I have this acct that was orginally charge off sold to credit collection agency. This acct is due to fall off in about 3 yrs which I was going to hold off until then because I don't need to make any major purchase any time soon. If I settle with the credit collection, is this going to re-age this account for another 7 yrs. The person with the credit collection agency wanted to settle for half of the amount due for the orginal charge off. I told her I was willing to pay but I want the account marked as paid and they said they automatically do this after the settlement is paid. I was thinking yeah right They stated it would be marked as an R9. What is a R9? Then, I told them I will only pay them if I recieved it in writing by mail only that it will be marked as paid when I pay the settlement. Should I even go through the trouble of this since it is almost time for it to fall off. If I do decide to pay what are my options? Any suggestions are helpful. Thanks
they have to mark it as paid anyway. R9 is not good. You want it in writing that it was "paid as agreed" not just paid collection. Paying it and keeping the R9 does you little to no good
Paying without bargaining for complete deletion is a waste...it will definitely re-age and begin the 7 year clock again...a paid collection is still negative and is not much better than an unpaid collection according to Fair or Isaac. -Peace, Dave
The above answers are all correct. You don't want an r-9. That is a charge off. You want to negotiate for complete removal from all 3 bureaus in exchange for payment. If they won't agree, tell them to take a hike.
