credit report ranges
credit report ranges
So… I have collection accounts in my credit report… should I…?
I have 7 collection accounts on my credit report ranging from 2 years to 4 years old.
They total all together to be $2000
My biggest is 1200 which is a medical bill.
My lowest is 58 dollars which was a bounced check.
My question is, if I call these collection agencies, how would I tell them I want to pay only if we settle for a lower amount?
Should I even pay these off?
My credit score is 670, and I plan on buying a house next year. I know it would look nice showing I dont owe any money to collectors on my report, but wouldn’t paying the bills hurt my credit score?
What you need to do first is determine the statute of limitations on these debts, to see if you still have a legal obligation to pay them.
http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml
It is true that paying off these old debts can drop your score, as it makes them appear more recent, so you need to negotiate (in writing) pay for delete agreements so the negative mark is completely removed.
