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A quick Question


Yankgal007
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Is it true if you an account is about to fall off of your credit with a collection agency it's better to make a settlement payment and try to get them to take it off rather than not pay it because it can be picked up by another credit agency and put back on your credit?

Please advise..

Oh another question..A friend of mine used a company called DUO Studios to do the same thing I am doing and got some things removed and they haven't re appeared. Has anyone used them before?

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Your DOLA, which is used to determine how long your account will stay on a CR never changes. If you pay the debt off, make payments on the debt, the debt is sold to another CA, doesnt matter, that DOLA (Date of Last Activity) + 180 days Date never changes.

Now, the date that is used to determine the SOL of when you cannot be sued for can change.

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Not to but in, but to clarify - you have an OC TL CO sold to another lender. 7 1/2 years goes by the OC TL drops off. At say 7 years you have not found this site and think it is best to settle with CA, thinking you are doing a good thing. CA pops on CR after settlement and after OC has dropped off and after 7 1/2 years from DOLA to OC - the SOL has been reset because you settled with CA at 7 year mark? But wouldn't it still mean since it is over 7 1/2 years since DOLA with OC the CA should NOT be on reports even if SOL restarted?

thanks

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First, the TL on your CR drops off at 7 1/2 years. This date cannot change once the account is charged off. The TL cannot outlast the original debt no matter who obtains the paper.

Second, if you settle a debt, it is settled. You may reset the SOL by paying, but by settling, the account is considered to be paid and you have removed the cause of action as long as the settlement was in writing and states that the account is settled in full.

Third, stay away from any credit repair people. They charge big $$$ to do what you can do for free.

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