I just spoke with a woman from eq just before and i asked her a few questions regarding the old 7 year rule. My question to her was if i paid a charged off accnt from 99 would that reage the account. Her response to me was" equifax goes by the DOLA not the first 30 day late." "if you pay a charged off item that is on your file it is soley up to the reporting creditor or collection agency to show the DOLA as beeing the payoff ammnt on the co'd accnt. So basically shes telling me it is a 50/50 chance that when the ca reports my settlement to the cra's as (paid Charge off) it could or could not reset the 7 year clock. That sounds a little unfair to not be able to give a consumer a definate answer . I mean it's 4 years more were talking about here. I dunno what to do. Maybe i shouldn't pay the accnt and just let it go for the next 3 years to deletion. But than i run the chance of the ca placing another tradeline on my report as COLLECTION. anyone have any experiance on this matter?
the accnt was sold to an outside collection agency . However the ca has yet to place a collection tl on my file. Wondering if waiting any longer to pay this debt will result in a collection tl on my report. But paying the ca may post a problem with the DOLA situation
Its up to the FCRA! There is a chance the CA could reage it, they have been known to do that, but keep accurate records to prove that is what they did.
