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
Hi Monica,
From whatever you have said I can understand that the sol had already been restarted when you had paid an amount in 2008. So now either you have to pay the full amount or wait till it gets past the sol and falls off your credit report to be able to increase your score. I would advice you to pay the debt if it is not big problem for you. You can also try to negotiate the amount. The nearer the sol the more the chances of getting it reduced by the creditor or the collection agency.