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Collection Accounts

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Valued Member

Collection Accounts

Hi, I'm new to the community and trying to get some advise to improve my credit. I have two collection accounts. My questions is; should I pay them off or will it matter to my credit score because they are alread in collection? Is there anything I can to to improve this situation?

Other than the collections, I have student loans, a car payment, mortgage payment and four credit cards. I just paid three of the four credit cards off and will have the forth card paid off soon. 

Thanks

Message 1 of 6
5 REPLIES 5
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Moderator

Re: Collection Accounts

Hi and welcome to the forums
Paying collections matters, especially the ones that are updating
Once you pay them, there wont be any big jump but your scores can and will recover somewhat over time because updates will stop.
Without paying, that cant happen and your scores will remain stagnant until reporting stops or they drop off 7 years from DOFD.

Also, some collection agencies accept PFD, so there is a possibility some get removed after the payment.
Message 2 of 6
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Valued Member

Re: Collection Accounts

Thank you for the information. I just called both collection agencies and they both said they will request from all three bureaus that the collection be removed when paid in full after 30 days. I don't know if this will really happen. I noticed is also says the same on their websites. Portfolio Recovery and Jefferson Capital are the two companies. I paid the one collection from Portfolio Recovery/Capital One. I am going to pay the other next week. We'll see what happens.

Message 3 of 6
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Moderator

Re: Collection Accounts

Both Portfolio and JC delete after accounts are paid off.
Message 4 of 6
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Valued Member

Re: Collection Accounts

That's good news!  Thank you.

Message 5 of 6
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Established Member

Re: Collection Accounts

Yes, I paid my portfolio acct. and they deleted as promised!  

Starting Score 8/2017: EX-607, TU-590, EQ-589

Current Score 8/2018: EX-661, TU 671, EQ 635
Goal Score: 700
Gardening




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Message 6 of 6
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