See My Credit Score
Paying off old collection lowers Credit Score?
I use privacy assist to monitor my Credit Report. It allows you to run scenarios to see how credit actions affect Your Credit Score. I have a few debts that show the account as closed and "in collections". When I ran the scenario to see what my score would be if i paid them off, my score actually dropped about 10-15 points per debt paid off. They get re-labeled as "Paid Derogatory". Am I better off just letting those old debts drop off? They are already over 6 years old.
If they are already 6-years old and people are not bugging you by now then leave well enough alone and just let them drop off in 1-1/2 years.
The reason that your score drops is because when you pay old accounts they become current rather then old, this is why people should never pay old accounts without a pay for delete agreement.
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