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Payoff Debts now or wait 1 yearto fall off?

New Member

Payoff Debts now or wait 1 yearto fall off?

Payoff Debts now or wait 1 yearto fall off? and.....
 
If an  account is sold to a collection agency after the date it is closed from the origianl creditor,  can it still remain on my report for another 7 years with the collection agency?
 
Thanks
TS
Message 1 of 18
17 REPLIES
Established Contributor

Re: Payoff Debts now or wait 1 yearto fall off?

i have been waiting for mine to fall off (all by jan 08), but i havent really been in the market for any loans that my baddies would keep me from getting.  if you are looking into a mortgage within the year, you should try a pfd.
 
and no, the baddies are to drop 7 years after the dofd, even if sold to a collection agency.
Message 2 of 18
Valued Member

Re: Payoff Debts now or wait 1 yearto fall off?

It really all depends on your situation. If you are in the market for credit then you can try a PFD (if the amount is reasonably within your means) or you can wait it out. Look at your overall all credit picture, establish goals and work toward them methodically.
Message 3 of 18
Frequent Contributor

Re: Payoff Debts now or wait 1 yearto fall off?

so if you have something on ur account and you dont pay it after 7 years it still comes off regardless?

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Current Score: 657
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Message 4 of 18
Moderator Emeritus

Re: Payoff Debts now or wait 1 yearto fall off?



jenkins wrote:
so if you have something on ur account and you dont pay it after 7 years it still comes off regardless?



Yep. +/- 180 days
Message 5 of 18
Established Contributor

Re: Payoff Debts now or wait 1 yearto fall off?

all of mine tend to come off right at the 7 year point.  i did dispute some that were 3-4 months from the 7 year point and they dropped.  sol in my state is 5 years, but you might want to make sure you are out of your state's sol before you monkey around with them.
Message 6 of 18
Frequent Contributor

Re: Payoff Debts now or wait 1 yearto fall off?

man, so they have no effect on ur score after 7 years? their not like hiding in a closet or anything waiting for you to apply for a credit card and then they come out of no where?


Message Edited by jenkins on 06-27-2007 04:11 PM

Starting Score: 643
Current Score: 657
Goal Score: 700


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Message 7 of 18
Established Contributor

Re: Payoff Debts now or wait 1 yearto fall off?

they go away.  if they dont, it is a violation.
Message 8 of 18
Senior Contributor

Re: Payoff Debts now or wait 1 yearto fall off?



theshadow1234 wrote:
If an  account is sold to a collection agency after the date it is closed from the origianl creditor,  can it still remain on my report for another 7 years with the collection agency?


OC can sell it to a CA, who sells it a CA, who sells it to another CA, who sells it to a JDB, and so on.
 
Does not change the DOFD, under law. Although sometimes debts get illegally re-aged.
 
If you have reports from the CRAs, they often show "This is scheduled to remain until <month> <year>"
 
If not, you can call the CRAs and ask them for the DOFD (Date Of First Delinquency). They store it but generally don't report it.
 
7 years from DOFD, it goes bye-bye. Like Tuscani said +/- 180 days.
 
Message 9 of 18
Frequent Contributor

Re: Payoff Debts now or wait 1 yearto fall off?

well i paid everything i had off, but even if they dont get deleted they will be gone soon, i thought that you had to pay them off for them to go bye bye after 7 years, wow my wife should see an improvement in her score soon.

Starting Score: 643
Current Score: 657
Goal Score: 700


Take the FICO Fitness Challenge
Message 10 of 18