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Need advice? Collection item

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Anonymous
Not applicable

Need advice? Collection item

The last collection item on my credit report that I am waiting to come off is only on EQ. 

 

The collection is $4,000

Last reported 3/23/09

Small IL collection agency

Date to fall off: Oct 2015

 

Do I leave it be or try to PFD?  I'm trying to get a mortgage and don't know if I should wait or just try to get pre-approved with it still there. 

Message 1 of 5
4 REPLIES 4
gdale6
Moderator Emeritus

Re: Need advice? Collection item


@Anonymous wrote:

The last collection item on my credit report that I am waiting to come off is only on EQ. 

 

The collection is $4,000

Last reported 3/23/09

Small IL collection agency

Date to fall off: Oct 2015

 

Do I leave it be or try to PFD?  I'm trying to get a mortgage and don't know if I should wait or just try to get pre-approved with it still there. 


If its past SOL send them a reduced PFD settlement offer. You will have to pay it in order to close and if they find out you are going for a mortgage there will be no reduced amount deal since they know they can stop the closing.

Message 2 of 5
Anonymous
Not applicable

Re: Need advice? Collection item

When does the SOL start?  The date I signed the loan or the date the collection agency takes over?  Either way, the SOL in my state is 10 years and even if it's the loan date, I don't think 10 years have passed.  I think it will be off my CR before the SOL has past. 

Message 3 of 5
gdale6
Moderator Emeritus

Re: Need advice? Collection item


@Anonymous wrote:

When does the SOL start?  The date I signed the loan or the date the collection agency takes over?  Either way, the SOL in my state is 10 years and even if it's the loan date, I don't think 10 years have passed.  I think it will be off my CR before the SOL has past. 


The DoFD is the date that SOL & CRTP run from unless there are other laws in your state that say something else.

Message 4 of 5
Anonymous
Not applicable

Re: Need advice? Collection item

Thank you.  Then that's not until 2018. 

Message 5 of 5
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