topic Re: collecting question in Rebuilding Your Credit

collecting question

Anonymous — Sun, 09 Feb 2014 12:58:47 GMT

Hi i have a question i have macys collection on my cr from 2009 ,my question is should i pay it or live it alone.i live in ny what is sol on that here?

Re: collecting question

nma851 — Sun, 09 Feb 2014 13:07:00 GMT

According to the NY courts website, Store Card are different from "other" credit cards, i.e. visa/MC.

Store cards are 4 years, the others are 6 years.

Given it is 5 years old, you're out of the SOL so they cannot sue you but this will remain on your report for 7 years from DOFD. Look at the date of FIRST delinquency & add 7 years (plus 6 months for the 30,60,90,120,180,CO) and that will be the drop off date. Just because this is a collection account from 2009 does not mean the Orignal Creditor (OC) reported a sooner DOFD. These must align - the collection agency, while they first reported in 2009, must ALSO use the DOFD from the OC. They cannot change it - this is known as re-aging & is illegal.

Re: collecting question

Anonymous — Sun, 09 Feb 2014 13:12:18 GMT

Thank you.so should i pay it of or just wait.

Re: collecting question

HigherFico — Sun, 09 Feb 2014 13:12:23 GMT

What is the SOL for maryland? I have a value city furniture chatge off

Re: collecting question

nma851 — Sun, 09 Feb 2014 13:14:20 GMT

@HigherFico wrote:
What is the SOL for maryland? I have a value city furniture chatge off

3 years

Re: collecting question

nma851 — Sun, 09 Feb 2014 13:21:48 GMT

@Anonymous wrote:
Thank you.so should i pay it of or just wait.

There's really no info other than the DOFD (if that's even the DOFD - it's just when the CA took it) and it all depends on your ability to pay. Whether paid or unapid, it's still going to remain unless you're able to successfully work out a PFD or pay it and GW them. It also depends on the CA itself.

If the amount owed is piddly, I would personally pay it even if a PFD failed. It will also be updated, as required by law, as a paid collection. It's already on there & the damage is done - paying it will not change your score by paying it - only time will. However, the upside to paying it is if you are seeking new credit or more commonly, a mortgage. They generally want all open collections paid before giving a mortgage.

Nonetheless, paid or unpaid, your score already took the hit & the only way it WILL improve is A) deletion or B) 7-year retention. Granted, a "paid" collection will look better to a lender who actually looks at the CR's but as for scoring, any change, if any, will be negligbile.

Re: collecting question

Anonymous — Sun, 09 Feb 2014 13:44:37 GMT

Thank you

Re: collecting question

Anonymous — Sun, 09 Feb 2014 14:01:48 GMT

I have one mo question i have to ca reporting on 2008 .and i stop paying the cc card on 2006 .they both showing 2008 court case.when the 7 years really start for me 2006 or 2008?

Re: collecting question

radtechdude — Sun, 09 Feb 2014 14:14:05 GMT

Hello,

There might be something else to think about. It is not just the SOL that we should consider. Its the fact that if they the collection account gets

sold to another collection agency then they will report it to your credit report as well and you will get an additional hit. I had this happen to me. However, what

I did was pay the collection and then waited a month and disputed it. It came right off and I haven't heard from those collections again.

It doesn't work that way all the time, but many times if the debt gets settled then they collectin agency has no motivation to verify the debt.

Hope this helps

Re: collecting question

Anonymous — Sun, 09 Feb 2014 17:42:16 GMT

Thank you

Re: collecting question

Anonymous — Sun, 09 Feb 2014 18:06:35 GMT

@Anonymous wrote:
I have one mo question i have to ca reporting on 2008 .and i stop paying the cc card on 2006 .they both showing 2008 court case.when the 7 years really start for me 2006 or 2008?

If you stopped paying in 2006 that would be your DoFD for the debt.

If you also had a judgment against you in 2008, that is a separate issue. Those can report for 7 years from date filed, or the governing SOL of your state.

Re: collecting question

Anonymous — Sun, 09 Feb 2014 18:07:45 GMT

@radtechdude wrote:
Hello,
There might be something else to think about. It is not just the SOL that we should consider. Its the fact that if they the collection account gets
sold to another collection agency then they will report it to your credit report as well and you will get an additional hit. I had this happen to me. However, what
I did was pay the collection and then waited a month and disputed it. It came right off and I haven't heard from those collections again.

It doesn't work that way all the time, but many times if the debt gets settled then they collectin agency has no motivation to verify the debt.

Hope this helps

If a CA sells an account to another CA, the first CA must delete their TL.

Re: collecting question

nma851 — Mon, 10 Feb 2014 02:08:00 GMT

guiness56 wrote:

If a CA sells an account to another CA, the first CA must delete their TL.

