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WILL DISCOVER TURN ME DOWN IF.....

Moderator Emeritus

Re: WILL DISCOVER TURN ME DOWN IF.....


MountainHiker wrote:

tinuviel wrote:

tennisfan78 wrote:

MountainHiker wrote:

MovingForward_2012 wrote:
I'm new to stuff like this. What is the risk of paying the collection before it falls off?

It could stay on your credit report longer.


Once it falls of the credit report, and the collection agency still keeps bugging you, and if it is settled and paid, will it make its way back on to the credit report?  I sure hope not.


 

Once it's aged off of your reports it will remain off, even if the CA continues to hound you. The CRAs must abide by the credit reporting time frame (CRTF), which mandates that CO/CAs age off once they have reached 7-1/2 years from the DOFD, as discussed in my previous post.


I agree that once a old debt has aged off a credit reporting bureau the debtor has no legal (maybe a moral)responsibility to repay it but, if the statute of limitations has not run out and the same or a new collection company gets you to agree verbally or in writing to pay that debt you are legally then responsible for a re-aged debt.It can restart the clock on that debt.Maybe up to 7-1/2 years.Every state has it's owe statutes on the rules of repayment of debt which is really important to remember.


 

Yes, that's true. But, you're referring to the statute of limitations (SOL) for repaying a debt, which is a different thing from the CRTP (credit reporting time period; same thing as CRTF, but after I went back and looked at this post I remembered that CRTP is the more common term/abbreviation used on this forum). So, if you pay or agree to pay anything on an old debt, you can be legally liable to repay. But, the amount of time that it stays on your reports is still tied to the DOFD. Totally different issue.


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
Message 21 of 26
Established Contributor

Re: WILL DISCOVER TURN ME DOWN IF.....


MountainHiker wrote:

tinuviel wrote:

tennisfan78 wrote:

MountainHiker wrote:

MovingForward_2012 wrote:
I'm new to stuff like this. What is the risk of paying the collection before it falls off?

It could stay on your credit report longer.


Once it falls of the credit report, and the collection agency still keeps bugging you, and if it is settled and paid, will it make its way back on to the credit report?  I sure hope not.


 

Once it's aged off of your reports it will remain off, even if the CA continues to hound you. The CRAs must abide by the credit reporting time frame (CRTF), which mandates that CO/CAs age off once they have reached 7-1/2 years from the DOFD, as discussed in my previous post.


I agree that once a old debt has aged off a credit reporting bureau the debtor has no legal (maybe a moral)responsibility to repay it but, if the statute of limitations has not run out and the same or a new collection company gets you to agree verbally or in writing to pay that debt you are legally then responsible for a re-aged debt.It can restart the clock on that debt.Maybe up to 7-1/2 years.Every state has it's owe statutes on the rules of repayment of debt which is really important to remember.


 

How can a person make sure that the SOL has or has not run out.  Also, does each collection account has its own SOL?


Starting Score: EQ=665,TU=618 on Oct 9,2010
EQ=702,TU=725 on Apr 11, 2012 EQ=705 on Oct 31, 2012 Current Score: EQ=702, TU=714 on Dec 8, 2012
Goal Score: 750

Take the FICO Fitness Challenge
Message 22 of 26
Established Contributor

Re: WILL DISCOVER TURN ME DOWN IF.....


tinuviel wrote:

MountainHiker wrote:

tinuviel wrote:

tennisfan78 wrote:

MountainHiker wrote:

MovingForward_2012 wrote:
I'm new to stuff like this. What is the risk of paying the collection before it falls off?

It could stay on your credit report longer.


Once it falls of the credit report, and the collection agency still keeps bugging you, and if it is settled and paid, will it make its way back on to the credit report?  I sure hope not.


 

Once it's aged off of your reports it will remain off, even if the CA continues to hound you. The CRAs must abide by the credit reporting time frame (CRTF), which mandates that CO/CAs age off once they have reached 7-1/2 years from the DOFD, as discussed in my previous post.


I agree that once a old debt has aged off a credit reporting bureau the debtor has no legal (maybe a moral)responsibility to repay it but, if the statute of limitations has not run out and the same or a new collection company gets you to agree verbally or in writing to pay that debt you are legally then responsible for a re-aged debt.It can restart the clock on that debt.Maybe up to 7-1/2 years.Every state has it's owe statutes on the rules of repayment of debt which is really important to remember.


 

Yes, that's true. But, you're referring to the statute of limitations (SOL) for repaying a debt, which is a different thing from the CRTP (credit reporting time period; same thing as CRTF, but after I went back and looked at this post I remembered that CRTP is the more common term/abbreviation used on this forum). So, if you pay or agree to pay anything on an old debt, you can be legally liable to repay. But, the amount of time that it stays on your reports is still tied to the DOFD. Totally different issue.


Good Job!!!

EQ-732FICO,EX-PLUS 740,TU-725FICO
Goal 750 Across

NFCU Signature Cash Rewards Visa, Chase Freedom Visa, Wells Fargo Visa Secured
Message 23 of 26
Established Contributor

Re: WILL DISCOVER TURN ME DOWN IF.....

Another thing I've learned and other people on here can probably speak on this subject, sometime even after the 7 1/2 year period has expired a collection company might try and buy an outdated debt and actually place it on your credit report.You can get it removed with a credit bureau dispute Some collectors are very shady and they will attempt to take advantage of people.

EQ-732FICO,EX-PLUS 740,TU-725FICO
Goal 750 Across

NFCU Signature Cash Rewards Visa, Chase Freedom Visa, Wells Fargo Visa Secured
Message 24 of 26
Moderator Emeritus

Re: WILL DISCOVER TURN ME DOWN IF.....


tennisfan78 wrote:

MountainHiker wrote:

tinuviel wrote:

tennisfan78 wrote:

MountainHiker wrote:

MovingForward_2012 wrote:
I'm new to stuff like this. What is the risk of paying the collection before it falls off?

It could stay on your credit report longer.


Once it falls of the credit report, and the collection agency still keeps bugging you, and if it is settled and paid, will it make its way back on to the credit report?  I sure hope not.


 

Once it's aged off of your reports it will remain off, even if the CA continues to hound you. The CRAs must abide by the credit reporting time frame (CRTF), which mandates that CO/CAs age off once they have reached 7-1/2 years from the DOFD, as discussed in my previous post.


I agree that once a old debt has aged off a credit reporting bureau the debtor has no legal (maybe a moral)responsibility to repay it but, if the statute of limitations has not run out and the same or a new collection company gets you to agree verbally or in writing to pay that debt you are legally then responsible for a re-aged debt.It can restart the clock on that debt.Maybe up to 7-1/2 years.Every state has it's owe statutes on the rules of repayment of debt which is really important to remember.


 

How can a person make sure that the SOL has or has not run out.  Also, does each collection account has its own SOL?


 

The SOL varies by state. Do a goole search to find the statute of limitations for credit card debt for your state. Each collection is a different debt, so it will have its own DOFD, but the SOL should be dependent upon the state in which you reside.


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
Message 25 of 26
Highlighted
Established Contributor

Re: WILL DISCOVER TURN ME DOWN IF.....

Thanks Tinuviel. That is some good information.

 


Starting Score: EQ=665,TU=618 on Oct 9,2010
EQ=702,TU=725 on Apr 11, 2012 EQ=705 on Oct 31, 2012 Current Score: EQ=702, TU=714 on Dec 8, 2012
Goal Score: 750

Take the FICO Fitness Challenge
Message 26 of 26