topic Re: Baddies falling off in Rebuilding Your Credit

Baddies falling off

Anonymous — Sun, 03 Jul 2016 07:01:57 GMT

Hello, I have 2 accounts in collections that are going to fall off in November 2016 and June 2017. I also have 5 CC accounts that were charged off and are scheduled to fall off sometime in early 2017 as well. I have no plans to buy/lease a car within the next year. Should I wait for these to fall off and not do anything with them?

Re: Baddies falling off

RobertEG — Sun, 03 Jul 2016 07:23:06 GMT

Credit report exclusion precludes the CRAs from continuing to include a collection or charge-off in any credit report they issue after 7 years plus 180 days from the reported DOFD. Credit report exclusion thus prevents others from becoming aware of unpaid, delinquent debt by a simply pull of your credit report, and also removes the derogs from your scoring.

Credit report exclusion does not discharge the debt. Whether or not you choose to rely on credit report exclusion as basis to thereafter "do nothing" is your call.

If also outsde of SOL, you can of course choose not to pay the debt without any concern about the creditor obtaining a judgment.

Whether or not the unpaid, deliqnuent debt may become known to others or become a factor in your tuture quests for new credit is hard to determine.

Re: Baddies falling off

Anonymous — Sun, 03 Jul 2016 16:35:45 GMT

Creditors might pull something from previous month so the earlier you can get them off the better. hypothetically if everything falls out by December and you try to buy a car January, shop for prequalifications, and they still get a report that is old…high apr.

Re: Baddies falling off

RonM21 — Sun, 03 Jul 2016 17:31:34 GMT

If you have no plans on it, then letting them fall of should not be a problem. If you start apping afterward, your reports should look much better at that point.