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grandma001

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Paying off a Debt that is showing in Collections
If I pay off a Debt that is showing in collections, Can I get it removed from my report or is it going to be there for the next seven years without really improving my score.
I am really confused about what to do with this, my Credit Score took a Major hit when this showed up. I have been working really hard the last two years and finally had a decent Credit Score.

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So, you don't know this account?

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If you are not already hearing from a collector on this account, it is likely there was some erroneous entry in your credit report that needs correcting, so why would you want to quickly arrange payment if the account is not yours?  Errors happen all the time, which is why we are advised to annually review and correct the credit reports. 

Get free copies of all 3 credit reports from freeannualreport.com.  Go over them carefully and dispute anything you're sure is not yours.  The credit bureau has to investigate and verify the account.  It should take about 30 days for this to happen.

Put checking your credit report on your annual "To Do List" so you can make sure everything is correct. 

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