How much does a collection account affect your credit score?

+1 vote
asked May 27 in Credit by dotoalem (470 points)
How much does a collection account affect your credit score?

1 Answer

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answered May 29 by Essmann (10,680 points)
Having a collection account reported on your credit rating can drop you score by a good amount.

There's no way to tell exactly how much your personal credit score will drop if you have a debt sent to collections and it goes on your credit rating.

But last time I had a debt sent to collections 7 years ago it dropped my credit score by 30 points and then after I paid off that collection account my credit score went back up the 30 points I lost on my credit score.

The points that you will lose on your credit score when a debt is sent collections can be be more the higher your credit score is.

Some people lose more points than others on their credit scores so the amount of points you lose on your credit score may be different than the amount of points I lost my credit score or someone else's.

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