A Paid Collection is still a Collection.

Credit increase credit debt team jeffeson

Did you know….

Just because you pay off a collection it does not erase the derogatory marks on your credit report.

A collection is an account that has been severely past due and the creditor gave up on receiving payment and turned the debt over to a Collection Agency to try to collect the money owed usually adding additional fees to the balance.

Many people believe once a collection is paid that it will be removed from your credit report. Some collection agencies will even go as far as tell you that they will remove the collection from your credit but usually, (unfortunately) this is a ploy to get your payment.

Read more here.

By Donna Jefferson

Credit and Mortgage Loan Specialist

 

 

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2 Responses to “A Paid Collection is still a Collection.”

  1. vay tieu dung vietcombank Says:

    May I simply say what a relief to uncover somebody that really understands what they are talking about online.

    You definitely realize how to bring a problem to light
    and make it important. More and more people ought to check this out and
    understand this side of the story. I can’t believe
    you aren’t more popular because you surely possess the gift.

    • Donna Jefferson Says:

      Thank you. It is my goal to utilize my experience as a Mortgage Loan office and Credit Analyzer to help everyday people understand their credit and challenges with credit. I strive to help others achieve better credit scores or maintain their credit to help them achieve their dreams of owning a home…or simply enjoying the freedom excellent credit can bring. Thanks again for your comment!

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