I've been paying a couple old bad accounts on my credit report and wanted to share that I paid a chargeoff and the only difference on my report is that it is now reporting as a paid chargeoff. My score went up 13 points. It was not a revolving/credit card debt.
I'm very surprised because everything I read says paying off old debt (bad debt) will probably not help your score.
I've been attempting PFDs on several different accounts since last September. I haven't had luck with a single one. I decided to pay the Verizon bill before it was recorded as having gone to a collection agency.
I checked the report. It's still on there. The only difference is that it's showing paid and I know the 13 point gain was related to the payoff because it was an alert that an account had changed to paid/zero balance(giving the Verizon information) and the 13 point score increase.