How much can one bad report on your credit report hurt your credit score?

I’m 26 and up until now have had impeccable credit — I have 4 credit cards that I’ve held for between 3 and 7 years, all always paid on time, a mortgage started 3.5 years ago always paid on time, and a couple of car loans that have been paid off. But recently, I was contacted about a bill that I never heard of before, and am being threatened to have a collections agency go after me and post a negative item on my credit report. The bill is $ 500 and I could pay it, but I feel like this is extortion and I shouldn’t play along. If they do post a negative item that I can’t get rid of, how much can it drop my credit score?

6 thoughts on “How much can one bad report on your credit report hurt your credit score?

  1. If the bill is legitimate, pay it. If it is not dispute it. Any credit bureau will let you download the form and tell you where to send it.

    I had a collection account show up an my report about 6 years ago and have never had trouble getting credit. I bought a house 3 years ago.

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