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Posted by Marc (66.232.37.3) on September 08, 2003 at 09:48:01:
In Reply to: Charged off accounts posted by Hey on September 08, 2003 at 09:37:54:
Paying the collection doesn't help much, in my experience. A "paid" collection, might get marked as "paid" on the credit entry the collection agency has, but that's about it. You will still have the bad "charge-off" entry from the original creditor, and you will still have the collection entry also staring you in the face every time you look at your credit file for the next 7 years. The only thing that really helps is to pay all your bills on time (especially car/house/boat), USE your credit cards, but pay them completely, every month. Every time you make a payment on a card, it goes into your payment history, and TIME will eventually make it better and stronger. In the meantime, screw the collections. Paying them hardly help, if even at all, your credit score. Concentrate on the open active accounts that you still have in good standing, and KEEP them in good standing.
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