Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007
Re: Late payments after charge-off


dazednconfused wrote:
Apparently.  But it sure doesn't seem right to me.  How are you supposed to get ahead when you do the right thing?  BTW Noah, do you know how long it will stay on your report?  From the date of the CO or the date that you paid the CO?  I do hope it is from date of charge off or first delinquency...


This is something I often rant about, and I'll take the opportunity to do so again.
 
Never pay a collection or chargeoff, unless:
a) You have to (served with a summons and complaint or you think they will, Prime mortgage lender won't give you a home loan until you PIF the CO or COLL, et al.)
b) You get them to agree to PFD
 
They prey on a person's lack of knowledge. You, me, and many others have been stung by this. Talked to too many people who've seen paid COs and paid COLLs drop from their CRs and they've seen big score improvements. It is complete B.S. to believe a paid CO or COLL does you any good. It is complete B.S. to believe that simply paying a CO or COLL does you any good.
 
Paying a CO or COLL does not change the CRTP. Still drops 7 years, give or take 180 days, from DOFD.
 
If it is now paid, try a GW letter to the OC.
 
If it was settled for less than the full amount, then methinks one has grounds to pursue a PFD still.