Better Credit Blog

APRIL 6, 2022

If you don’t have the money to pay the balance in full, or if you can’t get the original creditor to remove the charge-off from your credit report, it’s time to dispute the negative entry using a more advanced method. This can happen with credit card debt, unpaid personal loans, or even hospital bills.

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Credit Corp

JUNE 1, 2023

Most creditors still report to old scoring models, so it’s unlikely paying off the debt will improve your credit score. If you’ve gotten behind on payments to a creditor or lender, your debt could be sent to collections after around 120 days of missed payments. ® and VantageScore 4.0®.

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Credit Corp

SEPTEMBER 12, 2023

FAQ Consider Hiring a Credit Repair Company How Collection Accounts Impact Your Credit Collection accounts have a significantly damaging impact on your credit score because they’re negative marks that indicate to lenders you may not pay your bills on time—or ever. You can also contact the original creditor to get this information.

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Credit Corp

JULY 29, 2024

These negative marks on your credit report indicate you might not pay your bills on time—or ever, which is why lenders don’t like to see them. When a lender doesn’t receive payments for a line of credit, they may choose to eventually sell that credit to a debt collection agency to get some of their money back.

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Better Credit Blog

APRIL 5, 2022

With some newer scoring models of FICO and VantageScore, they ignore a collection marked as “paid”, though many lenders still utilize older formulas that will still weigh a paid collection account against you. Collections accounts tell other creditors you let an old debt go three or maybe even six months without paying.

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Credit Corp

MARCH 4, 2025

You also have a right to information about your debt, such as the name of the original creditor and how much you owe. Keep Your Story Straight Falling behind on debt often happens because of serious life factors, but reps at credit collection services or lenders arent counselors. Theyre just employees trying to do a job.

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