Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Paying Your Bills
Profile Image

Question By
Lissa052

1 Contribution
0 People Helped
Delinquent account
I have an open delinquent account that is affecting my Equifax credit score but not Transunion. Will paying ofd the delinquent account help my score on both sites? Also, should I contact the company directly or do it through my credit report?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-4 of 4Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
5038 Contributions
1131 People Helped
Most Helpful Response

Helpful to 1 out of 1 people

Be aware that paying delinquent accounts does not remove them from your reports, it only updates the balance to zero. A negative account is a negative account on your report whether it is paid or not. You cannot pay debts through your credit reports, you would have to contact the company that owns the debt in order to pay it.

___________________________________________________________________________________________________________________________

If the amount owed is affecting your utilization rate, then paying it could produce a slight positive effect. If the account is updating monthly, then paying the debt could stop the account from updating further and will help your scores recover. If the account has not updated in a long time, paying it would most likely cause harm to your scores as it would update. While paid negatives look better under review, FICO will score them the same, so you do not get an increase for paying the account.

__________________________________________________________________________________________________________________________

The best thing that you can do if you want to pay the account is to offer a "pay for delete". This is where you get the company holding the debt to remove it in exchange for your payment. Of course, get them to agree to this prior to payment. Some companies will do this and some will not. Also be aware of Credit Reporting Time Periods as most negative accounts fall off your reports 7 years from the time that they became delinquent.

____________________________________________________________________________________________________________________

It would also be a good idea to see if the account is still within the Statute of Limitations in your state to be sued for it. Do your homework on paying old debt before you proceed. There are a lot of articles and advice across the net to help educate you so you don't make any wrong moves when handling this. Hours of reading now are better than years spent kicking yourself for making the wrong move in your credit repair.

Reply by
Lissa052

1 Contribution
0 People Helped

Thank you so much. The account is less than a year old and I'm sure it would look better to pay and have it show a zero balance. I will still request a delete and hopefully that increases my credit score. I appreciate your help.

4 Contributions
0 People Helped

check Equifax

 They say I have one delinquency account

4 Contributions
0 People Helped

Ron Lambert

Thanks for the help

4 Contributions
0 People Helped

Equifax said I have a open delinqency account can you let me who it is

Reply by
5football

4 Contributions
0 People Helped

Enter Your Reply can you give me a date on the delinquency account that Equifax say I have

Results 1-4 of 4Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.