Question
Date: Mon, 08/02/2010 - 14:19
A collection status in your credit report can hurt your credit s
A collection status in your credit report can hurt your credit score pretty badly. This is because when the collection account appears on the credit report, it's an element of your credit history and is of no significance whether it's paid off or not.
Even if the collection account is paid in full, your FICO score will have no positive changes and will not increase a single point.
In simple english...it is bad....R9 rating. Only thing worse is
In simple english...it is bad....R9 rating. Only thing worse is a bankruptcy.
Agreed. It will trash your credit. My friend wanted to do a set
Agreed. It will trash your credit. My friend wanted to do a settlement on a total of $1500 in debt. I told him how bad it would hurt credit and he paid it off. That is why they keep credit info and share it. Because it pushes us into paying it on time, like it did to me for 10 years.