WiIl it hurt my credit if I am sent to a collection agency?

Question

My balance will be paid within a month and someone says as long as it gets paid quickly then it won't hurt my credit. Is that true
?

Answer 1

If the original creditor has already reported you as in default or late, your credit has already taken a hit. If for some reason the original creditor hasn't reported your default, the collection agency will.

Pay it off and try to get a written agreement that the negative will be removed for payment in full. Maybe they will remove it; maybe they won't.

Answer 2

Q. WiIl it hurt my credit if I am sent to a collection agency?
A. Yes

Q. My balance will be paid within a month and someone says as long as it gets paid quickly then it won't hurt my credit. Is that true?
A. No

Answer 3

It depends on if the collection company reports it to the credit bureaus. If they do then yes it is going to hurt your credit a lot. Collections stay on your credit for 7-years weather they are paid or not.

Contact them A.S.A.P. and tell them you are going to pay in full and they may not report.

Answer 4

Check your credit reports. You can ck them for free. if this has been reported, you will see it on one or all of your reports. If if has been reported, refuse payment unless the negative mark is removed from your reports.

Your score will suffer for 7 years from that negative mark! Do NOT pay the collection agency unless they agree in writing to delete negative remarks on your reports.

Even if you pay this collection, if it has been reported, your score will suffer until it is removed from your reports.

the following link is a sample letter u can send:

http://creditboards.com/forums/index.php?showtopic=8016

you will have to create an account to follow the link. Don't worry, they will not email you any trash or spam. And, it is FREE!

Answer 5

if it makes it to your credit report (TRW, EXPERIAN, ETC) it will hurt you.

Answer 6

YES IT WILL .
IT WILL DROP YOUR SCORE ,AND THAT'S WHAT HAPPENED TO ME .