- Should I pay a collection that is NOT reporting to my credit report? (Jefferson Capital)
No, wait it out and see if they ever report it. The collection accounts that were reported on my credit report were only after the collection companies sued me.
- If I can't afford to PIF a collection are payments good or bad for my credit?
Doesn't matter if you PIF or make payments, make sure you negotiate a lower final price. Start very low, stick to your guns, and you will get a good settlement price. I have settled a handful accounts for 50% - 70% of the original debt. Keep in mind the CA's will send you tax paperwork, because the discounted debt is considered earned income. Finally, DO NOT miss a payment after settling because they will revoke that deal and good luck trying to get them to deal again.
- Should I mess with anything reporting that is 3+ years old? example...I have a collection for a card that charged off 3+ years ago. Will paying the collection (payments) start the 7 years over on the original charge off? (Jeffereson Capital)
No, I wouldn't until they sue you.
- If I ignore collections will I get sued?
Most likely they will sue you. These big portfolio companies buy these debts in batches for pennies on the dollar. They have attorneys on retainer whose job is just to file lawsuits. Their whole goal is to get you to settle your debt. They do not want any of these cases going to trial because that's when it starts to get expensive for them and they will most likely never get paid by the defendant. One of my last cases against me, I tried settling for $800 on a $3k debt. They rejected my initial offer and a trial date was set. The day before going to trial their attorney reached out to my attorney who is a family friend and asked if I would settle for $1k.
They will blow up your phone for a couple months, there will be a quiet period, and about a year later you will get a knock at the door. Getting sued is scary but remember you are not going to jail.
@Unic0rnsRulePaying down CO's will help scores. Once settled/paid. They will no longer count against your aggregate util %'s. Then fall off 7 yrs after the DoFD. Collections owed or paid does nothing to a score unless they agree to PFD. Welcome to the forums.
@Zimmy71 wrote:- Should I pay a collection that is NOT reporting to my credit report? (Jefferson Capital)
No, wait it out and see if they ever report it. The collection accounts that were reported on my credit report were only after the collection companies sued me.
- If I can't afford to PIF a collection are payments good or bad for my credit?
Doesn't matter if you PIF or make payments, make sure you negotiate a lower final price. Start very low, stick to your guns, and you will get a good settlement price. I have settled a handful accounts for 50% - 70% of the original debt. Keep in mind the CA's will send you tax paperwork, because the discounted debt is considered earned income. Finally, DO NOT miss a payment after settling because they will revoke that deal and good luck trying to get them to deal again.
- Should I mess with anything reporting that is 3+ years old? example...I have a collection for a card that charged off 3+ years ago. Will paying the collection (payments) start the 7 years over on the original charge off? (Jeffereson Capital)
No, I wouldn't until they sue you.
- If I ignore collections will I get sued?
Most likely they will sue you. These big portfolio companies buy these debts in batches for pennies on the dollar. They have attorneys on retainer whose job is just to file lawsuits. Their whole goal is to get you to settle your debt. They do not want any of these cases going to trial because that's when it starts to get expensive for them and they will most likely never get paid by the defendant. One of my last cases against me, I tried settling for $800 on a $3k debt. They rejected my initial offer and a trial date was set. The day before going to trial their attorney reached out to my attorney who is a family friend and asked if I would settle for $1k.
They will blow up your phone for a couple months, there will be a quiet period, and about a year later you will get a knock at the door. Getting sued is scary but remember you are not going to jail.
@Zimmy71Go to your settings and place "50" after the word border to make your cards smaller. You have "0".
Thank you! I was wondering why in the world these pictures are massive 😂.
@Unic0rnsRule wrote:thank you for the welcome, I have been a lurker for years. So any collection being paid or not is bad on credit. getting if off is the key?
is that what you are saying?
I have a collection showing on my credit, only 1, from NCA (originally Cerulean Bank). This is the collection I am talking about here. It reports monthly so I am going to work on this going forward.
THANKS !!
the other issue is...
I called the original creditor (Premier Credit Card) which is using Jefferson Capital to collect the debt only. the debt is still in house. Premier is reporting monthly on my credit as a charge off, 3+ yrs old. no collection agency reporting yet. The weird thing is....the collection letter says the they can't sue me due to the age of the debt, and that paying on it may change the DOFD. I am in AZ...used to be a 4 yr state but I believe is a 6 yr state for
statute of limitations. so I am a litte confused on this...is it a tactic?
Nope. Nothing changes the DoFD. If you start making payments and stop paying that resets the SOL not the DoFD. Then your left open for legal again. Settled it or PIF in 1 shot if they accept your offer. Dont say anything at all that you know you owe the debt.