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Two things happen if you pay them off.
1.) If you pay them off, they quit updating every month and dragging your score down. Each month that a collection is open, the CA usually reports it that way. So it's essentially reporting derogatory every month.
2.) In a manual review for any type of credit product, it looks better to a bank to have them paid off. It shows that even though the debt went to collections, you still paid it.
That's just my two cents though, and others may object.
Ok - I don't want to swear to anything - but I am pretty sure where I saw someone got a PFD with Jefferson Capital on the boards recently - you might want to search....
I don't know much about Midland - but if you could get PFDs that would be an even better bonus!
Midland has initiated a publicly posted policy of deletion of their reported collection if paid and it has been at least two years since the date of initial delinquency.
It might be prudent to wait until the Midlands' have reached the two year mark, thus putting into force their written policy offer.