them you might be willing to negotiate a 10% settlemement but only on the condition of removal of the entire tradeline. Tell them that removal of the tradeline is non-negotiable, and once this item pases the 7.5 year mark, you will have no interest at all in settling, and further communications from them at that point will be met with a cease communication letter, per FDCPA.