@Anonymous wrote:So, we'd probably want more details, but in genearl, here are a few things to know:
- The debt will age off naturally 7 years after the date you fell behind Actually derog COed accounts can remain on file for up to 7.5 years from the DoFD, the CRAs will usually schedule their removal early at the 7 year mark to remain within the law.
- If it is already showing as a collection/derogatory remark on your credit report, the damage is done. Paying it, partially or in full will not change it's impact on your score. It can impact your score if it hasnt updated in awhile, when you PIF and they report it as such it will drop your FIco as it looks new.
- It is possible to negotiate a 'Pay for Delete' or 'PFD' as they are referred to here. This method is hit or miss, and more and more frequently I am seeing things in the miss column.
Here are some questions that can help the board help you:
- What kind of debt is it? medical, old credit card, utility you forgot to pay off when you moved?
- Is the account with the original creditor (for instance if it's a credit card, is it with Chase or whatever) Or with the debt collection agency (names like Midland, Round2 Recovery, etc)
- How old is the debt. We would want to count from the "Date of first delinquency" or when you fell behind and never brought the account current again. A lot of credit reports have little calendar images for payment history, you would want to look for when the squares stopped being green, and never turned green again.
Hope this helps...
