Who is the collection with? It will still fall off 3 years later.
Starting Score: 494 503 521
@Anonymous wrote:@Larrypatty Paying the collection will not reset the drop off date which is usually 7 years from when it was posted.
Not quite. The drop off date is 7 years (+180 days, technically, though pretty much all bureaus delete right at 7 years) from the DOFD of the ORIGINAL account. Whenever the collection account was acquired/reported is irrelevant. But you're right that paying the collection will not reset the drop off date.
Also, yes OP please let us know who owns the collection. It may very well be better to "let sleeping dogs lie" in some cases. If, however, it is owned by one of the few CAs known to offer PFD, it may be worthwhile to pay it off.
@Larrypatty wrote:
@Anonymous wrote:@Larrypatty Paying the collection will not reset the drop off date which is usually 7 years from when it was posted.
Also once an account hits 2 years, it stops being penalized as a new account. You should see some gains at the 6 month and year mark.
There are a few things I would like you to confirm:
- What is the SOL in your state? This is how long they can legally sue you for the debt. It can vary from 3-5 years. It can be reset if you make a partial payment, admit to owning the debt. If you are out of the SOL for the debt, you can negotiate the amount owed for less.
- Who is the collection with?
- Have you tried reaching out to them regarding a PFD (Pay for delete)? Some CAs will delete for payment. You want to get it deleted because a paid collection still hurts your scores depending on the fico version.
looks like 6 years for sol. It was comcast and ERC currently has it for collection. Not sure what is the better option? Paying Comcast and once they tell ERC its paid can i dispute and get them off my report? Or should i try to do a pay for deletion directly with ERC?
No, call Comcast and try to get them to recall the debt from ERC. Then if they do, pay Comcast directly. By law if a collection agency's collection authority is terminated, they MUST delete their reporting. Hence why you want Comcast to recall the debt first so that ERC will have no choice but to delete their collection off your reports.
@Anonymous wrote:@OmarGB9 Sincerely, thank you for the correction. My response was too lazy and inaccurate regarding exclusion and DOFD.
No problem, not trying to make you look bad or anything. I just wanted to make sure any lurkers/future members who come across this thread have the correct info. 