Old collection,if paid will statute of limitations restart the 7 years

[MEL143]

Hello,

I am purchasing a home and the lender is requiring that I pay my collections. At the end of this year will mark the 7 years so they should be deleted.However if I pay these collections will the 7 year mark restart all over? In the event that I werent purchasing a home so I dont need to pay the charge off's is there a way that they can sell the collection so its on there for another 7 years?

Please help:confused:

[kevin3344]

No, items may only remain 7 years from the date of 1st delinquency. If you pay (or they sell) the debt that does not restart the reporting period. Read Reporting Delinquencies -- Section 623(a)(5) at the link below:

http://law.freeadvice.com/resources/gov_material/ftc_credit_information_providers_10_97.htm

[willingtocope]

Welcome...

The 7 year mark start when you first went delinquenct with the original creditor...the only way that can change is that if you bring that account current. If you pay a collection agency or junk debt buyer, that does not affect the original creditor. If you pay the original creditor, you can probably negotiate with them to delete the account entirely.

[jasen]

What gets reset by paying on a debt is the SOL... which if you're paying it off anyway is probably irrelevant.

[insomniac]

If you pay the original creditor, you can probably negotiate with them to delete the account entirely.

Unless the OC claims it's "fraudulent" to delete, which is the problem I'm having...