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Question By
mvdwantstoknow

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If I pay off a collection/bad account, will it increase my credit score?
I see where there are questions asked about how long a paid off account will remain on credit report.
My question is: I understand that it may remain for 7 years or more, but if I pay off the negative/bad/collection accounts, will that increase by credit score, even if the closed/paid account remains on my report?
And if so, how soon will I see my score start increasing?
Thanks.

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Collection Accounts

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When you decide to pay off a collections account, have them send you a "Pay For Delete" letter.  Once they do, pay it off and it will be deleted completely from your account.  They will do this because they buy these debts for pennies on the dollar, so when they get ANYONE to pay, they make a good profit.  Do NOT pay it off without this letter or if they just "tell" you they will do it.  I paid off 2 medical bills showing on my Experian report and my score went up 65+ points.

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They won't do a pay and delete?

Suppose they wont do a pay and delete? I only owe them 200, this is affecting my credit report?

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did it work? I am about to do the same?

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