Should I settle or payment plan

[Anonymous]

I have a CO citi card from 2015. The citi account is showing on my credit record however the account is with a collection company that is not reporting anything. Citi will not even talk to me about account and will not pull back in. Collections is offering me pif, settlement of 51% or payment plan to pif.

I do not have the money to pif at this time. So I'm considering the other 2 options. My questions are if I do payments, will my reporting clock start over if this agency starts reporting? I don't want to have it on my record for another 7yrs. I can do the settlement and am aware that citi may add settled for less to my report. Will that stay one for an additional 7 yrs also or will settled for less will it still fall under the original SOL? I think I would rather only have it on for an additional 5yrs if I can't get GW.
As I do want to have the account full paid, I was wondering if I settled with collection company, could I come back to the collection company and as to pay remaining balance later? Will I need to try to pay remaining to Citi if I settle with collection and want to pay rest at another time? I am leaning torwards settling now and paying remaining balance later when funds are available if I can, but I also want to protect what little credit I have now as I'm trying to rebuild and clean up records. I admit CO is my fault and want to make it right with creditor. I won't even think of disputing anything as I have nothing to disbute, I just want to make it right with as little negative impact on my credit as possible.

Thanks in advance as advice would be greatly appreciated.

Side note: citi is reporting it on my credit as charged off, $0 payment due, but with balance remaining.

[Anonymous]

Does anyone know of a past thread that may help me answer this?

[RobertEG]

The credit report exclusion period for both a charge-off and a collection is based solely upon the date of your first delinquency on the OC account, after which you remained delinquent until the account was charged-off or placed for collection (DOFD).  See FCRA 605(c).

No, making a payment will not reset the credit report exclusion period/date. 

If you reach a settlement for less and pay, the debt is then zero.

There is thereafter no debt, and thus no account receivable, upon which a creditor or debt collector can thereafter receive payment.

[Anonymous]

Thank you