topic Paying Collection in Rebuilding Your Credit

Paying Collection

Anonymous — Thu, 26 Mar 2009 01:40:39 GMT

My credit score is very low right now. I have a couple of credit cards that are paid on time and 2 student loans that are ok. Everything else is a paid collection and I have about 9 outstanding collections. I just paid one credit care down to 0. I plan to on Friday pay off all of the outstanding collections. How much can I expect to raise my score? Also I have 2 judgements. One I plan to pay and the other was paid but is not reflecting that so I need to get it cleared up.

Re: Paying Collection

Anonymous — Thu, 26 Mar 2009 01:49:31 GMT

Before you pay your collections. Check to see who owns the collections. If the original creditor owns them, contact them and try to see if they will pull it back from collections and do a PIF then DV the CA. If the CA owns them, DV them CMRRR. Once you get adequate verification, offer a PFD with them. DO NOT PAY A CA WITHOUT A PFD. It will not help your score to have a paid collection on your CR.

Once your judgments are satisfied, you'll have to file a motion to get them vacated.

These boards are awesome, go to the rebuilding credit section and they will steer you in the right place!

Message Edited by anythingispossible09 on 03-25-2009 08:49 PM

Re: Paying Collection

Anonymous — Thu, 26 Mar 2009 01:53:01 GMT

I'm sorry, I'm new here and do not know what all the abbreviations mean. Can you help me out?

Re: Paying Collection

MizzB — Thu, 26 Mar 2009 01:57:05 GMT

PFD - pay for delete

DV - debt validation

OC - original creditor

CA - collection agency

Re: Paying Collection

Anonymous — Thu, 26 Mar 2009 02:25:44 GMT

Thanks!

Re: Paying Collection

fused — Thu, 26 Mar 2009 05:39:23 GMT

Common Abbreviations