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I have a collection with Midland Funding owe $3,000 from a past debt back in 2009. That is my only collecion on my cr right now. If I call them to ask for a payment plan etc. Once it is paid off how long will it remain on my credit report? Date Of Last Payment was AUG 2009. It shows on my cr "Expected to come off AUG 2016." Once I pay Midland, does it stay on for a longer date, or do they just update it as PAID, and it will still fall off AUG 2016?
I am not worried about my scores going down for them updating it as paid as they already have been updating it on my CR every month as a collection, and not seeing any new credit for a while.
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Estimated month and year that this item will be removed: 08/2016 |
The DoFD controls how long it remains on file, the OC reports the DoFD the CA has to abide by it irregardless of payments made. Nothing changes the DoFD once the account is COed.
Is it past the SOL?
Not past SOL that is August of this year. But I'm not sure if I should wait. I got a letter form them saying they could sue next. Not sure if its just scare taticts.
How are you set for paying it off if they decide to sue?
@Outdoorstech1 wrote:Not past SOL that is August of this year. But I'm not sure if I should wait. I got a letter form them saying they could sue next. Not sure if its just scare taticts.
If you've been cleaning up your reports you are *probably* looking pretty collectible to these sharks, hence the letter indicating what they "may" choose to do. Do they seem amenable to setting up a payment plan that you can work with? If so I'd probably take it. You definitely don't want to get sued by these cretins.
When you pull your report, it should tell you exactly when it will fall off. Are you apping for a mortgage or want back in with Chase? Since it's just a bit over a year, I would just wait until it falls off. You're almost at the finish line.
As stated, credit report exclusion of a collection is pegged to one, and only one, date-certain, which is the DOFD on the OC account.
Exlusion can then be no later than 7 years plus 180 days from the reported DOFD, and the CRA will most likely exclude at approx 7 years.
However, that is not the "finish line."
Credit report exclusion does not discharge the debt, and thus credit report exclusion does not end any issues regarding the debt.
Upon exclusion from your credit report, it is no longer possible for a party to become aware of the unpaid debt simply by a pull of your credit report, and seeing an unpaid collection or unpaid OC charge-off. However, they could sitll become aware of the unpaid debt by other means, such as simply including a request for disclosure of any unpaid, delinquent debt in any credit application. That is common, for example, in mortgage loan applications.
Payment, even after credit report exclusion, removes any issue of an unpaid, delinquent debt.