The effect of corrosion-induced damage on the seismic response of reinforced concrete (RC) circular bridge piers has been extensively investigated in the last decade, both experimentally and numerically. Contrarily, only limited research is presently available on hollow-section members, largely employed worldwide and intrinsically more vulnerable to corrosion attacks. In this paper, fiber-based finite element (FB-FEM) models, typically the preferred choice by practitioners given their reduced computational expense, are validated against previous shake-table and quasi-static cyclic tests on hollow-section RC columns, and then used to investigate the influence of corrosion-induced damage. To this end, modeling strategies of varying complexity are used, including artificial reduction of steel rebar diameter, yield strength and ductility, as well as that of concrete compressive strength to simulate cover loss, and ensuing dissimilarities quantified. Pushover and incremental dynamic analyses are conducted to explore impacts on collapse behavior, extending experimental results while accounting for multiple corrosion rates. Produced outcomes indicate a minimal influence of cover loss; substantial reductions of base shear (up to 37%) and ultimate displacement capacity (up to 50%) were observed, instead, when introducing relevant levels of deterioration due to corrosion (i.e., 30% rebar mass loss). Its predicted impact is generally lower when considering more simplified assumptions, which may thus yield non-conservative predictions.