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devinova

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How will reproting to collcetion affect my Credit Score?
My PayPal account got scammed and now PayPal is holding me liable for $6,000 and trying to collect this money using a collection agency. I'm wondering if I should pay even it feels so unfair to pay the money I didn't take. My current credit score is 708 and I pay all my bills including mortgage and car lease on time and credit cards in full. I'd like to know how bad it will affect my score if I refuse to pay at all. I've tried to simulate the situation on the web and it showed me that my score would go down to 669. Is it real? and how this will affect my interest rates if I decide to buy a house or lease car in the nearest future?
Thank you in advance.

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