Internet's first get-out-of-debt community - 129,000 members

Posted: Sun Nov 11, 2007 9:30 pm Subject: Charge Offs

Hello Everyone-

I was very happy to find this website by accident. Its a great feeling to know that you're not struggling alone when it come to debt problems. This is the only website that has been extremely helpful. I have 2 secured credit cards that are charge offs, if I pay them off will that make my credit worse? Thanks for your help...

Posted: Sun Nov 11, 2007 11:08 pm Subject:

It depends on how old they are. Sometimes it is best not to pay them

Does paying off liens & collections improve my credit?
In the long run yes, but in the short term it doesn’t have much of an effect at all, unless the amounts have a balance listed in the “past due” section of the report. In that case I suggest to pay the balance in the past due column if it is less than two years old, but remember; whenever you make a payment on a collection or a charge off, the seven year clock starts all over again and the item will be reported for seven more years from the date of payment. If you never pay a collection then it will disappear seven years after the time you last made payment on the credit card that resulted in the collection.

Posted: Tue Nov 13, 2007 7:34 pm Subject:

Thats good to consider MCA I just now got to this post as it is very relevant to a situation of mine as well. thank you

Posted: Wed Nov 14, 2007 5:17 am Subject:

The reporting clock does not reset on old past due debt. That is bad information and the FCRA plainly states it is not legal to do this.

Posted: Wed Nov 14, 2007 6:24 am Subject:

Cajun's right. It's seven years from date of first delinquency, not last activity.

Making a payment may restart the SOL clock, but won't restart the credit reporting clock.

Posted: Wed Nov 14, 2007 6:42 am Subject:

To add to this topic,the only legal reage is a Fdic rule 5000 done by an original creditor bringing account current again.This is the only legal way I know of to legally reage a debt for credit reporting purposes.

*Name:
*Email:
*Phone:
*Zip:
Debt

	* denotes required field

Internet's first get-out-of-debt community - 129,000 members

Charge Offs

Members Area

Free Debt Counseling

Ask the community

Community Photos

Featured Discussions

Featured Articles

Question of the Month

Also See

Recent Forum Discussions

Recent Blog Post