Collection on my report

Anonymous · ‎01-25-2008

Question:

If I pay off the collection that is on my report....will that make any difference in my score? I know it wont take it off my report...so is there any advantage to paying it off? I dont want to pay it if it wont make a difference.

Also, another question:

The actual collection bill was in 2002 (the date it was assigned) but was not "reported" until 2007.

So if the collection will appear on my credit report for 7 years, is it from the date of the actual bill? Or from the date it was "reported"? I would like to know when it will dissapear from my report.

Anonymous · ‎01-25-2008

someone correct me if I'm wrong, but I believe it is 7 years from the DOFD -the date of first delinquency.

octavia · ‎01-25-2008

Hi Ella!

Collection accounts are reported on CRs 7-7.5 years from DOFD (date of first delinquency).

I suggest that you go to the Frequently Requested Threads and read up on DOLA, DOFD and SOL. It has tons of very helpful and need-to-know information!

You will get the help that you need. Just hang in there.

Octavia.

Anonymous · ‎01-25-2008

Acronyms...ahhhh!

Thanks Octavia....I wil look them up. I am assuming DOFD would be the 2002 date (the date I actual accrued the bill). Which means it will be off my report by 2009.

octavia · ‎01-25-2008

Yep Ella, it will report until 2009. Look up the SOL (the number of years in which you can be sued for payment) for the state that you live in or state where the original debt was incurred. (I believe there is a link in that thread that Tuscani posted). You first need to know whether the original creditor was a CC (open account), written contract, oral agreement, or promissory note. The number of years could vary, depending on what the original debt was.

Also read the DV thread; there's sample letters you can use/modify to send the the CA.

I DVed a CA and had it successfully removed.

Octavia.

Message Edited by octavia on 01-28-2008 08:26 AM

fused · ‎01-25-2008

Hi Octavia

Your advice nearly violates myFICO's terms of service and user guidelines. This forums is not only about following the law, but it's also about ethics. This forum does not encourage others to dispute accurate information as not theirs. Please refrain from doing this in the future and review myFICO forum's TOS, UG and credit repair discussion guidelines below. Thank you!

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=4312&jump=true

Message Edited by fused on 01-25-2008 09:42 AM

octavia · ‎01-25-2008

Apologies!!! (Over-stepped my boundaries!)

Octavia.

Message Edited by octavia on 01-25-2008 02:07 PM

fused · ‎01-25-2008

octavia wrote:

Apologies!!!

I was simply stating what I have read here on the boards.

No problem! Might you be able to show some examples?