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Hi, I have a doctor's bill of about $660 in collections. This is about 5.5 years old. If I pay this amount now, will this positively impact my FICO score? Thank you in advance.
Montana is 100% correct. You have some leverage though, ask if you PIF will they remove it from your report. Get it in writing if they agree.
Depends how it's reported.. If they update monthly on your reports, paying it will stop that allowing your scores to rise. Also helps on manual review.
Of course as stated above, PFD is always the best outcome!
PFD ...
The good news is your have 5.5 years under your belt and in another 1.5 years, it will fall of your Credit Report anyways. Use this timing as leverage when you call to discuss a PFD. As mentioned earlier ~ get everything in writing. When they realize they will be getting paid on such old debt, most of the time they will agree to just about anything. Atleast that has been my experience!
I was successful in 2 PFD's about 5-6 years ago Good luck!
...and don't overlook the Rebuilding subforum for topics like this.
Thank you all for your response. I truly appreciate your help.
I read somewhere that, if I called the collection agancy now, this may reset the clock. i.e. instead of this being a 5.5 year debt, this will reflect as a new collection item in my credit report. Is that true?
Thanks, Montana.
Thanks. How do I find out if its being updated monthly?