You didn't answer anything about my question I asked. All you did was state the obvious. Of course it needs to be paid off.
Ok, you should pay if off, making mothly payments is not going to help your credit. Again how old is it, who owns it and have you tried to PFD?
The collection itself is hurting you, if you can get them to PFD, then it should help, but if not paying it off will eventually help your scores.
@Bears4910 It makes no difference if you make payments till paid of or give them a lump sum all at once.
If this is your last remaining unpaid negative, your scores can start recovering after it's paid. There is no immediate gain from paying collection.
The way you re gain points is when updates stop.
If this is not your last unpaid collection/CO, you probably wont see any scoring change
If you have other negative accounts, please feel free to list them and that way you can get advice on how to handle those, especially the ones that will do PFD.
Please try to keep your responses friendly and respectful. I understand this is a frustrating process, but we're all trying to help you, and sometimes helping requires asking additional questions like @Jnbmom asked
I agree, it only helps to pay monthly payments when its an actual contract like a credit card or a loan. When you default and are sent to collections, you get no "credit" for making monthly payments because actually the only reason its there is because you didn't actually pay per the original card agreement. So, therefore, there is no credit for collection payments. There is only good credit when you DONT have them.