Credit score because of a pay day loan
Date: Tue, 05/17/2011 - 09:37
I took a loan from speedy cash and now its on collections and I already check my credit history and it already shows on my score. Should I pay them back or not. It looks like now that they report my information to transunion thats gonna stay there for about 7 years. Im trying to figure out if I do pay it off its gonna help me in the long run or I should leave it the way it is since it has already show on my credit report
Thank you,
Thank you,
If you have taken out a loan, then it will be reported to your c
If you have taken out a loan, then it will be reported to your credit report. There is nothing wrong in it. Also, if you've taken out the loan, then you're liable for paying it off. If you don't do so, then it'll have a negative affect on your credit report. You haven't mentioned the state you live in. If payday lending is illegal in your state, then you can pay them only the principal balance and get rid of the debt. You won't be liable for paying any fees or finance charges.
