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Need Collections Advice Guys!

John2423
New Member

Need Collections Advice Guys!

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!

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3 REPLIES 3
OmarGB9
Community Leader
Super Contributor

Re: Need Collections Advice Guys!

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. 


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John2423
New Member

Re: Need Collections Advice Guys!

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

Message 3 of 4
OmarGB9
Community Leader
Super Contributor

Re: Need Collections Advice Guys!


@John2423 wrote:

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


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


Last App: 12/27/2021
Penfed Power Cash Rewards Visa Signature

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


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