on the collections how did you pay them, did you PFD? we are in a situation where we were told not to pay old collections from 05 but I just want them off our credit. any suggesstions? If a collection is about to fall off Dec 2010 cant that debt be sold to another collection agency and the 7 yr process will begin again?
We didn't pay them yet. Most likely when our application goes to underwriting they will tell us we need to pay the collections at the time of closing. You don't want to pay them before then. If you pay off a collection, the collection agency will update the "last activity date" on your reports which will make them look new. That will look bad with the lender and it will lower your credit score.
Not sure about the collection being sold.