I'm not haunting or stalking you darlin - this just brought something else to my mind about "mutl-CA's" & for my own reference so to speak. Just to clarify, they must DELETE the TL or update it as TS/Sold? Would this be applicable to TL's that are bought/sold as well?

Reason I ask is I've got 6 pos TL's that have been resold (literally) 10+ times and whenever each one gets it, they all have the same OLD open date, but they're also using a "reported since", "DLR", & "DOS" as the month they acquire it. While I understand FICO looks at date opened for AAoA, is FICO looking negatively at the "reported since" and/or "DOS/DLR"? Everytime they're sold, I drop for about 2-3 months and then pop right back up. Looking at my last few pulls, AAoA is being affected & mainly within the last 6 months. This kinda infers FICO is not happy if AAoA changes for the worse. It may help the mix, history, etc. (double-reporting of TL's in one of the sales), but I'm curious - and should find out for my own good - if these multiple re-sells *should* have a different date in order to ensure proper scoring.

EG: If a derog goes by DOFD for scoring & retention purposes, does a pos go by reported since/DOS/DLR? Seems sort of odd, at face-value, to keep using the same "opened on" date but the others - that is a gray area. If they can report that opened date as the true opened date, it just makes sense to bring over the history with it versus constantly dinging me for "new accounts". I'm probably wrong as always but you'll set me straight!

Real-Time example:

OLD:

COSTEP/DEPT OF ED
Address:
200 S 10TH ST STE 502
MCALLEN, TX 78501
No phone number available
Account Number:
XXXXXXXXXXXXX
Address Identification Number:
XXXXXXXXXXXXX
Status: Transferred,closed/Never late. Status Details: This account is scheduled to continue on
record until Aug 2023.
Date Opened:
07/2009
Reported Since:
04/2013
Date of Status:
08/2013
Last Reported:
08/2013

Payment History:

2013 AUG CLS <---- All prior history for the TL vanishes whenever the TS/Sold occurs

NEW:

MOHELA/DEPT OF ED
Address:
633 SPIRIT DR
CHESTERFIELD, MO 63005
No phone number available
Account Number:
XXXXXXXXXXXXXX....
Address Identification Number:
XXXXXXXXXXXX
Status: Open/Never late.
Date Opened:
07/2009
Reported Since:
10/2013
Date of Status:
01/2014
Last Reported:
01/2014

Payment History:

2014 JAN OK; 2013 DEC OK; NOV OK; OCT OK <------ History picks up as the date they get it & as seen in the other TL above, the history is GONE. That is what makes me worry/wonder if payment history is being adversely affected....

You're the BEST & thanks hun once again (and Shogun too so I don't make enemies!)

Good points leading to good questions!

Re: collecting question

HigherFico — Mon, 10 Feb 2014 02:15:29 GMT

Just curious. ..what do you choose as your reason for disputing?

Re: collecting question

Anonymous — Mon, 10 Feb 2014 03:17:55 GMT

Both of those are good standing accounts. You don't want those deleted.

They also appear not to be collection accounts but OC accounts.

A CA does not report accounts in good standing nor do they affect your AAoA.

Re: collecting question

Shogun — Mon, 10 Feb 2014 05:57:42 GMT

@Anonymous wrote:
Hi i have a question i have macys collection on my cr from 2009 ,my question is should i pay it or live it alone.i live in ny what is sol on that here?

FYI, there's a state mandated CRTP for NY which 5 years for "PAID" debts.

Re: collecting question

Shogun — Mon, 10 Feb 2014 06:01:23 GMT

@nma851 wrote:
@Anonymous wrote:

If a CA sells an account to another CA, the first CA must delete their TL.
I'm not haunting or stalking you darlin - this just brought something else to my mind about "mutl-CA's" & for my own reference so to speak. Just to clarify, they must DELETE the TL or update it as TS/Sold? Would this be applicable to TL's that are bought/sold as well?

Reason I ask is I've got 6 pos TL's that have been resold (literally) 10+ times and whenever each one gets it, they all have the same OLD open date, but they're also using a "reported since", "DLR", & "DOS" as the month they acquire it. While I understand FICO looks at date opened for AAoA, is FICO looking negatively at the "reported since" and/or "DOS/DLR"? Everytime they're sold, I drop for about 2-3 months and then pop right back up. Looking at my last few pulls, AAoA is being affected & mainly within the last 6 months. This kinda infers FICO is not happy if AAoA changes for the worse. It may help the mix, history, etc. (double-reporting of TL's in one of the sales), but I'm curious - and should find out for my own good - if these multiple re-sells *should* have a different date in order to ensure proper scoring.

EG: If a derog goes by DOFD for scoring & retention purposes, does a pos go by reported since/DOS/DLR? Seems sort of odd, at face-value, to keep using the same "opened on" date but the others - that is a gray area. If they can report that opened date as the true opened date, it just makes sense to bring over the history with it versus constantly dinging me for "new accounts". I'm probably wrong as always but you'll set me straight!

