Should I settlle with collection account
Date: Mon, 04/12/2010 - 16:38
I have 1 item remaining on my credit report. Its a collection account on a checking account that was closed due to pay day loans. I have worked really hard to get my credit fixed and this is the only item remaining.
What is the rule of thumb on settlements. This CA said they would settle for about $750 of $1050. If I pay that, how does it appear on my credit report. Will it lower my score then if its shows as unpaid collection.
Would it be best to just pay it off and be done with it.
Any advice. The collection agency guy has been really nice, I have been making small payments for about a year but really want this done and over with.
Thanks,
k
What is the rule of thumb on settlements. This CA said they would settle for about $750 of $1050. If I pay that, how does it appear on my credit report. Will it lower my score then if its shows as unpaid collection.
Would it be best to just pay it off and be done with it.
Any advice. The collection agency guy has been really nice, I have been making small payments for about a year but really want this done and over with.
Thanks,
k
How old is the account? Is it for NSF fees or payday collection?
How old is the account? Is it for NSF fees or payday collection?
Since you are already making payments towards it, I would suggest that you pay it off. You may negotiate a 'pay for delete' with the CA to get the negative item removed from your report. Not that it always work, but its something worth trying.
what would be the difference if it were for NSF or payday collec
what would be the difference if it were for NSF or payday collections, out of curiosity