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How much does a collection account affect credit score?

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How much does a collection account affect credit score?




Irrespective of the debt amount, a collection account drops your credit score by 50 points. If you have a debt worth $100, then your credit score will drop by 50 points. If your debt amount is $1000, then also your credit score will drop by 50 points.

Sub: #1 posted on Fri, 01/24/2020 - 03:03

Nick Jonas Nick Jonas

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By 50 points. However, you should try to repay your debts as soon as possible.

Sub: #2 posted on Fri, 01/24/2020 - 05:14

sanderspatricia29 sanderspatricia29

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if you have any account reported for collections, your credit score may drop by a substantial amount. The actual figure usually depends on how your credit score was when the collection agency had reported that debt. Moreover, you might be denied for credit cards and loans in future, especially if the collection is recent or remains unpaid. Debt collection accounts can stay on your credit report for up to 7 years.

Sub: #3 posted on Sun, 01/26/2020 - 20:29

Craigh.terry Craigh.terry

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