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Confused about collection accounts

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scorpiyo
Valued Member

Confused about collection accounts

If anyone can shed any light on collection accounts.  If I pay them off will they help improve my credit score or will they just show paid on my credit report but will do next to nothing in raising my score.  If I can sucessfully do a PFD and have the bad marks deleted will that help my credit score any?  I have been reading mixed information in regards to collection accounts.  Any help would be appreciated!  

 

Thank you

Chapter 7 discharge 9/1/15

Starting scores EQ - 571 / TU - 548 / EX - 579
Message 1 of 3
2 REPLIES 2
Anonymous
Not applicable

Re: Confused about collection accounts

 

Your best option is to pay for delete if possible. That removes the line from your credit report completely and the negative aspect of the line is no longer scored poorly against you.

 

Paying a line, and having it report as paid, but still showing late payments, or negative comments such as "Paid off collection" hurts still

 

Paying a line, and not having any lates, or negative comments improves your score such as "pays as agreed"

Message 2 of 3
Anonymous
Not applicable

Re: Confused about collection accounts


@Anonymous wrote:

 

Your best option is to pay for delete if possible. That removes the line from your credit report completely and the negative aspect of the line is no longer scored poorly against you.

 

Paying a line, and having it report as paid, but still showing late payments, or negative comments such as "Paid off collection" hurts still

 

Paying a line, and not having any lates, or negative comments improves your score such as "pays as agreed"


Very good info. It is always best to PFD if possible. What collection agencies are you dealing with? There is a wealth of info on here from people who have dealt with most if not all. If you will post specifics will no personnal info you would get some good feedback. Good luck!!!

Message 3 of 3
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