stacykat Posted August 8, 2003 Report Share Posted August 8, 2003 If someone is unable to get a CA to agree to delete a tradeline on receipt of payment, does the date of last activity change to the date they paid the account off? For instance, if an account is almost 7 years old and it gets paid, can it then remain for another 7 years on a credit file? I am about ready to just pay off an account so I can be out of my rental, I'm going crazy here. Any help will be appreciated! Link to comment Share on other sites More sharing options...
sisflomi Posted August 8, 2003 Report Share Posted August 8, 2003 The only way to restart the sol in most states is by signing a new agreement. It will hurt your fico a bit tough, as it will have a newer status date, which will change to the day you pay it off. Keep working on gettin them to delete. What state are you in? Link to comment Share on other sites More sharing options...
LadynRed Posted August 8, 2003 Report Share Posted August 8, 2003 The date of first delinquency determines the obsolescence of the tradeline. So, even if you pay on a nearly obsolete debt, that will NOT change the date of first delinquency and it can NOT stay on your CR for another 7 years. The amendement to the FCRA in 1997 firmly established this. Link to comment Share on other sites More sharing options...
stacykat Posted August 8, 2003 Author Report Share Posted August 8, 2003 Thanks! I'm in Florida, how can I find out if the SOL can be reset? I was just going to keep on fighting this collection until they delete or until it falls off, which would be sometime in January (hopefully) but now I feel like I should just bite the bullet and pay. I have another collection, which is minor and I will just pay so I don't have to deal w/it anymore. I would love to have them both deleted but I feel like it's going to take a lot of time negotiating that. The CA also knows this debt is almost at the "7 years" so maybe I can use that to my advantage and have them delete. I just keep thinking that $1600 is the only thing standing in the way of having my own home, seems like a small price to pay for that. I talked to a few brokers and they said I can get a loan with a higher interest rate if I don't pay the collections but it doesn't make sense to do that since the collections aren't very much. How much would my score drop if I paid? The bigger collection is only showing up on Equifax also, there isn't a "status" date shown on there, only collection reported (which changes to the current date whenever I dispute), the assigned date and last activity, which date would change if I pay? Thanks again! Link to comment Share on other sites More sharing options...
sisflomi Posted August 8, 2003 Report Share Posted August 8, 2003 I think Lady was trying to correct me on this. There is a reporting period of SOL to your creidt reports. Paying an account will not re-start the 7 year period.There is the SOL on being sued, which is what could re-start the SOL if you were to sign a new agreement. Just about every state has this same rule. Here it is for Florida95.04 Promise to pay barred debt.--An acknowledgment of, or promise to pay, a debt barred by a statute of limitations must be in writing and signed by the person sought to be charged. Sorry lady, I always forget to point out there are two sol times, which I dont know that the reporting period is actually even called sol. I always just have the Time Barred SOL in my head when I see SOL. Link to comment Share on other sites More sharing options...
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