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Depends on your situation. Morally, yes, you should always pay off your debts. However, if you are not a very moral person or have recently/are about to declare bankruptcy, you cold hold off on paying the accounts. Also, many companies cannot sue you if the amount is under $50, so if they're trying to collect $50, you could ignore it forever and never have to pay it, but it would damage your credit pretty bad (unless, of course, you're declaring bankruptcy).
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If you are buying a home paying off collections will only hurt you instead of helping you?
The answer to this type of question depends on SO many factors. Paying off collection accounts will not necessarily raise your credit score, which is what most consumers believe. The variable is the date the accounts were last reported (or updated) on your credit report. The date last reported, or "status" date is the date that causes collections and charge offs to impact your credit score. Anything, including legal items, late payments and collections/charge offs, updated within the last 12 month time frame, falls into the "history" category. This category accounts for 35% of your credit score. So, if you have old collection accounts which have not been updated recently; paying them off will cause them to be a paid collection as of, well, NOW. If, on the other hand, your collection accounts ARE being updated to within the last 12 months (regardless of the last time you used the account), then paying them off will probably not cause deductions to your score and MAY raise it. Certainly, 12 months from now, any collection account that is paid is better than an unpaid collection. The best scenario is to offer creditors a pay-for-delete. THAT would benefit both you and those whom you owe.
Is it better to just allow the bad debt that has been collected fall off in seven years or should the debt just be paid off in full and which would be more beneficial in improving your credit score?
Paying off a bad debt or collection will not improve your scores. The subsequent entry of 'paid collection' or 'paid charge-off' is still a negative entry, though mortgage lenders are happier to see that they are paid. The sad truth is paying an old collection could hurt your scores because the updated status entry appears to FICO as newer and therefore more damaging.
Can a 501 FICO score be repaired when you have a car loan charge off and several medical accounts open in collection which are all 2 years old?
The starting point of your score has little to do with credit repair; nor does the age of accounts. The date on collections that has the most affect on your score is the date the collection was updated on the bureau. You would still benefit by going through the credit repair process, although depending on the specifics of your particular file, the results you get may not be optimal. Another aspect that is important would be for you to have ongoing positive credit to offset these derogatory items. A lot of consumers think, "I have some bad credit, so it doesn't matter...". They couldn't be more mistaken. Credit scores are calculations based on ALL the information in your credit report. So having positive information is very important to add into the mix along with your repo and collection accounts.
If your charge-offs are two years old is it better to wait five years for your credit to clear or file for bankruptcy?
Are the charge off creditors taking collection action? Bankruptcy should be a last resort always. If creditors are harrassing you, but you make enough to pay some of the obligation, make a settlement offer to get them off your back. If they are not trying to collect, the charge offs will remain on your report wether or not you pay them, so if all else is ok financially with you, just leave them alone. If you are trying to buy a house, though, your prospective lender may require you to pay them off in full since they are not aged accounts.
If you have a credit score of 518 due to old debt of 5-7 years how many points would be expected to increase as these debts fall off?
ALERT! Please, be aware that though there is a law that states that accounts should fall off after the 7 year statue of limitiation, this will only happen if you make sure that each account is not being renewed. Pull a free credit report, check your accounts and check the last day of activity. If your accounts are older then 7 years then the next step is to dispute this information with all three bureaus.
Do third parties really buy old accounts?
Yes - It's called a collection agency
How can you remove negative accounts from your credit report?
Have they been paid off,and how old are they?
You have an old account that has been picked up aby a thired party collection co it was charged off your credit 2 years ago should you pay it?
Paying off an old account that has been sent to a third-party collection agency may not necessarily improve your credit score, as the charge-off will still show on your credit report. However, paying off the debt can stop collection efforts and may reflect positively on your credit report. It's important to consider the age of the debt, the statute of limitations, and potential negotiation options before making a decision.
If you are buying a home paying off collections will only hurt you instead of helping you?
The answer to this type of question depends on SO many factors. Paying off collection accounts will not necessarily raise your credit score, which is what most consumers believe. The variable is the date the accounts were last reported (or updated) on your credit report. The date last reported, or "status" date is the date that causes collections and charge offs to impact your credit score. Anything, including legal items, late payments and collections/charge offs, updated within the last 12 month time frame, falls into the "history" category. This category accounts for 35% of your credit score. So, if you have old collection accounts which have not been updated recently; paying them off will cause them to be a paid collection as of, well, NOW. If, on the other hand, your collection accounts ARE being updated to within the last 12 months (regardless of the last time you used the account), then paying them off will probably not cause deductions to your score and MAY raise it. Certainly, 12 months from now, any collection account that is paid is better than an unpaid collection. The best scenario is to offer creditors a pay-for-delete. THAT would benefit both you and those whom you owe.
Didn't pay credit cards for 2 years and recently settled on all of them will this look better on your credit report?
Paying off collection and charged off accounts does not necessarily raise your credit score. Credit scores are calculated on ALL the information in your credit report. 35% is based on payment history and this is where you may take a hit when you pay off a collection account. Example: You have a credit card collection that was last used in 2000 and has not been updated on the bureaus since 2001. Because the UPDATE (the date it was last reported) is over 12 months old, it impacts your credit score less and less. Paying that collection account causes you to have a (now) paid collection as of 09/04, making it fall within that important 12 month time-frame. You might actually take a deduction in this case. Once again, it depends on ALL of the information showing. If your collection accounts had current reporting dates, then paying them off definitely improved your score. Regardless of which scenario is true for you; your score will ultimately be much better. 12 months from now your score will be higher having old, paid collection account than having old, unpaid ones.
How do you delete old computer accounts if you don't remember the password?
with your computer administrator you can take passwords off the accounts without knowing the password.
Will collection agencies remove old bills from your credit if you pay them in full or just show them as paid?
Collection agencies don't manipulate your credit or remove accounts from your credit. The credit bureaus themselves are repsonsible for maintaining accurate reports, but because the credit is yours, you should check you reports at least once a year to ensure their accuracy.
What should I do with old matchbox and hot wheel cars from 1970's?
keep it for a collection
Can you get approved for a home purchase if your middle beacon score is 628 and you have a couple of open collection accounts more than 4 years old?
Yes, you can. You are a prime candidate for an home loan. Those collections can be explained in writing by you, and excused by the bank. Yes, though you probably will not qualify for the best rates. If your collection accounts are still active, you would be advised to pay them off, if you can. Talk to a mortgage professional who specializes in BCD loans. There are plenty of mortgages available for people like you.
Who is number is this- 757-961-3547?
The phone number 757-961-3547 is a collection agency named Portfolio Recovery Services. They seem to specialize in outdated accounts that no longer show on your reports and will suddenly call over and over about old old debts. They seem to be listed as a legitimate collection agency but use verbally abusive methods and make insulting comments in their collection attempts.
When was Collection of Old Ballads created?
Collection of Old Ballads was created in 1723.
How can you repair your 510 credit score when you have 2 chargeoffs and 5 accounts in collection?
You need to pay off all the old accounts. Then wait. It takes time to get your credit back on track. Agencies report the last 7 years. People who are willing to give you a loan will see all 7 years, but look the most closely at the last 2. If you could get a secured loan and pay off the old debt, that would help improve your credit faster. You need to work really hard in cleaning up your old debt. Two reasons people don't want to give you a loan when you have old bad debt is, it shows they might not get their money either and it also concerns them that if the old debtors sue you for collection, you may not be able to pay the new loan. Paying on time and patience are the only ways to improve credit. Good luck
