According to what I've read, the SOL in Ohio is 6 years. This CA debt is just 5years (Feb. 2010), so basically, they can still collect. If I attempt to wait it out and they seek a judgment, should I pay the debt to avoid a judgment on my CR? I mean, what's worse, a re-aging of the account or judgment? This is driving me nuts! I realize it is my debt, but must I be further punished by re-aging the account in the event of an attempt to clear the debt?
From what I've read, if you were to pay the debt today, it would still fall off your report at the same time as if you never paid. The 7-year period starts from when it was first written off (approximately), not necessarily from the last activity. I apologize in advance, because I'm going to have to guess at this. My credit report is locked away right now so I'm going from memory. But IIRC, there is a "date of last activity" field and a "date reported" field. I would expect the "date reported" field to update once you pay, since this seems to signify the date anything was changed or updated. DOLA would probably also update, since your "last activity" would be payment. What I have seen on my own report is CAs constantly renewing the "date reported" field every month to make old debts look "fresh", so that's why there's a separate DOLA. I think. I could be wrong on this.
Hi Gang, I haven't been around for a long time, so HI to all the newer members. Sparg is right about the Ohio law, if memory serves me well. We'll be corrected if not. : )
Hi, Butch!! The judgment is definitely worse. Not only can it stay on your report indefinitely if you don't satisy it, they can also do things like garnishment (as allowed by your state law). As Sparq said, making a payment shouldn't change the date that it comes off your reports.
Thanks everybody. I have several open collections and since I'm trying to buy a house within the next 2-3 years, I want to at least show everything is paid. This is a long process and I no longer live beyond my means, save what I can, and pay everything when it's due (or before). It's just that all the bad stuff has to remain long after things have been somewhat rectified. This board is very helpful!
Since you didn't post it, I would make sure you that you have the right SOL. In OH they are: Oral -6, Written-15, Promissory-15, and Open-ended-6. Next the DLT=Date of last transaction. Paying a debt is considered a transaction. You can try to raise the DLR=Date of last reporting argument. However from what I have seen from the last 15 years is, if you pay it, it will retoll the DLT. meaning it may stay on there for another 7 years. What you can do is pay it, let it retoll and wait a few months. Then dispute it again. By that time the creditor will have been paid and may choose not to reply to the bureaus request for verification. You can wait till they file suit (assuming they are telling you they are) and then try to resolve it (settlement or pay in full). Either way it's a crap shoot, your taking your chances on what is going to happen. You said you are looking to buy a house in the next 2-3 years, this will not hinder you in the next couple of months, and if the creditor is not threatening to sue you; you may be better served by waiting till Feb 2010 and then disputing it in Mar 2010.
