Payment of debt
Date: Thu, 03/18/2010 - 09:41
I have unpaid collection accounts on my credit report as well as PDL's. I am wondering before I pay them if it will help my credit score to pay them off.
Quote:Originally Posted by dj2787I have unpaid collection accoun
Quote:
Originally Posted by dj2787 I have unpaid collection accounts on my credit report as well as PDL's. I am wondering before I pay them if it will help my credit score to pay them off. |
Paying off your debts would always work in favor of your score. However, since you have provided us with no information, just confirm the following before paying off the accounts.
- Ensure that you are paying the legal payday lenders. It may happen that some of your pdl lenders are illegal in your state and you may not owe them more than what you've borrowed initially.
- Your other loans are withing the state SOL. Even if the sol is over you may still have the moral obligation to pay off your debts but no legal action can be taken against you by the collection agencies.
Hi Dj, Unpaid items are always uncomplimentary for your credit
Hi Dj,
Unpaid items are always uncomplimentary for your credit report and paying off your debts will always boost up your credit score. Rightly said by SC, if your payday lender is illegal or unauthorized to collect in your state then you owe them nothing else other than the principle amount. A bit more specification of the query would be appreciated.
