I have 2 debt collections on my credit report, one is for 52.00 and the other for 200.00 I didn't really know about these, their both medical related and I have had them for about a year in 2009. If I pay them will this clear my credit. Does this mean I have bad credit?
If I pay my debt collectors will this clear my credit report?
Sorry to say, but once a debt has gone to collections it will remain on your credit report for 7 1/2 years as per Running of Reporting Period - Section 605 [15 U.S.C. § 1681c]
However, paying them off will remove them from the derogatory section to the potentially negative section of your credit report and show $0 balance owed. This is far better then not paying. Your score will raise a little, but it will affect your credit history until if drops from your report. Also as it ages, it carries less and less weight when a creditor reviews your report for financial purposes.
Disputing the debts would do you no good as they are fairly current. The CRA's could consider this a frivilous dispute and mark your credit report as such. Disputing only works if the debt is not yours or is time barred. The CRA's have to notify the creditor that you are disputing the debt and the creditor will simply state it is a valid debt.
Hope this answer is of help to you
LEGAL DISCLAIMER: The answer provided here is intended for informational purposes only. It is not intended nor presumed to be legal counsel or professional legal advice
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