@dustnthecreditgeek: 💳 Stop the confusion! Making a payment on a collection account does NOT reset how long it stays on your credit report. Many people mistakenly believe paying off a collection will push the clock back on when it will be removed, but that’s not the case. Here’s the truth: The timeline for how long a collection can remain on your credit report is tied to the Date of First Delinquency (DOFD) with the original creditor, not when you make a payment or settle the debt. This means that the clock starts ticking from the first time you missed a payment with the original creditor, and the collection will stay on your credit report for seven years from that date. Even if you make payments or pay off the debt in full, the collection will still follow the same timeline based on the original DOFD. So, if you’re trying to improve your credit score, just know that paying off a collection won’t make it disappear any sooner. Instead, focus on other strategies to boost your score, like ensuring your credit report is accurate and addressing other outstanding accounts. Keep this in mind and take control of your credit journey. Follow me for more tips to navigate your credit report! #CreditRepair #CreditScore #FinancialEducation #DebtCollection #CreditTips #DustinTheCreditGeek #RocketFinancialServices 🚀

Dustin The Credit Geek

Open In TikTok:

Region: US

Wednesday 15 January 2025 17:46:46 GMT