collecting question

[polskboy]

Hi i have a question i have macys collection on my cr from 2009 ,my question is should i pay it or live it alone.i live in ny what is sol on that here?

[nma851]

According to the NY courts website, Store Card are different from "other" credit cards, i.e. visa/MC.  

Store cards are 4 years, the others are 6 years.  

Given it is 5 years old, you're out of the SOL so they cannot sue you but this will remain on your report for 7 years from DOFD.  Look at the date of FIRST delinquency & add 7 years (plus 6 months for the 30,60,90,120,180,CO) and that will be the drop off date.  Just because this is a collection account from 2009 does not mean the Orignal Creditor (OC) reported a sooner DOFD.  These must align - the collection agency, while they first reported in 2009, must ALSO use the DOFD from the OC.  They cannot change it - this is known as re-aging & is illegal. 

[polskboy]

Thank you.so should i pay it of or just wait.

[HigherFico]

What is the SOL for maryland? I have a value city furniture chatge off

[nma851]

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@HigherFico wrote:
What is the SOL for maryland? I have a value city furniture chatge off

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3 years

[nma851]

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@polskboy wrote:
Thank you.so should i pay it of or just wait.

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There's really no info other than the DOFD (if that's even the DOFD - it's just when the CA took it) and it all depends on your ability to pay.  Whether paid or unapid, it's still going to remain unless you're able to successfully work out a PFD or pay it and GW them.  It also depends on the CA itself.  

If the amount owed is piddly, I would personally pay it even if a PFD failed.  It will also be updated, as required by law, as a paid collection.  It's already on there & the damage is done - paying it will not change your score by paying it - only time will.  However, the upside to paying it is if you are seeking new credit or more commonly, a mortgage.  They generally want all open collections paid before giving a mortgage.  

Nonetheless, paid or unpaid, your score already took the hit & the only way it WILL improve is A) deletion or B) 7-year retention.  Granted, a "paid" collection will look better to a lender who actually looks at the CR's but as for scoring, any change, if any, will be negligbile.  

[polskboy]

Thank you

[polskboy]

I have one mo question i have to ca reporting on 2008 .and i stop paying the cc card on 2006 .they both showing 2008 court case.when the 7 years really start for me 2006 or 2008?

[radtechdude]

Hello,

There might be something else to think about. It is not just the SOL that we should consider. Its the fact that if they the collection account gets

sold to another collection agency then they will report it to your credit report as well and you will get an additional hit. I had this happen to me. However, what

I did was pay the collection and then waited a month and disputed it. It came right off and I haven't heard from those collections again. 

It doesn't work that way all the time, but many times if the debt gets settled then they collectin agency has no motivation to verify the debt.

Hope this helps

[polskboy]

Thank you