DOFD vs DOLA Clarification
Date: Wed, 03/11/2009 - 11:21
I just read on another forum someone say that if you pay off a collection it will reset and remain as a paid collectoin for another 7 years. My collections are all several years old and I have been paying them down .... If i have a collection that was reported 3/2004 and has about 80 dollars remaining in balance (which will be paid off this month) will this disappear in 3/2011 or in 3/2016 (assuming 7 years)
If this is the case i really shot myself in the foot by paying these off...
If this is the case i really shot myself in the foot by paying these off...
A derogatory can only be reported for 7 years + 180 days from th
A derogatory can only be reported for 7 years + 180 days from the Date of First Default (DOFD). Payment will not extend the federal reporting period.
