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Here's the situation... my brother stole my information to open up a cell phone in my name years back. He was going through troubled times so I didn't press charges however, the phone company still wanted their money of course. The total came to over $1500 and I started paying it but due to my own personal issues I couldn't afford to continue paying. When I told them what happened in hopes to work out a later payment arrangement they basically told me that since I had paid on it already it was my debt and they didn't believe my story. I said oh well and left it alone. It's not scheduled to fall off in August. My question is, once it's 7 years old... old enough to fall off, will it even impace my score at all or just make my report look better?
Is this your only negative item on your credit reports ? Or are there other items ? The FICO impact of the collection dropping will vary based on what your report looks like without it.....
I have one other collections account which is scheduled to fall off in 2014 but I'm hoping to pay it before than.
If that's the case then I don't think you'll get a huge FICO gain, although you may get a some points back..... YMMV.
ok thanks!!