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YoungMistakes

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How will paying off an open collections account affect my credit & score?
I currently have an open account in collections for $620.. The account is less than a year old and I'm looking to increase my credit score as quickly as possible. How should I handle this? I will be able to pay off the entire balance with my tax return. Should I pay it off entirely, or are there other steps that should be taken? This account is accurate for a phone I bought for someone else in my name.

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Top Contributor
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If You know you are resposible

then pay it off right away.  I would try getting them to remove the negitive account from your report.  It's called a "pay to delete"  Google it for more info on how to procede with that. 

Getting the collection paid off will help your score, but it will stay on your report for 7 years.  getting it removed would help even more. 

Good Luck

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