Do collections fall of by the opened date or the reported date ?

[longshooter]

I ask this because I decided to take care of my last and only collection item on my report. A measly $80 item that was opened on 2/18/03 and that was reported on 6/18/2007. I first tried to dispute it and it came back verified . So i called the CA up this morning and told them I was just recently informed I have a collection item on my credit report from you guys and I would like to get it taken care of asap. I then told the customer service lady that if she could send me a letter stating that upon receiving my check for $80 they would delete this item of my report. She then told me that they could not do that since it was against company policy. I asked her if I could speak to her supervisor. I talked to him for a long time and used the exact wording that Amerikaner83 wrote in this thread http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=276880&highlight=back+door

He then told me that it was against there company policy to delete a item because they did not think it was fair for a person who did not pay there bills on time to have a credit score higher than a person who did. I then asked to speak to his supervisor and was told he was not in the office at the time but would leave a message for him to return my call.

Would I be better off paying this account in full and let it stay on my report stating it was paid in full or should I just blow it off ? So far they are only reporting this to one credit burea and my score for that burea is in the mid 600's right now.

If any of you credit gurus have any ideas on how to fight this and get it deleted I'm open to any suggestions

[lovebug5]

First off, you never negotiate a PFD over the telephone. You always, always, want to have it all in writing. CA's are notorious for verbally agreeing to a PFD just to get someone to pay, updating the account as "Paid" to the CRA's, and then refusing to delete on the basis that there was no agreement in the first place. So please, for your own good, stop negotiating and communicating with them via phone. Do it all in writing from this point forward.

[willingtocope]

And, to answer the original question...collections fall off your reports based on the "date of first delinquency" with the original creditor. That's the date your first missed payment was due. So, I'm guessing that was sometime after 2/18/2003?

[tarbaby]

ok then mr wc...how does tu, ex, and eq know the dofd when the open date and the reported date are NEVER the date of first or even last delinquency?

[tarbaby]

who is the ca? the oc?

[LadynRed]

how does tu, ex, and eq know the dofd

Because by law, the creditor MUST report that DOFD within 30 days of it happening. Even if the CRA's don't show us that date, the creditor HAD to report that date.

[willingtocope]

CAs or even JDBs are supposed to report the OC's DOFD along with all their other info. Not all CRAs actually show it. Sometimes, you have to call the CRA and ask.

[tarbaby]

oh..that explains it.

[longshooter]

And, to answer the original question...collections fall off your reports based on the "date of first delinquency" with the original creditor. That's the date your first missed payment was due. So, I'm guessing that was sometime after 2/18/2003?

Yes it was like spet of 2002 . So this should drop off around 2/18/2010 ?

I just don't understand why they they will not accept my payment because in less than 2 years this will fall off. And if I have it right a collection account from that long ago does not affect my score a whole lot correct ? This is also my oldest account period that I have on my report

[Focus2069]

Yes it was like spet of 2002 . So this should drop off around 2/18/2010 ?

I just don't understand why they they will not accept my payment because in less than 2 years this will fall off. And if I have it right a collection account from that long ago does not affect my score a whole lot correct ? This is also my oldest account period that I have on my report

Find out what the SOL is in your state...if your past the SOL, "kindly" let them know that there is no legal recourse for them to collect the debt, and that you are willing to pay out of your own kindness and goodwill, and expect the same from them (in writing of course).

Basically, you get want you want or you dont pay. If you do pay, then its on your report for another 7 years if they dont PFD.

[longshooter]

Find out what the SOL is in your state...if your past the SOL, "kindly" let them know that there is no legal recourse for them to collect the debt, and that you are willing to pay out of your own kindness and goodwill, and expect the same from them (in writing of course).

Basically, you get want you want or you dont pay. If you do pay, then its on your report for another 7 years if they dont PFD.

Thanks for the advice..

I did some research for the Az SOL and found this on there web site:

STATE: ARIZONA

Interest Rate

Legal: 10%

Judgment: 10 % or contractual

STATUTE OF LIMITATIONS (IN YEARS)

Open Account: 3

Domestic Written Contract: 6

Foreign Written Contract: 4

Domestic Judgment: 5 additinal 5 upon request (indefinitely)

Foreign Judgment: 4

which one does my collection account pertain to ? The CA that I'm dealing with is on the east coast so do these laws pertain to them since I reside in AZ ?

I apologize for all the dumb questions

[Focus2069]

if its considered an open account, then your good....you hold all the cards, and if you dont get what you want, dont give them a dime.

if its consdiered a "domestic written contract" then you are on the edge of being in the SOL. If the date of default is 2/18/02, like your original post says, then your good there too.

I highly doubt they will take you to court over such a small debt, but remember, these people arent the brightest in the world.

I would keep pushing for a PFD, make it blatantly clear (ie: put it in writing) that you will pay if they delete the tradeline...there ways around this as well....like some form of non-disclosure agreement, saying they will not disclose any part of the deal to anyone (including CRA's) that way when you dispute it will fall off.

Keeping it in writing also proves that you were trying to take care of this debt, in case it does goto court...judges like people who try to settle before court, and dislike people causing it to goto court needlessly.

[Ahntara]

"...by law, the creditor MUSt report that DOFD..."

The law is the FCRA 1681s-2, subsection 623.

"...why they will not accept my payment..."

They refused to remove the TL. They didn't refuse to take your money. Send it to them and see how quickly they cash the M.O. The CRA's have contracts with Data Furnishers and strongly discourage the removal of information. Since these two industries have symbiotic relationships, they both have a vested interest in keeping your collection on your CR.

"...If you do pay, then its on your report for another 7 years..."

No, it's doesn't. This is incorrect info. Derogatory items may appear on your CR for 7 years plus 180 days from the DOFD. Paying the debt off does NOT extend Reporting Period. Nothing legally extends it. This item will fall off in the same time period whether you pay it or not. For specifics, see the FCRA 1681c, subsection 605.

You can do a NDA, or alternatively since you have already spoken with a 'Supervisor", request that they simply fail to respond to a future dispute. Failing to respond = suppression. That way, the CA gets paid, you achieve your goal of a clean(er) CR and no contractual agreement has been violated. Just get the details in writing.

"...collection account from that long ago does not affect my score a whole lot correct..."

The impact on your score is driven by the 'date last reported' combined with any (number of) datafield(s) which indicate derogatory status. So an updated collection will have a significant impact on your score regardless of when the default occurred. TL's get updated in response to CRA disputes (to reflect the results of the data-exchange you request in your dispute), when PIF and according to the CA's reporting policy. The issue for your score is when this item was last reported. That's why getting it suppressed will have the best effect on your score.

You quoted SOL. SOL refers to the time period you may be sued, not credit reporting. Reporting is governed by the FCRA. Don't want to get those two confused.

[tarbaby]

Yes it was like spet of 2002 . So this should drop off around 2/18/2010 ?

if 02/2002 then it will fall off 02/2009.

if 02/2003 then it will fall off 02/2010.

sometimes if you dispute with the cra's six months before that date..they will delete ahead of time..

[longshooter]

Thanks for all the help guys