Question about paying collection early (MCM)

[Anonymous]

Hello,

Like many of you, I am in the process of rebuilding my credit. I have been working hard and I am finally am getting back on track. At the moment, I have a charge-off from Amazon (Synchrony Bank) that is now owned my Midland Credit Management. I am on a payment plan that is $100 a month, and I still owe $3400.  I should note that neither Amazon/Synchrony, nor Midland Credit are appearing on any of my credit reports. II have been making payments to Midland for about a year. They have something on their website that says as long as you have a payment plan are are paying, they won't report to the credit bureaus.

My question is, would it benefit my credit score to call them and offer to pay off the debt early (given that it's not on my credit report), or should I just pay the $100/month for three more years? Obviously, there is no interest on the collection and, as long as they are getting their payments, it appears that they will keep quiet. This is the last account that I owe money on and I am trying to save for a down payment on a new car in the near future.

Thank you for your time and sorry if this is in the wrong section. This is my first time posting.

[dragontears]

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@Anonymous wrote:

Hello,

Like many of you, I am in the process of rebuilding my credit. I have been working hard and I am finally am getting back on track. At the moment, I have a charge-off from Amazon (Synchrony Bank) that is now owned my Midland Credit Management. I am on a payment plan that is $100 a month, and I still owe $3400.  I should note that neither Amazon/Synchrony, nor Midland Credit are appearing on any of my credit reports. II have been making payments to Midland for about a year. They have something on their website that says as long as you have a payment plan are are paying, they won't report to the credit bureaus.

My question is, would it benefit my credit score to call them and offer to pay off the debt early (given that it's not on my credit report), or should I just pay the $100/month for three more years? Obviously, there is no interest on the collection and, as long as they are getting their payments, it appears that they will keep quiet. This is the last account that I owe money on and I am trying to save for a down payment on a new car in the near future.

Thank you for your time and sorry if this is in the wrong section. This is my first time posting.

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If it is not on your reports it won't affect your scores. 

If you have the funds to just be over with it you should consider it, one less payment to make for the next 3 years 

[OmarGB9]

It's really up to you and your finances. Can you afford to pay it off in a lump sum payment? If so, then you'd be done early and can forget about it and move on. But if it's a stretch and will make you struggle, I'd just keep on the payment plan.

[Anonymous]

Thanks for the information. Yea, I think I'll just pay the stupid thing off and move on with my life.