Probably. If it's your only collection, it's probably worth ~40 points. If you have others still, it could still be worth ~10 points.
I got a 36 point bump when I paid off and got my last collection deleted.
I would say pay it after doing a little homework, and get the agreement in writing before you pay it.
What is the DOFD of this account? When I was rebuilding my credit, this was a date I used to prioritize what I would attack first. Remember collection accounts don't re-age.
Was there an orgional creditor listed on the report? Will the PFD be for both the OC and CA?
But anytime you can get a ding off your credit earlier then it sould, take advantage of it. My last deleted collection account on my credit gave me a huhe boost.
@MrTom wrote:I would say pay it after doing a little homework, and get the agreement in writing before you pay it.
What is the DOFD of this account? When I was rebuilding my credit, this was a date I used to prioritize what I would attack first. Remember collection accounts don't re-age.
Was there an orgional creditor listed on the report? Will the PFD be for both the OC and CA?
But anytime you can get a ding off your credit earlier then it sould, take advantage of it. My last deleted collection account on my credit gave me a huhe boost.
With respect to "Collection accounts don't re-age", what is meant by that? I have an old medical collections that should drop off within a year (a small co-pay that shouldn't be there but is). I've been afraid to poke the bear, and I've been concerned that paying it would re-set the clock, ensuring its stay for several MORE years if the PFD doesn't work.
I may of worded it wrong. A collection account is a continuation of debt. Meaning the DOFD will be when the orgional account first went deliquent.
@Anonymous wrote:If it's a legitimate pfd and you have the funds yes it's worth it and pay it asap, Dv
I don't know - I haven't tried to ask for one, since it's so close to just falling off. I thought maybe I would let it fall off and then pay it?
I'm fortunate in that it's a $50 copay. It should never have been charged (an immediate followup for the same issue), but it evidently was and I've moved a couple of times since then and missed dunning/warning. It's easily worth $50 to get it off of my report. What I fear is that if I pay it, it might reset some clock to 2017, and re-start the ageing from there.