Need Collections Advice Guys!

[Anonymous]

I had a Fingerhut card a long time ago. It ended up charging off and I completely forgot about it. Today, I received a Letter from a collection agency saying they purchased the debt from Fingerhut. The letter says as of June 5, 2015, I owe about $550. This collection is not on my credit report. Is there any chance this will go on my credit report and if it does, does the 7 year debt clock restart? Should I pay it or ignore it? If it helps, the collection agency is Synergetic Communication. Any advice is very much appreciated!

[OmarGB9]

Do you know when the first missed payment was? That's what started the 7 year exclusion clock, and that determines whether or not the CA can legally place their collection on your reports. 

[Anonymous]

Good question. I'm assuming their statement of last balance on June 15, 2015 was the last missed payment. 

[OmarGB9]

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@Anonymous wrote:

Good question. I'm assuming their statement of last balance on June 15, 2015 was the last missed payment. 

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First missed payment, not last. That determines when the clock starts.