I am in the process of fixing my credit and have a question regarding an old charged off account. This account was charged off in 12/2005 and eventually sent to an attorney for collection. The last payment that was made towards this charged off account was in 2/2008. I have pulled all 3 credit reports and my Experien report states that "this account is scheduled to continue on record until April 2011." However, none of the other 2 reporting agencies list this, therefore I am not certain if it really will drop off my credit report in 2 years. The balance that is owed on the charged off account is $988. Should I pay off this old charged off account? I have read that once I pay, the 7 years will start from the date that my final payment was received and I am not sure what is the best option if I am trying to improve my credit/credit score. Thanks for any advice you can provide.
Forums
As soon as you paid on the debt the SOL started all over. So that meant that you were responsible for paying for the debt once again. I believe all debts stay listed on your report for a total of 7 years. Have you already paid the total amount owed? If so there's really nothing you can do except wait for it to fall off. If you haven't then you may have other options. Just let us know if you still owe money on the debt. And then we can help you further.
Thanks for responding. No, I have not paid off the debt. The balance on the old charged off account is $988.00. It charged off in 2005, but I did make a payment towards the charged-off account in 2008. Not sure if I should pay it off or not.
Hi Monica,
Since you have made a payment on it. The SOL has started all over so now you have to pay the debt. Since you still owe on it. Try sending them a pay for delete letter and see if they will settle for less and when you have paid it off if they would remove the negative listing from your report. Make sure to send the letter certified with receipt as proof they got it. Just remember not all of them will agree to do this. But it's worth a try.