Q: Should I pay off a closed collection debt?
I defaulted on a credit card for a big named brand store. I owed $1777. I couldn’t make the payments because I was having difficulty affording my daily living costs. I am at a better job and I want to repay the furniture store what I owe but the loan on my credit report says closed? Should I still make that payment. It’s been 2 years since I defaulted. Please advice
A:
What you should or should not do is a moral question.
You can contact the creditor and offer to pay the account in full if it will change its report to the major credit bureaus to reflect that the account is closed and paid in full. That likely would improve your credit score if you were to need to borrow money in the next few years.
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