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mssthrnbelle

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Will paying off an old collections account significantly improve my score?
I have an old medical bill for $333 from 2007 in collections. I'm attempting to rebuild my credit and wonder what effect paying off the amount will have on my credit score, or should I just wait until it expires.

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Now that the bill is this old, you are almost certainly better off just to ignore it until it goes away.

Paying it now will not significantly increase your credit score. And worse -- by making any arrangement to pay or settle it now, you risk "re-aging" the debt and thus having it hurt your credit for another seven years.

2 Contributions
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Thanks

I wasn't aware that it could tack on an additional 7 years.  Thank you, this was really helpful.

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