Pay the full amount of the account

I am trying to repair my credit and I have Amex card that is listed as charged off. In 2010 I settled the debt for less than the amount with a collection agency, how ever they did not report it that way. Would it be better of score wise to pay the full amount of the account, or pay there settlement, or wait and see if the collection agency sends me the proof from settlement in 2010?

4 Answers

Find out if you have a copy of the settlement letter or ask the CA to update the account status as "Paid Charge-off" or "Settled Charge-off". The account will be there on your credit report for 7 and half years. 

Paying on collection accounts does not improve your credit score. It might keep you from getting sued though.

Yes I agree. They won't send you anything but you need to have proof of the entire settlement deal in order to avoid future mess.


The CA wont be sending you anything.  Your account is close and archived with them.  Did you keep a copy of a settlement letter?  Proof of payment??

Your account with AMEX is a charge off....paying it or doing a settlement is not going to help your score.  It is a charge off and will stay a charge off although paid.

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