5 Thoughts on Does paying on charged off accounts increase your credit score?
  1. Reply
    CatDad
    July 22, 2011 at 3:45 am

    No….a charge off stays on your credit report for 7 years…paid or unpaid.

  2. Reply
    Judy
    July 22, 2011 at 4:14 am

    It is best to pay it.
    Although it will not improve your score.

    Collectors have a tendency to send you to collections years down the road.
    Also if you want a house or a car through a credit union they will look at your reports – not the score.
    The reports will show you accounts as paid – and they will act accordingly.
    That’s why you see people with horrendous scores getting homes.
    They’ve cleaned up their credit reports.

    Also a collector can garnish your wages
    A wage garnishment either from a bank or from an employer will cost about $ 100.
    //

  3. Reply
    bdancer222
    July 22, 2011 at 4:58 am

    Paying off derogatory items will not improve your score. The damage is done and will remain for the balance of the 7 year reporting period, whether paid or not.

    You may as well negotiate a settlement for as little as possible. Get it in writing and don’t give the collector direct access to your bank account.

  4. Reply
    sar
    July 22, 2011 at 5:25 am

    charge of accounts stays on your report for 7 Years only, however the debt is still on the banks file , so best to pay for it if you can especially if you are planning to buy a house because it will pop up than and they can give you grrrrrrr HARD time so, yes pay it up

  5. Reply
    Andy
    July 22, 2011 at 5:30 am

    You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments – credit-report-score.10001mb.com

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