Should I, Should I Not

[hazzmat1021]

Here my new found situation. I've been diligently checking my credit report about every other day, for the past 3 months. I've contacted, and settled every collection account, even though a couple are due to fall of next month. Everything was looking on the up & up for my scores until I received a collection bill $276.29. This bill is for a verizon phone account I had around 2001-002 time frame. This bill hasn't been on my credit report as of yet. it's almost 2009, and I am just receiving a collections letter for a bill back in 2001. the agency is giving me a chance to resolve this before they apply it to my credit report. I have every intentions of making this payment if legal. My question: is this usual ?, I should have seen this on my credit report a long time ago. Is this a regular pratice for an initial creditor to hold on to an account up until its deletion time, and then sell it to a collection agency? Should I pay it, or let it fall-since it was around 2001?

[cadavis0609]

If you owe it, I would pay it. Especially, if they say they are giving you a chance to pay before they report. You've worked hard to get it straight so I wouldn't let even one get to your report if you can help it. Plus I think there may be a possiblity of re aging so that its on there for seven more years.

[Anonymous]

Unless you enter into a installment payment agreement, re-aging is NOT a legal option for the CA. They CANNOT re-age--the DOFD is the DOFD.

If you can, pay it before it reports.

[cadavis0609]

Thanks, I wasn't quite sure how that worked.

[Anonymous]

DV first. Don't ever trust a CA, they may or may not have the right to collect the debt.

BTW they also cannot report once CRTP has expired.