Before you run off to pay your collector to boost your credit score, remember these tips:
- Once a collector gets your money, they’ll forget about you the next day. Any verbal agreements you might’ve made with them will be quickly forgotten.
- Make sure everything is in writing! For example, tell a collector to write the following in your file: “If I pay this, I will be paid in full, settled in full, and you will remove it from my credit report.”
- Negotiate at the end of a period since collection agencies work on quarterly or monthly statistics.
Believe it or not, collection companies aren’t all that bad. Although they want your money and they can be obnoxiously persistent about getting it, they’re also willing to work with you. If you cooperate with them, they’ll cooperate with you.
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