Midland funding collection

[Anonymous]

$866.00 falls off in November 2016. What should I do? Pay it off?

[RonM21]

If you need it off immediately because you want the score jump to apply for credit, you can ask for a pay for deletion. If not, I would just let it fall off. The debt is still owed but not on your credit report anymore.

[darwin_wins]

I would wait

[Anonymous]

I'd wait it out unless they're willing to do a PFD and put it in writing.

[Anonymous]

I'd wait it out if you don't need to apply for credit immediately. You've endured their wrath this long! Lol. I had 2 that just came off in April and I'm so glad to be done w/ them. Maybe call TU and EX to ask about EEing it now. EQ probably won't budge but you can still try.

[Imperfectfuture]

TU now, EX 3 months early, EQ auto one month early, first of month. No need to call.

[RobertEG]

I presume that you are referring to a collection becoming excluded, and not to $866 falling off?

Exclusion of the collection simply means that one will no longer be able to become aware of the unpaid, delinquent debt by pulling your credit report and seeing a collection that is reporting an unpaid balance.

Once the collection becomes excluded, the debt still remains, so it is not a one or the other decision.

Whether or not to pay a debt, aside from the question of honoring your obligation to pay your debt, is dependent upon future events, and has no clear answer.

When applying for future credit, there are several other ways that an unpaid delinquent debt can become known to others aside from seeing an unpaid collection, charge-off, or other derog in your credit report.  Potential creditors can simply ask for disclosure of any unpaid, delinquent debt, or they can, if the amount of the requested credti is $150K or more, receive a full factual credit report that shows all prior derogs.  Additionally, if any judgment has been obtained on the debt, it will show either in your credit report and/or the public record.

I would not advise making a decision not to pay simply upon credit report exclusion of, for example, a collection.

[Imperfectfuture]

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@RobertEG wrote:

I presume that you are referring to a collection becoming excluded, and not to $866 falling off?

Exclusion of the collection simply means that one will no longer be able to become aware of the unpaid, delinquent debt by pulling your credit report and seeing a collection that is reporting an unpaid balance.

Once the collection becomes excluded, the debt still remains, so it is not a one or the other decision.

Whether or not to pay a debt, aside from the question of honoring your obligation to pay your debt, is dependent upon future events, and has no clear answer.

When applying for future credit, there are several other ways that an unpaid delinquent debt can become known to others aside from seeing an unpaid collection, charge-off, or other derog in your credit report.  Potential creditors can simply ask for disclosure of any unpaid, delinquent debt, or they can, if the amount of the requested credti is $150K or more, receive a full factual credit report that shows all prior derogs.  Additionally, if any judgment has been obtained on the debt, it will show either in your credit report and/or the public record.

I would not advise making a decision not to pay simply upon credit report exclusion of, for example, a collection.

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Thanks for brining up a very rare occurrence.  Judgements tend to not go away.  We be talking minor collections here.  Hasn't hurt me, which I brought up prior.  And, pre approved for mortgage over 150k.  Since you will probably not find a mortgage below 150k, this really does not exist.  

We tend to be a consumer board.  If you are more in old corporate land, you might want to brush up on the latest laws and trends (though you seem to be aware of lawsuits that go against consumers).  Drop on over at the mortgage board, where the realtors, loan officers, mortgage brokers will dispute these dire warnings you continue to espouse.  

[Anonymous]

Let it fall off!