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@KingJaffeJo wrote:
Is there a way to stop it from reporting every month since I am actually paying it down?
Only way is to pay it completely off.
I would call them and make an offer for PFD as it will continue to show up until it is paid in full Also, It will not be the 7 years for it to drop off your credit report from original delinquency it will be 7 years from your last payment as you've acknowledged the debt by making payments on it, therefore, resetting the time clock on the debt.
@2Hogrider wrote:I would call them and make an offer for PFD as it will continue to show up until it is paid in full Also, It will not be the 7 years for it to drop off your credit report from original delinquency it will be 7 years from your last payment as you've acknowledged the debt by making payments on it, therefore, resetting the time clock on the debt.
I don't believe that's correct. The resetting the clock is only for SOL I believe. The credit reporting is 7 years from DOFD regardless.
@2Hogrider wrote:
OmarGB9 you are correct in theory but here is my personal experience back in the early 90's I made the mistake of talking to a collections agency and thus restarting my clock on SOL in which case they sued me and I didn't go to court thinking nothing would happen they got a default judgment (due to my failure not to go to court) the judge awarded them everything they asked for which included court fees, attorney fees, and additional interest in addition to the debt which was then placed on my credit report as a default judgment
You restarted the SOL and all it takes is acknowledging that you owe the debt, making a payment, entering a payment plan, making an agreement to pay, making a charge on the account, accepting a settlement offer. That was a collection not a charge off.