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jackie8907

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I want to pay off all of my accounts in collection
I have about 9 items in collection with balances that is $600 or below. I want to pay them all off but was told it would hurt my credit. I am not trying to make any major moves such as buying a house, car, or apply for any loans or credit anytime soon. I just want to clean up my credit report. Any suggestions as to how I should go about this?

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Be very careful about paying off collection accounts, if they are over 7 years old they could fall off by themselves you could save some money.  Any account will stay on your credit report for 7 & 1/2 years from the date it is paid off, or if unpaid, the date it went past due.  You can negotiate with creditors for a "pay-per-delete"; get them to agree IN WRITING that they will delete the account from your credit report in exchange for payment.  They usually want full payment in one lump sum, but try for lesser amount first.  Also, be aware of the Statute of Limitations with regards to lawsuits.  If a collection account goes unpaid, they may try to sue you, but depending on what state you live in, they only have a certain number of years to try; otherwise they can only harras and ding your credit report.  Just Google or Bing "Statute of Limitations" and find your state.  Also, I suggest going to www.credit.about.com and reading under "Paying Debt" or something similar to that title.  Glad to hear time is on your side, and that you're being proactive.  Best of luck!

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