Paid Collection

Depends. The Date of Last activity definitly changes, as a payment is activity. It does not usually have any affect on when an item is removed from your credit report however. That is unless your state has laws that would indicate otherwise (NY for example).

Unfortunatly the best advise would be to search the board for the hundreds of threads that discuss this issue but since you have already indicated that you do not have time to do that, I would say, your kinda screwed.

 

Making a payment does NOT restart the closk for reporting timelines on credit reports. The payment DOES restart the clock for the Statute of Limitations for legal collections (i.e. taking you to court for a judgement).

However, to clarify this for your credit reports, you need to have the CA (or OC) detail the "Date of First Major Deliquency" (the point in time were the account first became late, and was never brought current). This is the actual date which should be used for credit reporting SOL. Often this date is not provided, and the CRAs use the "DOLA" in its place.

 

You are correct, if you pay the entire amount, the SOL for collection (legal rememdy) is a non-point. The danger is only making a partial or initial payment, and THEN defaulting on that agreement. A payment DOES restart the SOL clock for legal collection remedies.

Again, it SHOULD make no difference to reporting on your credit report. But, monitor that, especially if it is aged based upon "DOLA".

It sounds like your pursuing some credit, at this point if you're going to pay the entire amount, you should try to gain a "Pay For Delete" before you make the payment.

Good Luck