Reply
New Visitor
trippin
Posts: 1
Registered: ‎03-30-2014
0

Verizon Wireless account

I have a verizon wireless account that has been in collections since 02/12. The balance on it is $1,096. I'm trying to rebuild my credit as I had to open up a lot of accounts at a young age. (I was 21 at the time the account closed with a new mortgage to worry about) That being said, I'm in a place where I can finally start paying off debts. Would it be benefical to my credit score to pay off the amount even now 2 years later and how would I go about starting the process? 

Valued Contributor
gdale6
Posts: 9,261
Registered: ‎12-13-2013
0

Re: Verizon Wireless account


trippin wrote:

I have a verizon wireless account that has been in collections since 02/12. The balance on it is $1,096. I'm trying to rebuild my credit as I had to open up a lot of accounts at a young age. (I was 21 at the time the account closed with a new mortgage to worry about) That being said, I'm in a place where I can finally start paying off debts. Would it be benefical to my credit score to pay off the amount even now 2 years later and how would I go about starting the process? 


It would only benefit you score wise if you get the deletion for paying it off, if not and it has not been updating monthly it will drop your score when the DOLA comes current to report the Paid Collection. I suggest you read up on DVs, (debt validation) which is what you would do first and PFDs (pay for delete) this is your last option.

EX Cred Ses 08/14: 767 ; EX Fico 04 V2 06/14: 775; EX Fico 08 07/14 778 ; EX Fico 08 BC 07/14: 800
EQ Fico 05/14 781 ; EQ MPM 07/14: 721
TU Fico 8 07/14: 719; TU MPM 06/14 706

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+