What accounts in collections do to your credit score:
Because unpaid bills will devastate your credit score, logic would suggest that paying them off would send it in the opposite direction. But not all logical when it comes to credit scores. Check you credit report to see if the items still appear on your report. If they do, pay them off. If they do not appear, they are probably seven years old and have dropped off your credit report. If a creditor (or collector) calls you about paying a bill that is (7) years old DO NOT RESPOND. If you do respond, you re-set the clock to day (1) and are responsible for the entire debt, plus interest and penalties.
Rev. Dr. Donna Taylor is the Pastor of Andrew Chapel United Methodist Church (UMC) in Montross, VA. Rev. Dr. Taylor promotes best practices by teaching financial literacy workshops and currently serves as Finance Chair in the Rappahannock River District for the UMC. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, Virginia. Rev. Dr. Taylor was born and raised in New York City and recently discovered her ancestral roots in Guinea-Bissau, West Africa. Rev. Dr. Donna Taylor is married to David Taylor and they have a son and a daughter. Their daughter is a educator and son is an Active-Duty Senior Seaman in the Navy married with three children. In her leisure time, she enjoys traveling, reading, swimming, writing poetry, crocheting and spending time with her family.