To pay or not to pay
Date: Wed, 01/14/2009 - 00:20
I have some negative marks on my credit report and I have reached a point where I am comfortable enough financially to start thinking about resolving them.
I have two negative marks on my report, one from NCO FIN/22 for $200 (opened 4/07) and one from RJM ACQ LLC for $1017 (opened 9/07). The second debt, I had begun paying off through a plan offered to me by them. I paid about $300 off, but have since stopped payment since I read that paying off the collections will not necessarily improve your credit again.
My ultimate question is, what do I do from here? I've saved a little money up so I'm able to completely pay off these debts but I'm obviously holding off for the most positive impact on my credit. (Luckily, the extent of my "harrassment" has dwindled to generic letters)
Thanks in advance!
What state are you in? When was the last time you made payments
What state are you in? When was the last time you made payments to the original creditors on these accounts. When did these go delinquent?
I live in California. The last time I made payments to the orig
I live in California. The last time I made payments to the original creditors...had to be at least a couple years. I don't think it is long enough to where I am able to wait for the Statute of Limitations to run out. I'm not sure exactly when they went delinquent but it was before I had made my last payments to the OC, so also a couple of years.
CA has a 4 year SOL on all debt. The SOL clock starts ticking a
CA has a 4 year SOL on all debt. The SOL clock starts ticking at the date of last payment. Federal reporting period in 7 yrs + 180 days from the Date of First Default (DOFD). DOFD may not show on your reports but you can call the CRA's and they will give it to you.
Have you received any correspondence from NCA and RJM?
Also, you are correct about paying collections. A paid collecti
Also, you are correct about paying collections. A paid collection is just as bad if not worse than an unpaid collection in regards to your score.
Thanks for this info! Does the fact that I paid the collectio
Thanks for this info!
Does the fact that I paid the collection agency towards this debt affect the SOL? Or is it my last payment with the OC?
The only correspondence I have received from either agency has been letters requesting payment. The debt that RJM owns is now on its 3rd or 4th owner...
If payment came with a wriiten acknowledgment and a promise to p
If payment came with a wriiten acknowledgment and a promise to pay, then SOL may have reset. Did you request debt validation from either?
I have not. Should I do this first? One thing I am fearful of
I have not. Should I do this first? One thing I am fearful of is renewed harassment against me once I wake the "sleeping giants." Should I be concerned with this?