I speak with dozens of people every week regarding their credit report and scores. Some have tried credit repair on their own or have hired a credit repair company to help. One of the trends that I hear is that their collection accounts either weren’t removed or they were removed temporarily but came back onto the report.
Removing collection accounts isn’t always as easy as it sounds. And one of the first questions I have, are the collections paid? This is key to increasing the odds of a deletion.
Think of it in the eyes of the collection company, their motivation is to collect money on the debt. The main leverage they have over the consumer is the reporting of the collection to the credit bureaus. This keeps your credit scores low, and typically it’s when you need your credit score is when these collections end up getting paid. But just paying the collection doesn’t boost your scores, it’s the deletion of the account from your report.
So if any credit repair company tells you not to pay your collections, they’ll get them deleted….find a new credit repair company. Not paying your collections and hiring a credit repair company to get them deleted is a recipe for failure. It’s a waste of time and your money.
The process of removing a collection account is to pay, ask for a deletion at time of payment, if they don’t agree then still settle for less. This will lower the odds of them answering your dispute of the account after settlement.
I hope you found this informative and if you have any further questions about your credit report and scores feel free to contact me direct.
President and Certified Credit Expert