Settling with a collection agency will hurt your credit. Unfortunately, it can even hurt your score by updating the Date Of Last Activity (or DOLA). It can also re-start the clock on the Statute Of Limitations (or SOL), which is the period of time the collector has to take legal action against you.
If you���re wondering why anyone would ever settle after hearing all of this bad news��� well, you���d be right! The moral issue of paying your debts back is also questionable since the original creditor will no longer accept your payment.
Get Your Collections Removed Professionally
In some cases, we recommend speaking with a Credit Repair professional to analyze your credit report. It's so much less stress, hassle, and time to let professionals identify the reasons for your score drop.
If you're looking for a reputable company to increase your credit score, we recommend Credit Glory. Call them on (800-807-4388) or setup a consultation with them. They also happen to have incredible customer service.
Credit Glory is a credit repair company that helps everyday Americans remove inaccurate, incomplete, unverifiable, unauthorized, or fraudulent negative items from their credit report. Their primary goal is empowering consumers with the opportunity and knowledge to reach their financial dreams in 2020 and beyond.