@Anonymous wrote:
I personally would not have paid that off and went through the whole ordeal you did. Since that account was already 4 years old it would have fallen completely off your credit reports in another 3 years, even if you needed to file a dispute to have them removed. Most accounts are removable I think around 7 years, at least in my state. By you paying that you just started the clock over, so it will be another 7 years before that comes completely off your credit reports.
This was what was told to me anyhow and upon doing my own research when rebuilding my credit, if and when you want to pay off an old debt you want to negotiate a complete removal as if it was reported in error as simply paying it doesn’t make it always go away. If the company refuses to do a removal then simply let it age away, as a debt ages it can no longer affect you any worse then it already has as opposed to when it was first reported.
A lot of debt collectors however will purchase a debt and report the date from which they bought the debt, that is also not allowed. They must report the date of original debt, not when they purchased it so you can have some corrected/removed via that method as well if they are older then what is showing and should have already aged off.
Just about everything in your post is incorrect , other than PFD being an ideal resolution for the consumer
Paying does not restart any imaginary reporting "clocks"
Removal is based on DOFD and DOFD only.
If you're talking about restarting SOL, it's possible under certain circumstances, but if account is paid off, how can anyone engage in litigation over nothing?
By "simply letting account age away" ....well, if you do that and account is updating, it's keeping your score suppressed entire time. Car loan carries APR more in line with payday loan. Cannot finance cell phone without deposit, renting becomes close to impossible. There are many ramifications of leaving debt in limbo and/or dealing with bad credit
If it made no difference, people would not be putting this much effort into rebuilding
Disputing valid COs and collection accounts more often than not causes whole another set of problems when they come back as verified. It seems like you've been reading some internet credit repair agencies propaganda.
If it were true, no one would be dealing with consequences of bad credit.
DOFD is often present on free annual credit report and it has to be provided to CRA within of certain period of time after reporting the debt. While "re-aging" is something that happens on occasion here and there, it's something that's relatively easy to prove as non factual
I'm not sure where you picked up this really bad information but I'd stick around and read some more in places such as this that have no vested interest other than helping those who ask.
The reason for me typing all this is that people frequently come here, holding the same beliefs you do, as direct result of internet misinformation. It can be very harmful to those who may think it's actually true.
