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Question By
dxsdesign

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Please add "Pay off accounts in collections" to the Credit Score Estimator
Not really sure why this is not an option on the CSE, but it really should be. Not everyone has ONLY Credit Card dept. It has a place where you can let a CC payment be late, or even pay it off, but NOTHING about collection accounts. Please add this feature.

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Paying off Collections won't help

Helpful to 3 out of 3 people

Once an account is in collections, it will stay on your credit reports for 7 years whether you paid it off or not.  If they are less than 2 years old (or still within your state's statute of limitations), you should pay them or negotiate with collection agency for a 50% or less  payoff for it to be paid in full.  (Get it in writing). Collection agencies buy accounts for pennies on the dollar so by settling for half or a fourth of the amount, they have made a lot more money than what they paid for the account.  Make it clear to collections that you are doing your best to pay off debts and want to make a partial one-time payment to clear up the debt.  Don't agree to pay any monthly amount.  You will just reset the calendar on your statute of limitations.

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Helpful to 2 out of 4 people

what happened to being able to see the     Credit Score Estimator ??

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Dispute

Helpful to 5 out of 10 people

An invalid  ollections account is on my record.  How do I get rid of this permanently?

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Reply by
Pharkus

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Dispute it through credit bureaus (Transunion,, Equifax, Experian).  If the account is truly invalid and the creditor does not respond to the dispute, it will go off your reports.  Creditor must have some documentation to support their claim that you owe.  Many collections agencies don't bother getting the paperwork from original creditor so cannot prove you owe.

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collection agencies lie

My husband got a phone call from a collection agency about an old bill he didn't even know he owed they talked for awhile and the agent offered him a "deal" to pay it off so my husband gave him his information and they took the money straight out of his bank account the agent told him it would come off of his credit report in about a week well its been 3 months and  it still shows opened he wants to file a complaint to the company so i am looking for a dispute form if anyone knows where i go on this site to get one please help us . Thanks silvermist65

Reply by
Laura1230

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Helpful to 1 out of 1 people

You can go directly to the credit bureaus website and dispute the item more than likely it will be removed.

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Not going to help

Helpful to 6 out of 13 people

Paying off an account in collections does not improve your score. Do some research.

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Helpful to 2 out of 5 people

Paying a collection account can help your CreditKarma scores which use the Vantage 3 score model.  However, most lenders use FICO 8 scores which do not get any improvement from paying off collection accounts.  

In fact, paying an old collection account can actually cause your FICO scores to drop if the collection agency updates the date of last activlity when they update the status to paid.

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Helpful to 0 out of 1 people

I agree i spent over and hour trying to see what hapened if i paid off my colllections accounts

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