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By the book, what now?


Chancy949
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Ok, I've done all of my Due Diligence. (dv's disputes etc...)

They have followed the law to the "T". I have to respect these people, yet I am worried if I pay this off, it will stay on for another 7 years! Its 127 bucks too! The CA updates every month! When I DV'd I even got the contract with my signature. I have tried to neg. with them, but I was told the only thing that would happen is they would put "PAID COLLECTION". Well, what the hell! this is from Jan. 2000.

I'm sure this has been posted some where before, but my understanding is that the Date of last activity is when the reporting clock starts, so if i pay it off, it starts over!

Contact the OC I guess is my next move. Any Ideas?

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Actually, according to the FCRA:

© Running of Reporting Period

(1) In general. The 7-year period referred to in paragraphs (4) and (6)2 of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.

So basically, this should fall off in 2007-8 regardless of if you pay it now. On the other hand, for $127 bucks, I'd tell them to either delete on payment, or sue me...either way, your report is hosed for another 2 years and there just isn't any reason to give them money. If it goes to court, you can show the judge you how you tried to settle but they just seemed intent on punishing you...

You might try contacting the OC...but after 5 years, its probably been sold to these guys...

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Two suggestions, then...

1. Go over to the mortgage forum and ask how much a Paid collection is going to cost you in interest....it won't restart the clock on your CRAs, but it might make it a little harder to get a mortgage.

2. Is this beyond the SOL? Doesn't OK have something special about reporting beyond the SOL, or am I thinking of somewhere else...

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