Real-Time example:

OLD:
COSTEP/DEPT OF ED
Address:
200 S 10TH ST STE 502
MCALLEN, TX 78501
No phone number available
Account Number:
XXXXXXXXXXXXX
Address Identification Number:
XXXXXXXXXXXXX
Status: Transferred,closed/Never late. Status Details: This account is scheduled to continue on
record until Aug 2023.
Date Opened:
07/2009
Reported Since:
04/2013
Date of Status:
08/2013
Last Reported:
08/2013
Payment History:
2013 AUG CLS <---- All prior history for the TL vanishes whenever the TS/Sold occurs

NEW:
MOHELA/DEPT OF ED
Address:
633 SPIRIT DR
CHESTERFIELD, MO 63005
No phone number available
Account Number:
XXXXXXXXXXXXXX....
Address Identification Number:
XXXXXXXXXXXX
Status: Open/Never late.
Date Opened:
07/2009
Reported Since:
10/2013
Date of Status:
01/2014
Last Reported:
01/2014
Payment History:
2014 JAN OK; 2013 DEC OK; NOV OK; OCT OK <------ History picks up as the date they get it & as seen in the other TL above, the history is GONE. That is what makes me worry/wonder if payment history is being adversely affected....

You're the BEST & thanks hun once again (and Shogun too so I don't make enemies!)

Good points leading to good questions!

Positive accounts will generally stay on for 10 years once paid/closed. The payment history at the bottom doesn't factor into your scores since they are positive, that is what is expected. It's just the TL and the Age, when it was opened that factors into your AAoA.

Re: collecting question

nma851 — Mon, 10 Feb 2014 13:50:41 GMT

@Anonymous wrote:
Both of those are good standing accounts. You don't want those deleted.

They also appear not to be collection accounts but OC accounts.

A CA does not report accounts in good standing nor do they affect your AAoA.

**** DISREGARD - I DID NOT SEE SHOGUN'S RESPONSE UNTIL AFTER I POSTED THIS. MY APOLOGIES AGAIN***

Right - I know I do NOT want them deleted at all & I do understand they are GOOD accounts & OC accounts. Maybe I did not ask properly or I misstated something. In the blue text, next to the payment history, each time they get resold, the PREVIOUS creditor remarks as TS/Sold (as expected) and all but one of them deletes the payment history. Then, the NEW creditor starts reporting, as of the date acquired.

The problem, as I am seeing it or NOT understanding it, is this leaves a "gap" of payment history - if you look at these two TL's in that example, you'll see it was "reported since" and then the closed date with absolutely NO shred of history. In the NEW TL, you'll see the "Reported Since" which starts, obviously, at the time they acquire & start reporting. Where did my PRIOR history go? Why did that purge upon a TS/Sold to a different lender? Those are the questions at hand - hopefully I have cleared this up some to where you're understanding (or I'm understanding LOL).

It just doesn't make any logical sense when I look at other closed TL's that have the payment histories still attached to them - but NOT with these particular sets of TS/Sold loans. I didn't want to inundate this thread with my data & if need be will PM you the way they're appearing (or start a new thread since your a Mod & gotta listen to what you say!). The ONLY ones that DO retain my payment histories are the ones that I contacted myself, told them of this, faxed a copy of the TL to the person I was working with, and she had the entire loan's history re-inserted for the life of the loan, and apologized that it "purged" that upon closure by transfer/sold.

The way I'm seeing it, when you look at ALL of the TL's that are bought/sold/bought/sold/bought/sold, having just an "Open" "Closed" and "No Data" showing means there is NO history (hence "No Data") attached just as the one lender re-inserted for me in the last paragraph. In my mind, this is basically reflecting "WE bought it, WE sold it, WE Closed it, and we have no history" since the payment histories just "vanish".. If FICO or other lenders "assume" nothing but on-time history, even though it is visually missing, then that's fine w/me!!! Thanks again Guiness and my apologies for these confusions I caused.

Re: collecting question

nma851 — Mon, 10 Feb 2014 13:47:52 GMT

@Shogun wrote:

Positive accounts will generally stay on for 10 years once paid/closed. The payment history at the bottom doesn't factor into your scores since they are positive, that is what is expected. It's just the TL and the Age, when it was opened that factors into your AAoA.

I didn't see this until after I replied to Guiness' post. It kinda freaks one out when you see 2+ years of positive history just "vanish" upon a TS/Sold scenario - espeically when they're back to back to back to back. Least they ALL have the same "Open" date so AAoA is not affected.

Thanks Shogun as well. My apologies for the redunant questions/replies. This answers the question(s). As long as it does NOT matter to FICO or anyone else for the matter that there is "No Data" for payment histories, I'm FINE!

Hope you have a good start to your week too!