Need Advice.......
Date: Fri, 10/23/2009 - 10:26
I owe 2 different collection agencies a total of $1500. I want to get them payed off and off of my credit report, but I was told that since they are negs on my report they will stay on for 7 years even if I pay them off now. Is this true? Also if they do stay on from the last date of payment for 7 years, what if I pay them and something that will fall off in 3 years will now be 7 years-should I still pay it? Will my credit score go up a little if they are payed and still on the report vs. non paid and on my report?
Also I had a student loan that I defaulted on around the same time, I have since paid it off. It still appears on my report and it makes it look like there are 2 of them. How long until that comes off even though it is paid? One says paid the other says unable to locate. (Even though it is the same loan)
Any advice you can give will be helpful
Also I had a student loan that I defaulted on around the same time, I have since paid it off. It still appears on my report and it makes it look like there are 2 of them. How long until that comes off even though it is paid? One says paid the other says unable to locate. (Even though it is the same loan)
Any advice you can give will be helpful
Quote: I want to get them payed off and off of my credit report,
Quote:
I want to get them payed off and off of my credit report, but I was told that since they are negs on my report they will stay on for 7 years even if I pay them off now. Is this true? Also if they do stay on from the last date of payment for 7 years, what if I pay them and something that will fall off in 3 years will now be 7 years-should I still pay it? Will my credit score go up a little if they are payed and still on the report vs. non paid and on my report? |
From my experience I know you will be surprised on just how much paid collections affect your credit score versus unpaid. If you pay on it now it will definately be updated on your credit reports and the date of last activity will restart the time clock for the 7 year expiration all over again. Either way your credit score is being affected by it being reported in the public records portion of your credit reports. So paying it now versus it falling off is really up to you.
Are you trying to purchase something or just clear up your credit?
Quote:
Also I had a student loan that I defaulted on around the same time, I have since paid it off. It still appears on my report and it makes it look like there are 2 of them. How long until that comes off even though it is paid? |
I believe 7 years from last date of deliquency or activity reported.
Others will be along to clarify further ;)
