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@Anonymous wrote:
My fiancé has a few collections (old medicos bills). They haven't updated in a while. If I start making payments toward it, will the CA updating to CRA cause a drop in score?
Define "awhile"....
In this case yes, you would possibly see a score drop. Especially if you start making payments and then for whatever reason you have to stop, since at that point the CA will re-report the remaining balance, making it a brand new collection again.
My advice is to make the small payments to a savings account, and once you have the full balance in there pay it off completely so it does not have a chance to re-age
@Anonymous wrote:In this case yes, you would possibly see a score drop. Especially if you start making payments and then for whatever reason you have to stop, since at that point the CA will re-report the remaining balance, making it a brand new collection again.
My advice is to make the small payments to a savings account, and once you have the full balance in there pay it off completely so it does not have a chance to re-age
+1
You'll also have the savings on hand to offer as a settlement if they threaten to sue.
@Anonymous wrote:
CA hasn't updated side Aug 2015
Less than one year old you might see a slight (or no) change - two years or more would be bigger...