Paying of collection

[Anonymous]

Hi everyone-

I am new to the forum here so I apologize if I am not following posting rules or missing something. I have fair credit in the mid-600's, and working on paying some balances down since I had to recently pay a couple medical bills off. Had to work hard to rebuild credit to this point after 2008 economic downturn and my husband losing his job.

I have one old medical bill in collection from 2008, which I made the mistake of paying a little bit on in 2011 instead of paying it off, which then the collection agency reported and this brought my score down. My question is, if I pay this bill off (around $700) will I see a big difference in my credit score? Or is it not worth it (just asking about the score, I know seeing the collection can affect other things). Thank you for any insight you can provide. 

[Anonymous]

Depending on your state laws, the partial payment could have reset the SOL (but not the reporting time limit). It should still fall off in the next 12-18 months, but you COULD potentially be sued for it. Research the law in your state regarding this. About a dozen states require a signed, written repayment agreement to reset the SOL on a debt.

If it is the sole derogatory item on your report you could see a substantial bump when its gone. I would try to negotiate a PFD if possible.

[gdale6]

If the PFD fails you can attempt the HIPAA Process you can Google it, we cant go into details about it on this board. Welcome to My Fico