should i settle

[Anonymous]

i have some collections items that are 6 yrs old and im trying to buy a house this year. Should i try to settle or not because even if i settle it will still be on my report as paid for 7 more yrs. Will the loan processor take this into consideration. If i dont settle it will be removed but that will be next year.

[admin]

Debt validation, debt validation, debt validation!

[Anonymous]

it will be listed as PAID FOR 7 MORE YEARS? this can't be...
why didn't admin catch this???

[erik]

You want to validate the debts first. Validating a debt should not re-age an account. You say you want to purchase a house. That's great! Have you pulled your three credit reports? What is your Beacon score with Equifax? Not all scores people will sell your are equal or real or useful. If your Beacon score is below 660 we need to talk about credit score's and what can be done about them.

http://www.equifax.com

Good luck!

[Anonymous]

but will it be listed for 7 more years as a paid account??? why has no one addressed this?

[planner]

"Idon'tpay" is right it will be listed another 7 years if the account is blindly paid, but no one is calling for you to pay. Everyone is suggesting DV and then maybe settlement (with conditions).

[techgoddess]

The 7 year reporting period is 7 years from the chargeoff, period. Check out: http://www.ftc.gov/os/statutes/fcra/johnson.htm You'll find the answer there.

[Anonymous]

<blockquote>Originally posted by planner
"Idon'tpay" is right it will be listed another 7 years if the account is blindly paid, but no one is calling for you to pay. Everyone is suggesting DV and then maybe settlement (with conditions).
</blockquote>

BUT what i mean is "can it be that the reporting is extended due to a blind payment?" i mean i can see the sol being extended...

[Faith]

So, if I understand this correctly, if I have a collection account that is 5 1/2 years old, and the CA is harassing the heck out of me and mentioning lawsuit, but IT HAS ALREADY BEEN DELETED from my Credit Report, then I should do a debt validation letter rather than pay these people off? Can they put it back on if I were to settle with them? That sucks. I also don't want to get sued.

[Anonymous]

QUIT ASKING THE SAME QUESTIONS IN EVERY FORUM.

also, a payment does not extend the reporting period!!!
a partial payment may extend the SOL for some states...
also tech the reporting period starts from charge off date on accounts beginning before 12/97
for accounts after 12/97 it is the date of first delinquency PLUS 180 days (that is when the 7 year reporting period.

[Faith]

Quit using the forum as a place to be condescending and rude. Why not just offer the "helpful" information in the first place if you have supposedly seen the exact same questions in every forum?

In case you did not have time to really read the posts, not every situation is cut and dried. There are usually a few different angles to cover when covering one's a**. I hate to break it to you, but like most people on this board, I have several items to be dealt with, not just one. Many date back to the same time period when my credit became a mess. I am here to get information, not to personally inconvenience you. I figure if no one responds to a particular scenario, perhaps I did not present it clearly.

In case anyone is interested, with the help I have received here, my score is up almost 100 points.