cancel
Showing results for 
Search instead for 
Did you mean: 

New member collection question

Dovick
New Visitor

New member collection question

Okay, I have read through multiple posts, and read through the adobe pdf file booklet, but I need some clarification on something please, because I need to fix my terrible scores.
 
I have several accounts in collections.  Some of them are within the last 2 years.  I will be able to pay them off here in the next few months, completely or settled if they accept, and I like the PFD letters I have read here.
 
But since reading that paying off collection accounts wont help scores, is there a point to it?
What do I do?
Message 1 of 3
2 REPLIES 2
Jesedmotherof5
Established Contributor

Re: New member collection question

We cant tell you to pay or not pay your bills as it is an ethical desiion on your partSmiley Wink I can say try try and try again for a PFD start with the earliest account. Do get a DV on all accounts so you know where the DOFL/DOFA but be prepaired to pay as I heard that if it is within the SOL you can be sued. Excpet an increase in collection calls and efforts once you begin. Also on Manuel reviews of your report paid will always look better then not paid!
6/9/08 FICO TU 697 EX698 EQ 618uti 6% (once new accounts hit) BIZ- DUNS 80, EX 35
GOAL 2008- 700s+ new car
2010 BE a first time buyer
Message 2 of 3
Moderator Emeritus

Re: New member collection question



Dovick wrote:
Okay, I have read through multiple posts, and read through the adobe pdf file booklet, but I need some clarification on something please, because I need to fix my terrible scores.
 
I have several accounts in collections.  Some of them are within the last 2 years.  I will be able to pay them off here in the next few months, completely or settled if they accept, and I like the PFD letters I have read here.
 
But since reading that paying off collection accounts wont help scores, is there a point to it?
What do I do?


I agree with jesed-  the decision to pay or not is your personal decision and will never encourage you to not pay.
 
It's true, that without getting the collection removed, it won't help just paying it as far as scores go. But a manual reviewer will like to see paid collections vs unpaid collections.
 
Check your SOL -
 
If you decide to take action BEFORE SOL is up, have the money in hand to pay in case they sue.
 
Always DV before PFD'ing.
-----------------------------------------------------------------------------------------------------
Free Annual Reports, Freq. Requested Threads, 5 Things We Don't Talk About, Common Abbreviations, Where do I start?, State Resources
Message 3 of 3
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.