There's a huge myth – people think thatpaying a debt collection account actually removes it from your creditreport, it doesn't! It updates to paid-in- full for paid-for-settlement and it's notgoing to help your credit score.
So watch this, here's proof.
Debt Collection Agent: "All calls may be monitored or recorded" Jesse: "I don't havean account number, I was just calling with a quick question for you.
" Debt Collector: "yes sir" Jesse: "My parents have a collection account and they want to know if they pay a collectionaccount removes it from their credit report?" Debt Collection Agency: "I mean typically whathappens is we report it as 'paid-in-full' NOT a removal but I would need to seethe account and speak with your parents" Jesse: "So when a debt collection account is paidit updates to paid in full but it does not remove it from the credit report?"Debt Collector: "Correct typically, yes sir.
" Jesse: "Gotcha, okay thank you for your time.
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