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Should I pay off old collections?

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New Member

Should I pay off old collections?

Just pulled my scores and credit and see that I have 1 pd traffic collection (2yr old) 1 unpaid medical (4 yr old) and 1 unpaid CC (disputed, 4 yr old).
 
I can pay both of the unpaid collections but wonder if it will help or hurt my score.
 
Thanks
Message 1 of 7
6 REPLIES 6
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Moderator Emeritus

Re: Should I pay off old collections?

Simply paying collections aren't going to help you, if these collections are listed as they should be on your report.
 
FICO sees a unpaid and paid collection the same.
 
Who is listing the accounts? What is DOFD, DOLA and your SOL?
 
For the medical, read the link in my signature regarding medical debts.
 
 


Message Edited by sidewinder on 08-16-2008 12:35 PM
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Message 2 of 7
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New Member

Re: Should I pay off old collections?

Unsure what DOFD means (new to this) DOLA was over 4 years ago on both, SOL is 3 years.
Message 3 of 7
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Moderator Emeritus

Re: Should I pay off old collections?

DOFD - Date of first delinquency........the delinquency that lead to the charge off/collection status, this is what CRTP goes by.
 
Check your state law specifics, but if DOLA is 4 years or more ago and you haven't reset/tolled SOL, and your SOL is 3 years, then it appears the accounts are past SOL.
 
For the paid traffic, I would send GW letter.
 
For the CC, you say it is disputed........did you dispute with the CRA, the OC, the CA?
 
 
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Message 4 of 7
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New Member

Re: Should I pay off old collections?

Thanks,
 
Disputed with orig CC and CA.
 
Have not reset or tolled(?) that I know of.
 
Will find out what GW letter is follow through on that.
Message 5 of 7
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New Visitor

Re: Should I pay off old collections?

Paying off old debts is always good so they dont seek judgements on you. Ajudgement can alliow them to access savings and checking accounts in addition to putting a lien on your income. Pay the debt then contact the original creditor to have the collection removed from your report. Check back in 30 days if it is not removed contact the credit reporting agency with proof of debt repayment and object to it being on your report and request and update.
Message 6 of 7
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Moderator Emeritus

Re: Should I pay off old collections?

Kaospoet,  welcome to the forum.  Paying old collections will not get them deleted from your CR (except medical)   unless it is done with a PFD or CRTP has past!
 
FICO scores......no difference between paid & unpaid collections!
 
Any creditor can file suit for payment. It usually has to do with how much you owe and SOL.
 
If past SOL they can sue but you have SOL on your side. When proof that you are past SOL  they will not get a judgment!   You must appear in court with the proof
Message 7 of 7
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