How to handle collection accounts

[Anonymous]

Hi everyone,

I am looking for some advice on how to handle collection accounts on my credit report....

Most of the original accounts (which were mainly credit cards) had their DOFD back in 2004. I have the understanding that these accounts will fall off my report by the end of 2011, but of course many have been turned over to collection agencies since then.  How should I go about handling these collection accounts?  These collection accounts will remain on my report for an additional 7.5 years since the day they were opened, correct? Should I try to negotiate with the agencies or not? I have heard that even attempting to contact will restart the DOLA, and if there is a chance they will not work with me, I don't know that I want to do that to myself.  I am in a much better position now...I have had two auto loans (with co-signers) since '04 and have two credit cards, student loans, etc....all of which i PIF every month.  I am in my mid-20s and want to rebuild credit ASAP so I can purchase a house in the next 2 years.  Any advice is GREATLY appreciated!!

[Anonymous]

Hi - if you can list what collections, how much, when the DOFD is etc, that would help immensly..!

[Anonymous]

The collection accounts can only report for 7/7.5 years from the DOFD on the original account.  Contacting and/or making a partial payment can reset the DOLA, but it doesn't impact how long it can report.  You may take a slight ding for that update because it basically "refreshes" the CA and makes it look like there was recent activity.

The usual process is to send DVs to make sure that you're dealing with the correct CAs on each account, and then to offer PFDs.  But we can help more with more information from you --

[Anonymous]

Thank you jesslyn and tullz.  I will post the info when I get a chance to copy from my most recent CR.