A couple questions about cleaning credit report

I have a lot of things falling off this year off my credit report. I understand that if I make a payment on a collection it restarts the SOL. My question is if there is something that is scheduled to fall of my report in Decemeber 2012 and I pay it in full will it stay for another 7 years or will it still fall off in December?


I have 4 reports on my experian for the same Acct 2 from target and 2 from the collection agency that has the debt. Its scheduled to fall off on April 2013 . Is there anything I can do to take off at least 2 of these?


This might not be the right area but does anyone have a sample letter I can send to a collection agency asking to remove a chargoff on my report if a debt if paid. (I know this is unlikly but want to try) I have a $600.00 charge from Washington Mutal that I need to pay so I can open a bank account.

Any negative item remains on your credit report for 7 years from the date of your first default. If you pay-off your debt in full, then it will still fall off in December. You can request the collection agency to remove those items from your credit report in writing. But it depends on their discretion whether or not to accept your request.

The original account will drop but the collection account will stay for 7.5 years from the date you pay it off, unless you can negotiate a pay for delete.

Ohio, I disagree.

The reporting time is not based upon when the next debt collector gets the account--it is always based upon the date of first delinquency. This cannot change for an account unless you get behind, then pay it current, then use it again so it gets delinquent again. Once an account is closed and charged off, there cannot be a new DOFD on that account. Therefore, the collection agency cannot keep reporting it for another 7.5 years more. If you check the FACTA/FCRA, there is something in there about what information they are required to report. DOFD, if I recall right, is one of those. A debt could go through a dozen different collectors after chargeoff, it does not matter....it can still be reported only for 7.5 years from the date of first delinquency.

Maybe I didn't explain myself well. This is my understanding and, if I'm wrong, please do let me know because I want to be sure of the correct info.

Lets say you had an account with Sears that charged off a long time ago and is due to fall off in a few months.

Now, a collection agency bought the account today and you've set up payment arrangements with the CA and started making payments.

The original Sears account will still fall off in a few months, regardless.

The collection account, however, is a new account, with new activity, and will stay on the report for the 7.5 years.

Is this not true?

No, it isnt true. It is still the same account, and the same DOFD applies regardless of how many times a new CA comes along. Think about it--if what you said were correct, then no accounts would ever leave anyone's reports. Each time a new CA comes along and purchases the account, that's new activity according to what you have said. So, the debts would never come off, because they keep getting sold. This is the reason why zombie debt collectors call people after 10 or 20 years to try to collect a debt and the people have no idea about it because it is long gone from the credit reports. The only thing that paying on an old account resets as far as time limit is the statute of limitations with regard to legal action. In the scenario you mentioned, if you paid some of it off, they could then turn around and sue you for the balance in full. But the reporting time begins at the date of first delinquency, and that never changes. Here's the FCRA's take on it, from section 605:

Thats the law, and it says that the reporting period begins on the date of commencement of delinquency. There is no provision that allows a debt buyer to re-age the debt for reporting purposes. The delinquency is the key, not when new activity takes place.

Sky,

Thanks for the clarification. I go back and forth with these laws. I've made notes in my book so I won't confuse myself again

You need to explain the issue in writing to the agency with the documents of proof that you have cleared the debt. I think, it can take some time but you should initiate at least.