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ealenebutler

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Paying Collections
I just paid a collection account approx. 2 yrs. old to see what happens to my credit score over the next couple of months. I have search online, through and through, and there were NO straight forward answers, and most answers seemed to be contradiction from one to the next. Rationally thought tells me that paying off a collections account should help in some way shape or form - if not by much, at least a little bit. At this point I am confused by all of the information out there. The collection agency stated upfront that they WOULD NOT do a deletion even after payment. So, there was no negotiating this. I paid $144. I guess I will have to wait and see - unless someone really has a factual answer to this much researched question.

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All credit accounts are part of your credit history and remain on your credit report for 7 years, then drop off.  At only 2 years old, that collection likely would not have received a 'pay for delete' agreement but your credit report will show it as paid in full which is always a good thing to have reported. Collectors are not required to do a 'pay for delete' agreement.  It is strictly their option.That the debt went to collections would be a derogatory remark, but that it is reported as being paid in full would likely be viewed as a positive and you want all the positives you can get. 

The articles on this site I found to be quite informative, as are the interactive tools.  Hopefully, you have read the articles.  Just keep your accounts current, strive to pay all accounts in full every month (what shows on the statement) and keep your credit card usage at or below 10% for the best credit score increase.  Also check your credit reports once a year to be certain all information is correct and be patient.  It may take a bit of time for past errors to drop off, but they will and your score will begin to raise.

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