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Collections Question
I currently have one account in collections related to a bill from when I was in grad school. The balance is $6900. Credit Karma is reporting my EQ score as 694 and my TU score as 688. Other credit monitoring sites have me no lower than a 682. I wondering if I take out a personal loan to pay off the collection account and through negotiations with the agency, it is removed from m credit reports, what the impact on my score will be? It seems like I might take a hit initially for a new inquiry and the loan itself, but the fact that I will then have no account in collections and the fact that I have added an installment loan to my credit mix and that there will be no added debt would actually help my score. Any thoughts on this?

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