If your credit card account gets sent to a collection agency?

Question

Will your credit report still change if you pay the agency or no?

Answer 1

they cannot report a negative mark on your credit reports unless they don't heard from you for 30 days from the time they sent you the letter. this is the law. if you pay them their debt with in 30 days of receiving the notice, then you *should* be fine. i would however, ask them if they have marked your credit, and tell them under the fair credit reporting act, by law they cannot do any damage until after 30 days of their original notice. pull your credit report to check to see if you see it on there. if it's been past 30 days and you have not paid or responded to them, they can mark your credit. best thing to do is respond before 30 days and pay if it's a legitimate debt.  

Answer 2

they should report it when paid

Answer 3

It depends on you mostly. If you just pay the credit card balance to the collection agency they will have to mark it as paid on your credit report. This really doesn't help your credit score go up. That is why collections are tricky, you really don't help yourself by paying it because it doesn't help your score any. If you opt to just leave it sit until the 7.5 years has past at which time it has to come off your report, you run the risk of getting sued for the balance if they pursue civil litigation before the SOL (Statute of Limitations) is up. This varies by state. Best advice I can offer is a pay for delete. These are hard, or easy depending on the collection agency. Some will be happy to agree to them so long as they are paid, other will strictly say they don't agree to them.  A pay for delete says that you will pay the collection agency the full, or a percent of the balance if they agree to pull the item from your credit report(s). Likely you will have to push persistently for this. Just keep at it and eventually they should agree. I have had pretty good luck working with people to get this agreed to, I have to emphasize again the need to be persistent.  If the do agree get the deal in writing. That's my best advice. There is no reason to pay for it twice. Your already paying by having poor credit from the listing, no sense paying the agency whatever they are asking for and having the debt still haunt you all those years, as a collection account paid or not still hurts you. Best of luck!

Answer 4

if a collection agency calls or writes u, u DO have the right 2 tell them 2 cease & desist , & that their services r no longer needed.

Answer 5

As soon as the account is sent to collections, your credit score takes a hit over and above the drop in points for being delinquent.

Answer 6

it will help your credit to pay off the debt.