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@Anonymous wrote:
I have some old medical bills that were reported to a collection agency in 2006 and on my credit report they are marked closed. They're not big and I could pay them off tomorrow if I wanted, the only thing stopping me is that I'm 3 years from having them off my credit report and I was told in the past that if I were to pay them now, the clock would start back at 0 and it would be another 7 years before they were gone. Is this true? I'm from SC and I don't know if the laws are different here or if this is something where the rules are generally the same across the board. Also, if I have an open account of installment debt that is past due but not reported to a collection agency and I catch up on my payments will it still sit as a negative account on my report? I'm trying to rebuild my credit because I need a car pretty badly, and I'm aware that a quick fix is nonexistent but I would appreciate any help or suggestions for skirting the usual standards of time and patience.
That is NOT true. The DOFD is the date from which the 'clock starts' and 7 - 7+1/2 yrs later, they will vanish from your report(s) forever. However, I think if you PAY them, or pay on them, the DOLA - date of last activity updates and messes with your score. Someone else will likely comment and clear this part up. Another thing to consider is, a PAID bill is the same thing as an UNPAID bill in terms of scoring, so paying them could actually hurt your score because of DOLA... The best option might be to ask for a PAID FOR DELETE (PFD), otherwise, you're no better off (unless you want to clear your conscience) scorewise by paying them - you're just out the money. Worst case scenario if you don't pay, they may come after you (doubtful) and get a judgement on your CR - which of course would be trajic at this point.
The date at which any collection acount must drop from your CR has NOTHING to do with when the CA placed the acount for collection, or any DOLA on the account. There is no reset of anything. It also has NOTHING to do wth SOL, period.
Go back to the original creditor account on which any collection was based.
Find the single date that you first went into delinquency with the original creditor. Ignore anything that has happened,period, with the collection agency.
One 7 1/2 years has expired from the date of your first delinquency with the original credtior, then no CA will contine to report.
FCRa 605(c).