cancel
Showing results for 
Search instead for 
Did you mean: 

WILL DISCOVER TURN ME DOWN IF.....

Established Contributor

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


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.


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
Valued Contributor

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

Ah! I see! That's bad! :-|
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Moderator Emeritus

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


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.


 

No, it won't stay on your credit report longer. There is one date that is set in stone for reporting CO/CAs, and that is the date of first delinquency (DOFD), which is the date when the account first became delinquent, leading to the CO/CA. The CO will stay on for anywhere between 7 to 7-1/2 years, but it must be removed after that.

 

What paying it will do, however, is update the date of last activity (DOLA) of the account. This will be updated with the CRAs and will make any collection activity look more recent; this could, indeed, hurt your scores.


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
Moderator Emeritus

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


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.


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
Blogger

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


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.


Since we're talking about a related topic, do you know if student loan collections follow the same rule? Do they fall off the report after 7.5 years? 

Moderator Emeritus

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


HiLine 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.


Since we're talking about a related topic, do you know if student loan collections follow the same rule? Do they fall off the report after 7.5 years? 


 

I don't have experience with this type of collection, but I do believe that the same CRTF rules apply. Someone can please correct me if I'm mistaken.


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
Established Contributor

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


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.


Thank you. That is some good information to know.


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
Established Contributor

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


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.

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

NFCU Signature Cash Rewards Visa, Chase Freedom Visa, Wells Fargo Visa Secured
Established Contributor

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


HiLine 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.


Since we're talking about a related topic, do you know if student loan collections follow the same rule? Do they fall off the report after 7.5 years? 


You can not get rid of student loan debt in BK or have it aged off a credit report. There is no statutue of limitation on student loan debt.Student loan debt can be reduced in settlement if the collection agency is willing to work with you. And usually you have to pay the settlement amount in full.Example, if you agree to settle a $20K debt for $10K, you must pay the lump sum $10K.

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

NFCU Signature Cash Rewards Visa, Chase Freedom Visa, Wells Fargo Visa Secured
Valued Contributor

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

Yep student loan debt is very strict and can really damage your credit for a long time if you default. Why didn't you defer your payments so you wouldn't get any derogatory marks? I deferred my student loans for 5 years. Just started repaying them a year ago. No derogatories. My student loans were not allowed to be discharged in BK. They are a very important part to my credit score because they are my oldest account and in good standing.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014