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HELP ME WITH THIS QUESTION ...PLEASE...

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drjenn
Valued Member

HELP ME WITH THIS QUESTION ...PLEASE...

does it help your FICO score that a collection shows paid????? I have a collection on my Cr FOR $41 from 2001, they are giving me absolute HELL about a PFD.. they just want me to pay and the collection show PAID.. will that help at all?? or should i just leave the debt unpaid?
Message 1 of 10
9 REPLIES 9
Anonymous
Not applicable

Re: HELP ME WITH THIS QUESTION ...PLEASE...

Helping your score per se?  No the Fico score will still take into consideration that the collection happened.  That being said it will no longer continue to update as an active collection. Maybe you should let them know that YOU realize this.


Message Edited by Brammy on 08-23-2007 10:29 AM
Message 2 of 10
SpecFile
Valued Contributor

Re: HELP ME WITH THIS QUESTION ...PLEASE...

Brammy,
 
Won't it also restart the clock if the debt is paid?  My understanding is that it will remain on credt for an additional 7 years from the date paid.
Message 3 of 10
drjenn
Valued Member

Re: HELP ME WITH THIS QUESTION ...PLEASE...

i actually had heard that as well but its not true. I was told that the PAID collections remain on your account 24 months after the debt is paid or the 7 year limitations.. which ever comes first..meaning if the 7 yrs is reached before the 24 months it will be deleted from ya credit then
Message 4 of 10
drjenn
Valued Member

Re: HELP ME WITH THIS QUESTION ...PLEASE...

i actually had heard that as well but its not true. I was told that the PAID collections remain on your account 24 months after the debt is paid or the 7 year limitations.. which ever comes first..meaning if the 7 yrs is reached before the 24 months it will be deleted from ya credit then
Message 5 of 10
SpecFile
Valued Contributor

Re: HELP ME WITH THIS QUESTION ...PLEASE...

Hmmm.   Can you give me the source for the info that was provided to you?


Message Edited by SpecFile on 08-23-2007 12:02 PM
Message 6 of 10
Anonymous
Not applicable

Re: HELP ME WITH THIS QUESTION ...PLEASE...

I thought it stayed 7 years from DOFD not DOLA. 
Message 7 of 10
Anonymous
Not applicable

Re: HELP ME WITH THIS QUESTION ...PLEASE...

Paying a debt will not restart the 7 year clock. Once it is paid it will fall off in the date of last delinquency before the account was sold.
Message 8 of 10
SpecFile
Valued Contributor

Re: HELP ME WITH THIS QUESTION ...PLEASE...

Thanks Brammy!
Message 9 of 10
MidnightVoice
Super Contributor

Re: HELP ME WITH THIS QUESTION ...PLEASE...



drjenn wrote:
i actually had heard that as well but its not true. I was told that the PAID collections remain on your account 24 months after the debt is paid or the 7 year limitations.. which ever comes first..meaning if the 7 yrs is reached before the 24 months it will be deleted from ya credit then


Nope.  It says on for 7 years from roughly when it first went delinquent. 
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 10 of 10
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