Collection

[BearsAndTurtlesRtheBest]

my father has a collection reporting on EQ it reported on SEPTEMBER 2007 so its been 5 years it's unpaid. So my question is will it eventually drop? Ive heard that it takes about 7 years? Is that true even if its an un-paid collection. Also I heard that if you decide to pay it that the 7 years will start all over as if it were a fresh collection. I suppose he should just leave it how it is correct?

[llecs]

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@BearsAndTurtlesRtheBest wrote:

my father has a collection reporting on EQ it reported on SEPTEMBER 2007 so its been 5 years it's unpaid. So my question is will it eventually drop? Ive heard that it takes about 7 years? Is that true even if its an un-paid collection. Also I heard that if you decide to pay it that the 7 years will start all over as if it were a fresh collection. I suppose he should just leave it how it is correct?

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It will drop around the 7-7.5 year mark from the DOFD of the debt. DOFD is the date he first went late and never recovered. You can find DOFd if you pull the report directly from Equifax or annualcreditreport. EX and TU will list a drop off date estimate.

Whether paid or unpaid, nothing can legally make it report longer than the 7-7.5 years. Paying it will never reset the 7-7.5 yr CRTP clock. It'll drop off at the 7-7.5 yr clock no matter what he does.

Paying part of it can reset SOL (YMMV on your state's laws), but that has nothing to do with reporting. SOL is the time frame a creditor has to sue.

If I had it, I'd take steps to get rid of it. If a CA, have him send a DV. If they verify and he agrees, then have him send a PFD. If they agree in writing, then pay it and they'll delete. A debt would be satisfied and disappear 2 yrs earlier.

[Jutz]

• 7 Years is the time it takes to drop off a credit report.  This is 7 years from the "Date of First Delinquency".  This is the only date of consequence for a collection account
• The statute of limitations, ie the period during which you can be sued for your debt varies based upon the state you live.
• Until the status of the collection is "Paid" the debt never actually goes away.  This is money still owed, however it may be past the time you can be sued and even past the time it can be reported on your credit report
• In this case, if the debt is paid, the clock will not restart from the original 7 years.  However the DOFD is tricky in certain situations.

[BearsAndTurtlesRtheBest]

so unles its un-paid it will never get removed?

[llecs]

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@BearsAndTurtlesRtheBest wrote:

so unles its un-paid it will never get removed?

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It doesn't matter if it is paid or unpaid. It has to delete 7 to 7.5 yrs from DOFD.

[BearsAndTurtlesRtheBest]

Date of 1 st Delinquency:

05/2007

 ^^This is how it appears on his credit report under EQ so it should almost be removed right?

[beb86]

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@BearsAndTurtlesRtheBest wrote:

Date of 1 st Delinquency:

05/2007

 ^^This is how it appears on his credit report under EQ so it should almost be removed right?

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It should fall off sometime between 05/2014 and 11/2014. So around 2 years at the latest.

[sharpie]

It will get removed somewhere between May 2014 and November 2014.  

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@BearsAndTurtlesRtheBest wrote:

Date of 1 st Delinquency:

05/2007

 ^^This is how it appears on his credit report under EQ so it should almost be removed right?

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[BearsAndTurtlesRtheBest]

sounds legit! Thank you ALL very much I appreciate all your help and information provided to me!

[Jutz]

If he needs credit in the next couple of years, it may be worth trying for a PFD, it's more than likely past SOL so they're probably likely willing to deal.  It would be important to not accept that the debt is his/yours since that can reset the SOL in some states, but otherwise it's pretty smooth.  Worst case they say no and they continue to try and collect.  Obviously check the SOL in your state on that type of collection first, and depending on the balance maybe it's best to just let it rot for another 2 years.