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jackie8907

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I want to pay off all of my accounts in collection, will it hurt or improve my credit score
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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To pay back or not

Helpful to 9 out of 11 people

I belive there is like a statue of limitations and it depends on how long it has been since you paid them anything and what state you are in,as they are all different.  If its been like 4 years or more since you paid anything they may have written it off. Be careful of bill collectors from companies out to do just that. If one of them has it the company has already written you off and I do not think it will help you to pay it now. Only deal with the company directly. Hope this helps and is accurate. 

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Most Helpful Response

Get them paid and closed

Helpful to 7 out of 8 people

It may not help your credit score but having them paid and closed is the first step to a better score.  When you have open accounts in collections you are not likely to get loans for well anything really unless you want a high interest rate and high downpayment.  If you are able to get them paid off it will help you.  Closed collections are better than open ones at least in the eyes of a lender.  After you get them paid off just stay on top of payments and if you can try to get a small loan and MAKE the payments on time, This will allow you to boost your score. Yes as the other post said there is a SOL but not paying them and waiting doesnt always work they will likely transfer the account to another agency to reset the SOL time frame.  Just hang in there you can get it repaired and back on track

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