The minimum payment on credit accounts should be used as a convenience only because paying only the minimum could mean you end up paying 3 times the original purchase.
Has re-aging occurred when a collection agency updates credit reports. Probably not. Collection agencies can update the date of last activity, date reported, and open date but the date the account must be removed from credit reports should not change.
Once a collection account lands on your credit reports it can stay for up to 7 years from the date of the original account’s default regardless payment. Paying a collection account does improve credit scores but only under FICO 9 scoring system.
Payment deferment can give you room to breathe If you’re currently having trouble making credit card, personal or auto loan payments. Plus debt deferment can help save your credit scores from late payment marks.
While getting out of debt sounds great, consumers using debt settlement companies often fail to realize the dangers. You may be able to reduce your debt but the negative impact on your credit scores may not be worth it.
You can request a debt collector verify the amount and validity of the debt they claim is owed by you. Validation is helpful when debt is repeatedly sold.