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Cocoa Butter
If you pay off something in collections- how long does it take to raise your score?
Because my dentist office sent a bill to collections for a measley $51 (this bill was due to not calling them to cancel an appt- i had forgot) so, I never thought they would turn it into collections- I come in there for my check-ups and they never mention it- I could have paid it off on spot. (even though I dont think that type of a bill is fair)
My score dropped by 10 pts. If I pay it will it raise it by 10pts? Additional Details Tigg. you must be a collector. No collection agency can sue- and 51 will never turn into 3k. absurd. in that case- I WOULD SUE.
No. Your score is only raised by paying bills promptly. Fail to pay and that 51 can end up costing you 3k once the collection agency sues you and is awarded interest and court costs
bdancer222
Paying off collection accounts will not improve your score. The damage is done and will remain for the balance of the 7 year reporting period.
You should try to negotiate a pay for delete -- you pay and they remove the item from your credit. Get it in writing and do not give the creditor direct access to your bank account.
By the way, defaulted debts under $100 are not included in the new FICO score formula. Unfortunately, most large financial institutions haven't changed over to the new formula yet.
∞infiniti∞
Consider negotiating a "pay for delete" agreement with the collection agency. Tell them that you will pay the $51.00 in exchange for the collection agency deleting the account from your credit reports. Don't pay anything before you get the agreement in writing from someone in the collection agency who has the authority to make such an agreement.
It may be worth a try. All they can do is say is no.
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