Hello, I recently (within the past month) paid off two credit card accounts that ended up in collections with the intent to fix my credit score by doing so. Now that I have read this, I feel foolish to have even paid them at all. How can I repair and build my credit score now? Since paying off my collection accounts would not help anyway.Even if taking care of these bills won't immediately help your scores, there are still advantages to resolving them:
- No more collection calls or letters for that debt; and no new accounts if the balance is sold to a new agency.
- You don't have to worry about being sued for the bill. (This is less of a worry for older debts where you can raise the statute of limitations as a defense if you are taken to court.)
- You may be able to get loans that are off-limits if you have unpaid collections on your credit reports.) For some mortgage loans, for example, the lender may require you to pay a collection account as a condition of getting the loan.