Have you ever checked your credit report only to see tons of collections and delinquent accounts? Your first instinct is most likely to pay them off and hope that your credit gets better. For those of you who are constantly monitoring your credit or are hoping to get a loan of some kind (car loan, mortgage loan, etc.), you can easily relate to this. However, paying that collection may not be the best option or the wisest.
When you pay a collection it only re-ages the debt, and that’s not all it does.
It zeroes out the account (which helps your Debt-to-Income ratio) but it makes it look like it’s a brand new collection, thus dropping your credit score.
If you do end up paying the collection, it doesn’t stop it from being sold again to another collection company.
Many times we’ve seen duplicated debts on credit reports that were already paid off. Collection companies are notorious for settling with you and quickly selling the debt off to another company to collect just a bit more! So not only did you spend hundreds to thousands paying off that one collection, but now there is another one claiming that you owe money! Check this loan consolidation experts help for Loan -Debt Settlement.
So you may ask yourself, “If I shouldn’t pay the collection, what can I do?
You only have 2 true choices here. Either you wait for the collection to stop reporting on your credit report (which is about 7 years) or try to get the collection off early.
Here at Trinity Enterprises LLC, we have collections DELETED (completely removed from the report) WITHOUT you having to pay or settle the debt. And the best part? When it’s deleted, you get back all the points you lost! We are ready to help you if you are willing to receive that help. Call us today for a free consultation! 407.831.2525