Frequently Asked Questions
My account has fallen behind or been placed in collections, is there a reason to pay? It turns out there are some pretty good reasons to pay off an account that’s in collections. Here’s what you should know:
Falling behind on your account may impact your credit, and the later your payment is, the worse things get.
If it has been 90 days or more since your last payment, your lender may have sent your account to collections…but paying CAN help you.
We can create a custom solution for your situation.
You may face legal action:
You’ll stop the debt transfer frustration:
Unaware to many consumers, debt collectors may buy and sell accounts, causing headaches later for the borrower.
You may incur additional interest and fees:
Many states allow charging you interest and fees after your debt has become delinquent. Paying sooner than later can keep this to a minimum.
You’ll be more attractive to other lenders:
Once an account in collections has been resolved and paid, you might have an increased chance of obtaining or receiving better terms on your next loan. Some lenders may restrict credit to individuals or businesses with active collection accounts.
You’ll be ready to dream big:
The latest FICO scoring model, known as FICO 9, ignores paid accounts in collections entirely. Put the past behind you and achieve your dreams…a new car, a new home, the vacation of a lifetime.