Collections Quiz
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The credit score penalty for a collection account lasts for about two years.
After the first year, the credit score impact is cut in half, and your credit score will recover about 10 points. After year two, the impact is gone.
Got it!
When a new collection shows up, it's a 20 point penalty.
The penalty for a collections account is the same 22 points if it’s $50, $500 or $5,000. The account will be visible for a few years on your credit report, but the score impact will go away after a few months.
Got it!
A collection account won't automatically disqualify you from buying a home.
Paying and closing the collection may help increase your score, but only if it's a collection from the last 6 months. If the amount is less than $200, ask yourself if it is worth 20 points?
Got it!
Collections will appear on your credit for 7 years.
After two years, it's not affecting your credit score very much. But it can be ugly to look at. It may be tempting to dispute a collection account on your credit report, but after two years, it's a really bad idea.
Got it!
Disputing old collections is like poking a sleeping bear.
You're going to wake the lenders up and the collection calls will start again. It's best to ignore them - block calls and ignore any letters, texts or emails, and stay away from that button!
Got it!
Collections Quiz
Wendy Massengill
Created on October 6, 2025
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Transcript
Collections Quiz
Start
Congratulations!
You have completed this quiz!
Want a year of free rent reporting?
Enter for a chance to win!
The credit score penalty for a collection account lasts for about two years.
After the first year, the credit score impact is cut in half, and your credit score will recover about 10 points. After year two, the impact is gone.
Got it!
When a new collection shows up, it's a 20 point penalty.
The penalty for a collections account is the same 22 points if it’s $50, $500 or $5,000. The account will be visible for a few years on your credit report, but the score impact will go away after a few months.
Got it!
A collection account won't automatically disqualify you from buying a home.
Paying and closing the collection may help increase your score, but only if it's a collection from the last 6 months. If the amount is less than $200, ask yourself if it is worth 20 points?
Got it!
Collections will appear on your credit for 7 years.
After two years, it's not affecting your credit score very much. But it can be ugly to look at. It may be tempting to dispute a collection account on your credit report, but after two years, it's a really bad idea.
Got it!
Disputing old collections is like poking a sleeping bear.
You're going to wake the lenders up and the collection calls will start again. It's best to ignore them - block calls and ignore any letters, texts or emails, and stay away from that button!
Got it!