cancel
Showing results for 
Search instead for 
Did you mean: 

If I Pay, What Happens?

Estimate your FICO® Score range for free

FICO® Score Estimator

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
New Member

If I Pay, What Happens?

I have a collection on my reports that has been reported since 4-03.  If I pay this, will I see a huge score drop? Also, wll paying make the line stay on my reports 7 years from the date of payment? It is nearing the sol, and they are calling like crazy, It is a local agency, and I want to settle, as it will be easy for them to file in small claims.  I might try PFD, but do not think they will be receptive.
 
This is the only collection on my reports, and my scores are all 720-730.  I hate the thought of paying this, as I am still not 100% sure it is legit.  To do so and lose 50 points makes it worse!!
 
Thanks!
Message 1 of 4
3 REPLIES 3
Moderator Emeritus

Re: If I Pay, What Happens?



4mycredit wrote:
I have a collection on my reports that has been reported since 4-03.  If I pay this, will I see a huge score drop? Also, wll paying make the line stay on my reports 7 years from the date of payment? It is nearing the sol, and they are calling like crazy, It is a local agency, and I want to settle, as it will be easy for them to file in small claims.  I might try PFD, but do not think they will be receptive.
 
This is the only collection on my reports, and my scores are all 720-730.  I hate the thought of paying this, as I am still not 100% sure it is legit.  To do so and lose 50 points makes it worse!!
 
Thanks!


When is the last time they updated your report?
 
Paying it will not reset the reporting period, it will be removed as scheduled, whether you pay or not.
 
If it was reported in 2003, when was the DOFD?
 
When will SOL be expired?
-----------------------------------------------------------------------------------------------------
Free Annual Reports, Freq. Requested Threads, 5 Things We Don't Talk About, Common Abbreviations, Where do I start?, State Resources
Message 2 of 4
New Member

Re: If I Pay, What Happens?

They report every month.  The DOFD was 12-02.  The SOL in my state is 6 yrs.
 
Thanks
Message 3 of 4
Moderator Emeritus

Re: If I Pay, What Happens?

If they are reporting each month, then paying it should not hurt or help your scores. It is updated each month as it is anyhow.
 
However, one option you may have is to try to wait out SOL. If SOL expires then they are more likely to accept a PFD, knowing they can not take any legal action to collect.
 
 
-----------------------------------------------------------------------------------------------------
Free Annual Reports, Freq. Requested Threads, 5 Things We Don't Talk About, Common Abbreviations, Where do I start?, State Resources
Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.