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fpznyc

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If I pay off my accounts in collection will my credit score improve? Most of my accounts are 2013

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Vast majority of scoring models dose NOT distinguish between paid and unpaid collectiions. So by paying it in itself should have no direct scoring effect on those score models. However paid collecto do have some benefits to your credit profile and indirectly to you scores. Paid looks better to those whom manually review your credit report, like when applying for mortgages/auto loans or apartments. Paid also prevent creditors taking further legal actions. Paid should stop creditors from updating it to your credit report (after it updated as paid), so that particular collection would slowly loose its grip on your scores as it's gets older, as oppose to when unpaid collections updates periodically would causes your scores to go down further, because it makes your Delinquency longer.

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They will drop off your account 7 years after they first went delinquent and, depending on the state you live in, may no longer be collectable under the Statute of Limitations on collections.  You will know what your situation really is after you take the time to read the articles on this site so you can learn how credit works.  That IS what Credit Karma is for. 

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Yes it will.

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Anytime you have an account in collection, You will not qualify for any new credit.  Follow these steps an clean up your credit. 

Accounts in collection should be varified before making any payments. Hand write a "Validation Letter" Google it for a template and more info. Basicly it requires the Credit bureaus to verify that the account is   A) yours and   B) that they have the legal right to collect it.

once an account has been verified, then make arrangements to pay them off, Also do this in wiritng, NEVER talk to collection agencies on the phone.  These people are the lowest of the low, and will promise anything to get a payment. 

 Many times they will take an "offer and compromise" where they will take less than the balance do to settle the account, But these can only be authorized by managers and must be done in writing.  Do you research on how these work and you should be able to get these cleaned up fairly soon. Remember though, that the credit system is a slow moving behemouth that takes months to do anything. For all the computers in the world, they still rely very much on paperwork and the mail. 

Good luck   

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Reply by
JohnnyRain127

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"Anytime you have an account in collection, You will not qualify for any new credit..."

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WOW, That is as false as false statement gets in the Credit world.

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