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I have a CO with a last payment in May 2011. First National Collection Bureau sent me a letter offering to "satisfy in full" the account if I make a payment of $226 (which I wouldn't mind doing). When speaking to a supervisor he said if I pay then FP will not report any derogatory information other than charge off. No late payments or over balance details. I know this should fall off in June 2018 but I'd hate for it to keep negatively impacting my credit score. Plus I plan on buying a townhouse next year and from what I hear most banks won't approve with an unsatisfied collection reporting. My question is a.)will the 7 years start over if I pay? b.)will FNCB appear on my report all of a sudden? C.) does this letter protect me against FP not changing the reporting status? Any help will be greatly appreciated. Thanks
Both the charge-off reported by the OC and any collection that might be reported by the debt collector will have the same date-certain exclusion of no later than 7 years plus 180 days from the date of your first delinquency on the OC account. The DOFD, and thus the exclusion date, is unaffected by any payment or lack thereof, or any other actifity taken by the creitor or debt collector. No, the exclusion period will not start over.
You can, when paying the debt collector, first get their agreement not to report their collection.
That can be oral or written.
Ok thanks for the insight I really appreciate it. I think I'll go ahead and pay it off.
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |