Ok, I am pretty new to this..but am slowly rebuilding my credit after having living on CC's in school etc.....have done a pretty good job on my CC's in relation to paying them off completely, however I have rec'd two recent letters in the mail from a collection agency on a previous CC a/c that I completely didn't even recognize on my credit report as it is under a collection agency...anyways the collection agency tell me I can pay $400 dollars instead of the outstanding balance of a supposed $750 on the CC a/c...but having just checked my FICO score a/c info...the balance supposedly says $1500!!!?????
Thing is, I thought about paying the $300 they suggested or just top get them off my back the bloody $750.......but today I just read here on this site somewhere that sometimes your better off not aping it at all as it will not be taken off my FICO statement if you will, even though the balance will say $0.......but the statute of limitations is according to Suze Orman website is 6yrs in massachussetts......am I ignorant in thinking or believing that the account or any a/c for that matter is supposed to come off my credit report as of 6yrs.......the date of activity on this one particular a/c with the collection agency will be exactly 6yrs in September of this yr 2012!!!!!! If I pay this collection will it stay on my credit report for another hellish 6yrs????? Oh yeah and what if there are still some CC's a/c's that are over 6yrs old and the balance says $0....should they not have gone off my credit report by now????? Or should I risk contacting the credit reporting agency and give them a heads up...........any suggestions.......Thanks guys>>>>
Thank you pizzadude for responding to my question....you definitely clarified some things for me.......in your opinion would it be wise or suicidal for me to contact my the particular credit reporting agency and ask them why the collection ageny a/c is still on my credit report? I just checked out the date of the first deliquency on the CC a/c(collection agency) and it has been well over six yrs, so why is this still on my report?????
Do you think I should pay the suggested amount of $300/350, or pay their reported balance of $750.....in order to avoid the collection agency taking any legal action with me........or how can they now all of a sudden begin sending me these 2 seperate letters requesting $'s .....?
Thanks so much....
@Anonymous wrote:Thank you pizzadude for responding to my question....you definitely clarified some things for me.......in your opinion would it be wise or suicidal for me to contact my the particular credit reporting agency and ask them why the collection ageny a/c is still on my credit report? I just checked out the date of the first deliquency on the CC a/c(collection agency) and it has been well over six yrs, so why is this still on my report?????
Do you think I should pay the suggested amount of $300/350, or pay their reported balance of $750.....in order to avoid the collection agency taking any legal action with me........or how can they now all of a sudden begin sending me these 2 seperate letters requesting $'s .....?
Thanks so much....
A collection can report for up to 7.5 years from the DoFD so they are well within that reporting time limit.
Now if the SOL has expired that just means they can't (legally) file a lawsuit over this unpaid debt.
In some jurisdictions, they can file suit and get a default judgement if the debtor doesn't show up in court to invoke SOL, in others it is a violation for the CA to sue when they know the debt is past SOL. So if you get a summons do not ignore it.. As others have said, SOL and appearing on credit reports are totally different legal concepts: one is a matter of State law while the other is Federal law.
@MarineVietVet wrote:
@Anonymous wrote:Thank you pizzadude for responding to my question....you definitely clarified some things for me.......in your opinion would it be wise or suicidal for me to contact my the particular credit reporting agency and ask them why the collection ageny a/c is still on my credit report? I just checked out the date of the first deliquency on the CC a/c(collection agency) and it has been well over six yrs, so why is this still on my report?????
Do you think I should pay the suggested amount of $300/350, or pay their reported balance of $750.....in order to avoid the collection agency taking any legal action with me........or how can they now all of a sudden begin sending me these 2 seperate letters requesting $'s .....?
Thanks so much....
A collection can report for up to 7.5 years from the DoFD so they are well within that reporting time limit.
Now if the SOL has expired that just means they can't (legally) file a lawsuit over this unpaid debt.