This is a really important time for you.
You're getting your life together (at least financially with your credit, right?), making plans for the future...
What if you finally have money to pay off a collection and you're in the middle of a credit sweep? What is the best option?
RECOMMENDED: 1. Remove the collection first and then pay for it
A. This will ensure that your score does not decrease
B. This will ensure that there is no negative consequence to your credit report
C. The creditor/collector will not have any more incentive to do anything and will not re-report the account to your credit report
2. Pay for the collection prior to removal:
A. This may or may not raise your score
B. This more than likely will do nothing for your score
C. This will not remove it from your credit report
D. You cannot get a pay for delete because it is already paid (if not removed by the sweep)
E. Although illegal, they may change some of the dates would naturally make the account fall off
As you can see, the best option is to pa once removed from the credit report. If the company is taking you to court however, the can change the circumstances and you need to first protect yourself and your assets.
Can a collection agency harass me?
No, legally they cannot. The Fair Debt Collection Practices Act contains information as to what a collection agency can and cannot do, what times they can call you, etc. Most people do not know their credit rights (Fair Credit Reporting Act, Fair ...
What is a credit score and how can I improve it?
A credit score, called the “Fair Isaac” is a score that is based on the number of credit accounts you have, your payment history, and your personal information. It is made from a calculation so complex that there is no exact formula, but the scoring ...
Why do some accounts get removed quickly while others take a long time?
Unfortunately, this process is not certain. It's not guaranteed. There's no way to "force" the bureaus, creditors or collection agencies to do anything (or anyone else for that matter). This is why I call them "rounds", as in "dispute rounds". It is ...
Can information be removed from my credit reports even if it belongs to me?
Any accounts on a credit report can be removed, but they must to be removed due to a violation of some type (which you will find described in the Fair Credit Reporting Act) (FCRA) or due to inaccuracy, inability to verify or incompleteness. There are ...
If an account is deleted, do I still have to pay for it?
Yes you do. The reporting of an account has nothing to do with the actual account itself. Example: You start a business Set up a website and show up on Google. (reporting) Remove the website from Google (deletion) Because you had a deletion of the ...