Charge off and collections are set to fall off in 2017.....

[MRsolis]

Hey guys I am trying to repair my credit and in reviewing my report almost all of my negative accounts are scheduled to be removed sometime in 2017. I don't want bad debts in my name and want to pay everyone off but at the same time I don't want to wake a sleeping beast so my question is would you suggest I wait until they fall of to pay? Also can they be re-added once they fall off and I decide to pay them? Thank you for the help

[bodybuilder510]

Any of the bad debt reporting monthly? Do you have any positive credit? What's the SOL in your state?

[MRsolis]

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@bodybuilder510 wrote:
Any of the bad debt reporting monthly? Do you have any positive credit? What's the SOL in your state?

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Not that I am aware of. I just submitted some online disputes and noticed a line that reads "Estimated date account will be removed" or something along those lines and all of the dates were within 2017. I live in california so I think the SOL is 4 years? I want to pay everything off because I don't want a surprise judgment in the future or something to bite me in the butt.....at the same time I don't want a payment to reset the clock and me have to wait another 4 years for the debt to disappear

[RobertEG]

Credit report exclusion of both a charge-off and and collection is totally unrelated to whether or not the debt is paid, or to any other date or acrivity other than the date of your first delinquency on the OC accont that immediately preceded the CO or collection.  That date is commonly referred to as the DOFD.

No, you dont have to worry about the credit report exclusion period being reset by any actions you now take or are taken by the creditor or debt collector.

Once the SOL has expired and the CO or any collection is no longer showing in your credit report, the creditor or debt collector is usually much more likely to agree to a settleent for less than the full amount of the debt, and you have no issues with it reporting as such.

Thus, it is common to wait until it becomes excluded, and then make a lowball settlement offer.

[MRsolis]

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@RobertEG wrote:

Credit report exclusion of both a charge-off and and collection is totally unrelated to whether or not the debt is paid, or to any other date or acrivity other than the date of your first delinquency on the OC accont that immediately preceded the CO or collection.  That date is commonly referred to as the DOFD.

No, you dont have to worry about the credit report exclusion period being reset by any actions you now take or are taken by the creditor or debt collector.

Once the SOL has expired and the CO or any collection is no longer showing in your credit report, the creditor or debt collector is usually much more likely to agree to a settleent for less than the full amount of the debt, and you have no issues with it reporting as such.

Thus, it is common to wait until it becomes excluded, and then make a lowball settlement offer.

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Thank you for the information. I did some reading last night and I have decided I will let them fall off then work out settlements afterwards.....Just to make sure I understand correctly though if I did decide to pay one and it was updated as a paid collection this would not reset the clock right? It would still fall off as it was supposed to? Thank you

[Anonymous]

If it is past your states SOL you can negotiate with the collection agency ( or OC -Original Creditor if the debt has not been sold off ) to perform a PFD ( Pay for Delete ) in return for a agreed upon payment amount.

Basically this will remove all information of this credit line from your credit report. Negative, but also Positive.

Normally with other credit history, this should not effect your AAoA too much, and in return remove all negative reporting of that credit line.