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You should always pay bills that you owe, no matter how old they are and what their status is. This sets up a cycle of honoring what is owed that is going to eventually bring you money.
ANSWER:
There are many questions that you have to ask yourself before you pay off, sometimes paying can result in very negative results that may have negative consequences if you are about to buy a house, or trying to get credit, OR JUST TRYING TO MAKE IT IN CREDIT SCORE SYSTEM WORLD..
1. Can you pay the original creditor?, if so, then, tell them you will pay with an agreement to remove the original account off your credit file after payments with release letter. Most companies will comply with this request, they just want their money.
2. Is it in Collections? if so, then DO not PAY OFF!! collection agencies always report renewed debt after you pay it off. As if you incurred the debt the day you paid it off. It will also drop your credit at least 100 points, reset the debt clock 7 more years. I wish i could tell you better but this is what they do. For this reason, all experts in debt will tell you, to not pay off, particularly if you intend on applying for credit.
Remember paying off debt is always the BEST thing to do, but when it comes to Collection Agencies, you are better off not paying! It is a negative reward program. You pay you are screwed, you don't, you may be or not. it is that simple.
Collection agencies have to change, to reduce debt stress and to establish positive experience for debtors. Most people want to pay off their debt, but Collection agencies add insult to injury.
Negative Experience + Negative results = Negative feedback. When people don't pay, they will change their actions.
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Can An Account that has been sent or sold to A collections agency still be considered an open account?
NO....... Collection Accounts are NOT open accounts feel free to stop by www.debtorboards.com and do a search on OPEN it will explain alot
What is the statute of limitations for credit card debt in Georgia?
Credit Cards are typically considered Open Accounts. The credit card agreement you signed may specify the state laws that will apply to the account and collection activities associated with it. Read the contract and consult an attorney. In Georgia Open Accounts are subect to a 4 year statute of limitations.
What is an open collection account?
A collection account that has not been paid off.
What is an open account listed on a credit report?
Open Account - account listed as "open" on your credit report are accounts that are open, includes all accounts that have been reported within the last 90 days.
An open accounts payable report will show?
monthly reconciliation
Can An Account that has been sent or sold to A collections agency still be considered an open account?
NO....... Collection Accounts are NOT open accounts feel free to stop by www.debtorboards.com and do a search on OPEN it will explain alot
How long is the statute of limitations for debt collection in Washington state?
Three years for open accounts. Six years on contract accounts
Two of my bank accounts got send to collection can i open a new bank account and if i cant why not?
It is not that you can't open an account. Most if not all banks will not want to have you as a customer. They will not allow you to open an account with them. One you have two accounts in collects why would they want to become the third entity that you owe money to.
What are the state limitation in va for credit card collection?
Credit cards are considered Open Ended accounts. In Virginia, they have three years to collect or bring suit.
What is the statute of limitations on credit card debt in Florida and Michigan?
Credit Cards are typically considered Open Accounts. The credit card agreement you signed may specify the state laws that will apply to the account and collection activities associated with it. Read the contract and consult an attorney. In Florida Open Accounts are subect to a 4 year statute of limitations. In Michigan Open Accounts are subect to a 6 year statute of limitations.
What is the statute of limitations for credit card debt in Georgia?
Credit Cards are typically considered Open Accounts. The credit card agreement you signed may specify the state laws that will apply to the account and collection activities associated with it. Read the contract and consult an attorney. In Georgia Open Accounts are subect to a 4 year statute of limitations.
What is an open collection account?
A collection account that has not been paid off.
What is an open account listed on a credit report?
Open Account - account listed as "open" on your credit report are accounts that are open, includes all accounts that have been reported within the last 90 days.
In which year did the burrell collection open?
1983
Can I open a savings account if I have a judgment against me?
Yes, you can open a savings account if a bank allows you to. Usually banks are not as strict with savings accounts as they are with checking accounts.
What kind of places can you open bank accounts?
banks
Who offers current accounts?
All banks offer current accounts. There are no restrictions as to who can open a current account. As long as you have money to pay for the initial deposit to open a current account, any bank will open one for you.
