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Question:

I am getting conflicting information on paying off collections. I have two medical collections on my credit report, one of which is 7 years old (about $450) and one of which is 2 years old (about $500), and a FICO of 620 though I pay my mortgage and HELOC on time and pay my credit card in full every month.

One answer is that if I pay off a collection my score will DROP because I have caused “activity” on an old negative account. The other answer is that paying it off will raise my score.

Thanks, Dallas debtor

ps – I did send letters to both collection companies offering to pay in full if they will delete these items, rather than marking them paid. Both NCO and a law firm sent me letters refusing to do so. I used a form letter I found online which includes a statement that I was NOT acknowledging the debt was mine.

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