Posted on: 28th May, 2012 01:07 am
I have a Collection from FP with a DOFD as 07/2007. It is $410, will paying it off benefit me at all?
It is around 5 years now that your debt is in collections. However, if you still pay off the collection amount, it will have a positive impact on your credit report.
Hi Sulley!
Welcome to forums!
You need to check out the SOL period for such debts in your state. If the SOL period is over, then you may not have to pay the amount to CA and the CA will not be able to take any legal actions against you.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You need to check out the SOL period for such debts in your state. If the SOL period is over, then you may not have to pay the amount to CA and the CA will not be able to take any legal actions against you.
Feel free to ask if you've further queries.
Sussane
Items stay on your credit history for 7 years. If you pay off the debt, the 7 years will start over. Otherwise, it only has two years left based on what you said. Paying it off will not affect your credit score.
Thank you, JHeard for your opinion!! :)