what to do with closed collection accounts???HELP

Anonymous · ‎01-29-2017

hello all. i am wondering what i need to do with collection accounts that have been closed. do i pay them or just let them be? when i do credit stimulation tool my score does not change if i pay them off. Thank you in advance.

Anonymous · ‎01-29-2017

@Anonymous wrote:
hello all. i am wondering what i need to do with collection accounts that have been closed. do i pay them or just let them be? when i do credit stimulation tool my score does not change if i pay them off. Thank you in advance.

It won't increase your score if you pay them. It will increase your Vantage Score (useless) but not your FICO scores.

If they are updating every month and you pay/settle with them then they will stop updating and they will begin to age and have LESS effect as time goes on. But even paid and being aged they WILL hold your scores down until they are gone.

Anonymous · ‎01-29-2017

thank you for your responce. well im guessing i will leave them untill they fall off. i have one open collection on EQ ill pay that one off.

Anonymous · ‎01-29-2017

@Anonymous wrote:
thank you for your responce. well im guessing i will leave them untill they fall off. i have one open collection on EQ ill pay that one off.

Absolutely not!!!
Write GW (goodwill) letters.
I had 8 Credit Collections on my report from collection agencies. I wrote the same letter for every single one and changed information based on the accounts and sent them.
Then I called them, Then I mailed more letters and called more times.
As of today I have 2 Collections remaining on my credit.
Good Will letters, there is a bunch of inforamation on the boards here on how to start and what you should and should not say

Anonymous · ‎01-29-2017

@Anonymous wrote:
@Anonymous wrote:
thank you for your responce. well im guessing i will leave them untill they fall off. i have one open collection on EQ ill pay that one off.
Absolutely not!!!
Write GW (goodwill) letters.
I had 8 Credit Collections on my report from collection agencies. I wrote the same letter for every single one and changed information based on the accounts and sent them.
Then I called them, Then I mailed more letters and called more times.
As of today I have 2 Collections remaining on my credit.
Good Will letters, there is a bunch of inforamation on the boards here on how to start and what you should and should not say

+1

You took the words right out of my fingers.

RobertEG · ‎01-29-2017

Neither closing of a collection nor exclusion from your credit report discharges the debt.

Whether or not to pay, aside from moral issues, might depend upon whether a future potential creditor who is aware of the unpaid debt may require its satisfaction prior to grant of any new credit. Some mortgage lendors, for example, routinely ask for a listing of any unpaid, delinquent debt.

A debt collector can also continue to attempt to collect on a debt after their collection has become excluded from your credit report, including makine inquiries for your CR.

A consumer can require a debt collector to cease communications by sending a notice under FDCPA 805(c), but cannot otherwise order a debt collector to cease their legitimate business activities.

Anonymous · ‎02-08-2017

I have like 18 collections on my account. But the key is they are all paid in full. I messed up by paying them and not trying to get them removed with negotiation with the creditors. I Also have student loans thats around 21k but i was able to consolidate them so it shows that I paid off the old ones and I am current on the new one. The best things is that I qualified for no payments because I am the only one in my household that works and I have a family of 5. But long story short I started with a 470 tu score after doing all of that in about 5 month span my score jumped 114 points even though i didnt get any of them removed. I just paid them off. Btw i did also get 2 public records removed to in that time frame. But all in all my score all went from very poor to fair. So paying them off does help. But i guess it depends on how much they are.