Credit Report Reviews
2010
Is there any benefit in paying off bad debts on your credit report?
I have three debts in bad standing totaling 2,084. My question is if there is any benefit in paying it off. Would it look better to other creditors reviewing my report. Or does it matter at all since it shows that it is or was in bad standing?? Thanks so much for any input you can give me.
Here’s the bottom line.
If you pay off any delinquent debt, all the creditor is required to do is show “paid” on your report. But all of the derogatory information about late payments, charge off’s and collections will still be there…and it will continue to hurt your score.
In those few cases where a creditor will actually pull your report and look at it, it doesn’t really impress them to see those debts as paid. They tend to only see the collections and delinquency part.
Therefore, what you need to do is contact the collection agency/creditor and negotiate with them. In exchange for payment, they MUST delete the item from your credit report. If the refuse, it does you no good to pay the debt.
They will tell you they can’t delete it…it’s against the law. That is a lie. I’ve researched this already…see my previous answers.
They will tell you that they will show “paid” on your report and that will improve your score. That is also a lie, and the fact is it can actually HURT your score!
ONLY if they delete the item will it benefit you. So make sure they agree to delete it, and get this agreement in writing.
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