Better off paying or leaving balance?

Question

I found that Experian shows a small balance for a collections account from years ago. I have no problem paying it now but the credit report shows the past due account will be on record until December 2007.

But I'm afraid of paying it off because it might be updated by the collections agency and then be on my report an additonal seven years from today.

Does anyone know if this can happen? Am I better off not paying to avoid more years of bad credit?

Thanks!

Answer 1

It is probably a charge-off by now and could not be paid - but you may want to inquire with creditor.

Answer 2

If you can do it then pay it.

It will now appear on your Credit Report that it is Paid/Previously in Collections but that is better then it being marked as Past Due.

Yes items remain on your report for 7 years since last activity but it will show you as paid. Since it is so close to the date it will fall off you might be able to contact them and say you would pay it but they need to remove any negative information. They might do it because they know it would fall off and they can get some money. Sometimes this works sometime it doesn't but it should not hurt to try.

Answer 3

Pay it. The report should be updated to show paid collection and yoour score s should rise.

Answer 4

if it was me i would pay it off bc the creditors open the cases back up till its paid off and then youll still have bad credit till its paid

Answer 5

pay it.
document it.
good to go.