Collection Accounts

[Anonymous]

I have a few old collection accounts, from 2010, and I need to know if I should pay these off or not. I'm fraid if I pay them off it won't make a positive impact on my credit score/report. From what I understand, they'll show up for two more years reguardless of whether or not I pay them off. Can anyone give me some info on collection accounts? Thank you!

[Anonymous]

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@Anonymous wrote:

I have a few old collection accounts, from 2010, and I need to know if I should pay these off or not. I'm fraid if I pay them off it won't make a positive impact on my credit score/report. From what I understand, they'll show up for two more years reguardless of whether or not I pay them off. Can anyone give me some info on collection accounts? Thank you!

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Welcome to the forums.  I would strongly suggest you visit our rebuilding forum where there are people that can answer you and give you great suggestions.

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/bd-p/rebuildingcredit

[TURNERHOOVER]

I would pay them and then send GW letters to OC asking for deletion.

[JayPaulM29]

Check the rebuilding for more in depth info on how people conquered that

From my experience, when I agreed to pay off my collections in return I asked that they have it removed. 2 weeks later it was gone. I got a 20+pt jump from that deletion. 

[RobertEG]

Not paying will leave an unpaid, delinquent debt in your credit history.

While credit report exclusion will make it toughter for parties to become aware of the unpaid debt by simply pulling your credit report and seeing a collection that remains unpaid, it still exists, and potential creditors may simply ask for a listing of any unpaid delinquent debt as part of their application questionnaire.

Additionally, while rarw, a potential creditor for a request for credit in the amount of 15K or more could reqeust and receive a full file credit report that includes any derogs that are normally excluded.  See FCRA 605(b).

It could thus be discovered and remain a basis for denail of new credit regardless of FICO score.

Paying will remove any issue of an unpaid, delinquent debt.