Almost there (I see light at the end of this road)

SteffieVA · ‎05-18-2012

Hello

I have been quietly lurking on MyFico for about 3 years now. Thanks to you all I am almost cleared for my debt. However I have a question I have two items left

One is a payday loan t(returned check) hat is at a collection agency and I hope I can get it negotiated off as the bottom line is I owe it and must pay regardless of rather they can remove it after I pay. It goes back to 2007.

And here's where I need advise "HSBC" its on my credit report twice once as HSBC and than it was sold to Portfolio Recovery. According to Transunion it falls off 2/13. I was thinking about just letting it drop off but I am afraid it will pop up again under another collection agency later. What should I do? The original debt goes back to 2004.

Thanks!

B

LIGHTNIN · ‎05-20-2012

No need to worry, once a CA reports for 7.5 years it can not report again.

FICO's May 2015 EQ764 ~~Live below your means and always keep an emergency fund -Love Everybody ~ Big Kenny ~ Big and Rich ~~~~~Credit Scoring 101 - Common Abbreviations - Freq Req Threads - Free Credit Reports - What Steps Do I Take?DV? PFD?

SamsungHDTV · ‎05-20-2012

@LIGHTNIN wrote:
No need to worry, once a CA reports for 7.5 years it can not report again.

1+ Once it falls off, it cannot legally be reported again. With that being said, some shady CAs may try to report again. A quick and simple DV letter should do the trick. Regarding your payday loan, try to negotiate a PFD.

LIGHTNIN · ‎05-21-2012

Forgot to add....Check your state laws, regarding your payday loan/return check.

Remember, Google is your friend.

FICO's May 2015 EQ764 ~~Live below your means and always keep an emergency fund -Love Everybody ~ Big Kenny ~ Big and Rich ~~~~~Credit Scoring 101 - Common Abbreviations - Freq Req Threads - Free Credit Reports - What Steps Do I Take?DV? PFD?