Old collection question

[Anonymous]

I had a collection from over 10 years ago that dropped off my credit report. I just got mail from them offering to settle it for about 10% of the original amount. My question is: if I pay the settlement now is it going to show back up on my credit report as a collection settled for less than full amount?

[LIGHTNIN]

No it can't show back up on your credit reports.

The credit bureau uses the 1st date of default from the original creditor.

Then you add 7 1/2yrs to that date will equal the date it dropped off your credit report.

But if you are still worried about it, get a written agreement like a PFD (pay for delete) letter,

just modify it to be, a pay for not reporting letter. 

For example of the PFD letter, just use the link below....Freq Req Threads

example letters are toward the bottom of the page 

[soliloquy]

Question. If he pays the debt, can't they report it "paid" on his credit report thus making the debt "look" new. I thought it was the last action taken on an account that started the time over. I'm knew at this so just asking.

If so, he shouldn't pay it and he should send them a cease contact letter. It is most likely past the SOL for them to recoup it from you legally anyway. It shows integrity that you want to pay your debts but I don't know if I'd risk it. I guess if it's really bugging you, you could try the PFD letter.

Message Edited by soliloquy on 02-11-2010 12:39 PM

[LIGHTNIN]

His collection is Not on his CR,so if he paid it,still will not show up on his CR, he is Past the CRTP(credit reporting time period)

Which is 7 to 7 1/2yrs from the DOFD (date of first default = the first 30 day late on the OC account)

Paying the debt now, will Not restart the 7-7 1/2 yrs.

Now the OC and the CA, can still try to collect the debt,...........until the cows come home.... even tho it's passed the SOL.

It's just if he was served a summons to go to court. He needs to SHOW UP and use passed SOL as a defense.

If he doesn't show up, they will win on a default, and he would have to pay.

No need for the PFD letter, because nothing is being reported, to be deleted.

I mention a pay for not reporting letter, because he sounded soooo worried that they were going to report on his CR's.