cancel
Showing results for 
Search instead for 
Did you mean: 

Collections question

lkcornish
New Member

Collections question

Hi everyone!  I have a quick question-  I have heard both ways that it will help, and won't make a difference.
 
Will paying all of the negative collections on my credit reort off raise my score??  I have all positive history for the last 12 months but about 5k in collections.  I'm trying to raise my score, and don't know if paying these collections off will make a difference??? Yes or No???  Help me answer this weighing question?!!
Message 1 of 8
7 REPLIES 7
Brammy
Moderator Emeritus

Re: Collections question



lkcornish wrote:
Hi everyone!  I have a quick question-  I have heard both ways that it will help, and won't make a difference.
 
Will paying all of the negative collections on my credit reort off raise my score??  I have all positive history for the last 12 months but about 5k in collections.  I'm trying to raise my score, and don't know if paying these collections off will make a difference??? Yes or No???  Help me answer this weighing question?!!


 
Paying collections will not increase the score as they are still considered for the likelihood of defaulting on a debt.  It will show favorably when applying for new credit though as lenders do see that you still owe money yo have decided not to pay.

Message 2 of 8
Barry
Administrator Emeritus
Moved:

Re: Collections question

Hi DP196,

Thanks for your post, however, its content violates our User Guidelines regarding credit repair and it is therefore being deleted.

Our User Guidelines say:

Credit Repair

FICO Forums is intended to provide helpful and useful tips for managing credit and understanding FICO scoring. This is not the place to exchange credit repair advice that encourages consumers to provide untrue or misleading information to a credit bureau or lender for the purpose of raising FICO scores or otherwise improving credit ratings, credit histories or credit records. Such material may be edited or removed, and egregious or repeat offenders will be banned from future participation in FICO Forums.

-Barry



Message Edited by Barry on 04-17-2007 08:16 AM

Message 3 of 8
GetLifeBack
Member

Re: Collections question

Ok, I need help. I have a collection that I just paid and I want it removed cause it is lowering my score. I called the collection agency and asked about the debt and it was a non-payment of a co-pay for my son at the emergency room. The reason that it went to collection was the they had a incorrect address that they were sending the bill to. Therefore I was not able to get the bill and pay it and was not aware of the bill nor the collection until I pulled my credit report. I tried to talk to the collection agency and ask them being that I have paid the collection could they remove it from my credit report and they denied me. What can I do to get this removed from my report?
Message 4 of 8
KDM
Regular Contributor

Re: Collections question

Absolutely pay off the collections.  It will probably make your score drop a bit temporarily, but lenders will see that you have paid them. 
Message 5 of 8
KDM
Regular Contributor

Re: Collections question

Unfortunately there's nothing you can do to have it removed.  The only thing you can do is add a note to your report explaining what happened.   
Message 6 of 8
Brammy
Moderator Emeritus

Re: Collections question



GetLifeBack wrote:
Ok, I need help. I have a collection that I just paid and I want it removed cause it is lowering my score. I called the collection agency and asked about the debt and it was a non-payment of a co-pay for my son at the emergency room. The reason that it went to collection was the they had a incorrect address that they were sending the bill to. Therefore I was not able to get the bill and pay it and was not aware of the bill nor the collection until I pulled my credit report. I tried to talk to the collection agency and ask them being that I have paid the collection could they remove it from my credit report and they denied me. What can I do to get this removed from my report?


 
I would dispute it as never recieved. I would include the address that the bill was sent to and my urrent mailing address as far as at the time of notification.  I did have one successfully removed this way

Message 7 of 8
Dflats
New Visitor

Re: Collections question

I'd also check your state's statute of limitations before you get caught up in paying accounts already in collections. It may be that your old collections debt is time-barred and no longer legally collectable by the collection agencies.
Message 8 of 8
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.