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No, paying it will not change any fall-off date. If portfolio is not reporting it as a collection when its paid, they probably will not report anything at all, but you might want get their agreement not to report, even though it would only be for a short time period.
@scanada_82 wrote:
Thank you very much! I asked the lady on the phone this morning with portfolio and she said they would report it to the collection agency within 15 days after its paid.
Wait a minute here, you say Portfolio has just received the collection and its not on your reports? Who are you talking to the OC or Portfolio? Did you get an agreement from the collector that they wont report it in exchange for full payment??
@scanada_82 wrote:
Portfolio called me Friday that they are a debt collector trying to collect this debt. I called the oc and they said they no longer have the account I have to call a different number. The number the oc gave me was for portfolio. So I called portfolio back today and said I would send a cashiers check for the full amount of payment and asked if this was going to go on my credit as a collection. The lady from portfolio said it would be put on my credit as paid in full within 15 days after payment. There is no collection as of now from portfolio on my reports. Or any collections for that matter. But synchrony told me they no longer are responsable for the account and told me they couldn't except payment when I asked if I could pay them. So I'm going to send a cashiers check today to portfolio. So in 15 days a collection will hit my reports, but fall off in four months. If neither the oc or collection agency cannot report longer than the 7.5 year period from the original accounts date of first delinquent
If portfolio has not yet reported it, its very possible they will not do so at all. Either way, its paid and gone from your reports soon.
@scanada_82 wrote:
Portfolio called me Friday that they are a debt collector trying to collect this debt. I called the oc and they said they no longer have the account I have to call a different number. The number the oc gave me was for portfolio. So I called portfolio back today and said I would send a cashiers check for the full amount of payment and asked if this was going to go on my credit as a collection. The lady from portfolio said it would be put on my credit as paid in full within 15 days after payment. There is no collection as of now from portfolio on my reports. Or any collections for that matter. But synchrony told me they no longer are responsable for the account and told me they couldn't except payment when I asked if I could pay them. So I'm going to send a cashiers check today to portfolio. So in 15 days a collection will hit my reports, but fall off in four months. If neither the oc or collection agency cannot report longer than the 7.5 year period from the original accounts date of first delinquent
Ok, I see it clearly now. Chances are if you pay it they wont report it, that costs money and it has little time to go in fact I would be asking for the early exclusion if it actuall hits your reports. Typically the CRAs will exclude the items at the 7 yr mark from the DoFD to be sure they are within the law.