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old collection accounts

Does Paying Off An Old Collection Account Hurt Or Help Your Credit Score?

Old collection accounts can damage your credit score and affect loan approvals. These accounts usually refer to debts approaching or exceeding their seven-year reporting limit.In this article, you will learn how these accounts work, how long debt collectors can legally pursue old debts, and how to dispute or resolve them effectively. Key Takeaways Old collection […]

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Should You Ever Pay a Charged-Off Debt? Here’s the Truth

When you hear the term “charged-off debt,” it may sound alarming, but understanding what it means can help you navigate your financial landscape more effectively. A charged-off debt occurs when a creditor decides that a debt is unlikely to be collected after a prolonged period of non-payment, typically around six months. At this point, the

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