Is Paying a Collection a Good Thing for Your Credit Score?
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Video duration: 00:06:00
You may assume that paying off a collection account is good for your credit score, but there are some cases where paying a collection does not help your score. In this video, credit expert John Ulzheimer gives you tips on how to know if paying a collection can improve your credit score.
0:50 Paying the debts that you owe
1:05 Neutral vs. negative collection accounts
1:42 Paid collections that remain on your credit report
1:52 Paid collections that get deleted from your credit report
2:29 How newer credit scoring systems treat paid-off collections
3:31 Does the balance of a collection matter?
4:52 Factors that determine whether paying a collection will help your score
ABOUT CREDIT COUNTDOWN
Credit expert John Ulzheimer shows you how credit works. Having worked in the credit industry for nearly three decades for companies such as FICO, Equifax, and Credit.com, John Ulzheimer is one of our nation’s most sought-after credit experts and the leading authority on credit-related topics.
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