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dooblemayer29 | Once something is reported to the credit bureau, does it matter if you pay the balance? |
Once it is reported, will it improve your score to pay it off, or does it not matter, once it's on your credit? |
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Studly
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So many wrong answers! I've posted this reply so many times....and they still can't get it right.
OK, lets start again.
When you pay off a debt that has been reported to your credit report, all they do is change the account from "collections" to "paid collection" or some other catagory that reflect late payments or delinquency.
This is STILL a negative listing! It looks just as bad on your credit as if you had not paid it.
True, if someone looks at your actual credit report, they will notice that the account was paid. But the vast majority of lendors only look at your credit score, and trust me! It will still look bad.
What you need to do is get this report either deleted completely, or have the status changed to "paid as agreed, never late". And the only way this can be done is if the creditor does it.
Once you have paid the bill, you will find it nearly impossible to get the creditor to cooperate with you in fixing your credit.
That is why I recommend that before you pay off the bill, get the creditor to agree IN WRITING to delete the negative information from your history.
Remember, the reason you are paying this bill off is to improve your credit score. It makes absolutely no sense to pay the bill, and still have a bad score! Now you are both broke and have lousy credit!
Yes, they can do it. Many creditors will say it's not legal. Yes it is, and I can point out the laws that allow it. Start with the Fair And Accurate Reporting Act.
If they don't agree to fix your credit, don't pay the bill. |
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randita22
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yes it will improve your score. by looking at your history they can see that you have started to pay things off and slowly it will all get better. |
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sisy j
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well it does matter cause whom ever is pulling your credit can see if you have yet paid it. but it will turn up on there for 5 years, perhaps you may be able to explain the situation to whom ever has a problem with it. depending on the situation |
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thuiett
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Well theres diffrent ways to look at it. How old is the debt? If its fairly new then talk to the company and see if they would be willing to del the acct or not ver the acct after the payment has been receved. Not on the other hand if the acct has been reported along time ago. You might not want to pay them because u may wake the slleping dragon. What i mean by this is when u start paying things off they other debits u owe will start to report in ways to make u wanna pay like reporting as late when they`ve never really updated before. The last thing ill leave u with is this check you states sol because it`s not 7 yr`s in most cases and u can use that as a negot tip when dealing with a creditor i hope this helps you out |
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Lyndon
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It depends on how the account is being reported. If it is listed as a collection account, the majority of damage has already been done to your score, and the best you can do, is limit that damage by paying off the account. While it won't have an immediate affect on your score, it will limit the negative impact.
Here is an article from Experian that deals with collection accounts:
http://www.experian.com/ask_max/max032206d.html
If the account is still with the original creditor then you have a better chance at improving your score. By maintaining a positive payment history over a 24 month period, you can gain back the lost points from your bump in the road.
Either case, you need to know how the account is being reported, and should look at your credit report. |
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CreditCardMan
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Yes it will improve your score to pay it off - and the quicker the better. These things can stay on your credit report for 7 years, you should pay it off as soon as possible. |
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Zoey
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unpaid bills stay against you..it isn't worth ignoring them. |
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Mom
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YES your score will improve. Any paid debt improves your score. |
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Luckys Charm
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Yes it mattersIf you pay it off |
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CrzyCowboy
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It matters and you should pay it off. |
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greedyringers@verizon.net
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Pay it or your score will get worse and worse. the longer you wait the worse it gets. If you pay it then your score will start to improve and that creditor can be taken off your report once you pay all you owe. |
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Iron Rider
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it's on for five years unless you get legal help to remove it |
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haileybeth79
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you wil have to fight tooth and nail with the credit reporting agency to change it's status to paid, because once you pay the company doesn't just change it for you. plus if you pay it like 5 years late it would roll off your report in 2 years if unpaid, but since you paid it, it will be "new" again and stay for an additional 7 years |
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Adios
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Yes, paying the balance will improve the score. If the account has been reported to a collection agency, or just a delinquent open account, paying the balance will improve the score. |
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Jane A
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Yes, it matters if you pay it off. This will improve your credit report, it has to stay on your credit report for so many years but it eventually will come off, it will stay on though as paid but deliquent. Noone wants to take a risk of giving someone credit if they will not pay back their debits, if they see you paid it back, even though late, then you have a chance of getting more credit. |
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