Paying a debt in full will always improve a credit score unless the debt is over 7 years old. If that is the case, I'm sure you can make a request to the financial institution to not report the payment.
Welcome to RegulationRoom, hjsthomas. Thank you for sharing your concerns and suggestions. Given your experience with identify theft and credit reports, we hope you will comment on the topic, When consumers dispute a debt – What should count as a dispute. CFPB is asking whether new federal rules should require consumers to provide specific information or documentation to dispute a debt in all situations, not just where the problem is with information reported to a CRA (as currently required under FCRA).
Aaron Racicot
1
Paying a debt in full will always improve a credit score unless the debt is over 7 years old. If that is the case, I'm sure you can make a request to the financial institution to not report the payment.
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Moderator
2
Welcome to RegulationRoom, hjsthomas. Thank you for sharing your concerns and suggestions. Given your experience with identify theft and credit reports, we hope you will comment on the topic, When consumers dispute a debt – What should count as a dispute. CFPB is asking whether new federal rules should require consumers to provide specific information or documentation to dispute a debt in all situations, not just where the problem is with information reported to a CRA (as currently required under FCRA).
View this comment in the discussion thread