03-20-2013 10:23 AM
I have a real old collection on my report. it is from 2006, however the real debt would have had the last late payment some time in early 2000's maybe 2002-2003.
I have a feeling this is a zombie debt. they havent tried to call or anything like that, but if fico plays right, it should fall from my account in sept this year?
should I do anything about it? let it play out?
I am concerned that i just might poke the bear if I even try to remove it at this point.
03-20-2013 11:25 AM - edited 03-20-2013 11:28 AM
The date the collection was opened and/or the date it was reported to your CR are immaterial to the ultimate CR exclusion date of a collection
Credit report exclusion of a collection is 7 yrs plus 180 days from the date of first delinquency on the account with the original creditor.
That DOFD is fixed in time, and thus the exclusion date of a collection is not affected by anything the debt collector reports (other than the DOFD) or any actions taken by the consumer regarding the collection.
What is the reported DOFD?
"Letting it play out" by becoming excluded from your credit report does not address the issue that one still has unpaid, delinquent debt.
Thus, it does not cleanse any potential future impact if a creditor becomes aware ot it.
03-20-2013 11:39 AM
thanks for the timely feedback.
I was under the impression that you don't want to pay old debts because it lowers your FICO score. I guess I'm not getting it. I was also under the impression that it must drop from my credit report after 7 years. is this not the case?
03-20-2013 11:48 AM
Dropping from your credit report does not make the debt go away.
Once the collection becomes excluded, any party pulling your CR wont become aware of the continued presence of the unpaid debt simply by seeing a collection.
You always run the risk of its discovery by other means.
It is always beneficial to pay any old, legitimate delinquent debt.