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ebarnett003

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How will paying off debt in collections raise my credit score?
I have a bill in collections right now and I also have some credit card bills and I was wondering if I paid them off in full with my tax return, how much it would affect my credit score.

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It will help some

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That you have a bill in collections shows it hasn't been paid on a regular basis and the original creditor sold it to a collector in order to get some payment.  It's a negative on your credit report that will remain for up to 7 years past the date it gets paid in full.  T hat is one of the keys to good credit...making the payments on time every time and getting credit bills paid in ifull as quickly as possible.

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