Credit Score 664 – Pay For Delete Collection Account | Paying Collections to Increase Credit Score
Credit Score 664 – How to Choose
Paying Collections to Increase Credit Score | Pay for Delete Collection Account
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This video discusses if simply paying down a collection account will lead to an improved credit score. This question is explored by looking at a collection account that was paid down recently following a settlement in full using pay for delete negotiation tactics.
In the video, we walk through a collections account that was recently paid down and how that impacted a real credit score. In this video we also explore the three key areas in a credit report that often has incorrect information following a settlement on a collection account.
Paying down a collection alone is not enough to improve a credit score, however using a pay for delete or settlement will impact that credit score if appropriate updates are made by the collection company to the credit bureaus.
For this reason, it is important to keep a written record of the pay for delete or settlement agreement in case the agreement terms are not applied to the credit report record as is shown in this video.
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