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My account was delinquent in Aug 2007. I paid in a settlement sometime in 2008, but when I pull up my credit report it says "this account is scheduled to continue on record until Aug 2015". Shouldn't it be Aug 2014, or did the 7 years start over when I paid? (Florida)
do a 623 investigation request on the account to get the Date of First Delinquency
I could have sworn it was the "date of last activity" as to when the time started ticking, which would mean that the date of the last payment made would be the start of the 7 year period.
credit
I knew that you can start the SOL over, but, I didn't think the 7 years would start over. How does that happen?
I don't think it 'starts over' it is like a collection. Usually a settlement agreement is done before it goes before the judge to order on the case (which if it did go to him - it would become a judgment) so technically the account is not closed or charged off, just restructured - so her last payment would have been the 'date of last activity' - just like a collection that was re-aged due to payments or payoff.
It should be noted that settlement agreements can be structured to restore good payment history once paid in full.
credit
That still sounds like a SOL thing. When I look on my CR, if I now the 'fall off' dates are arriving soon, I won't even touch the debts. You can even 'dispute' the debt, if the debt STILL remains afternthe 'fall off' date. I've gotten a few items removed that way.
Not really a SOL thing, since she was already sued and the result was a settlement agreement. (Usually when a settlement agreement has been reached, one part of the stipulation is if then defendant defaults, a judgment and/or wage garnishment will AUTOMATICALLY be entered in favor of the plaintiff.) When she started making payments again (just like on a collection) she pushed the "fall off" date out. That's why it is showing the 2015 date. You should never enter into a settlement agreement w/o an attorney - the other person will always put the paperwork in their favor.
(This was a collection agency I was dealing with). So there's nothing I can do about it?
Also, I have other collection accounts I was going to try pay for delete. If they don't agree to that and I settle anyways will that restart the 7 years again? Any help is greatly appreciated. I've been reading so much on how to repair credit, I'm very confused. Thanks!
Amanda - yes if they do not agree to delete IN WRITING then the 7 years will start again from the date of last activity - which is determined by either a payment or charge (finance or purchase) on the account. I have even seen collections be reactivated by the CA by 'reopening' and account and placing a finance charge on the account after a debtor has called to find out how much they owe. So be careful.
You can also cut the CA out of the picture entirely and just work with the original creditor. Some times if the original creditor has stopped reporting you pay them in full - just send a ck no payment arrangements or phone calls - then dispute with CA and since it was paid they have to remove it. Doesn't always work though - depending on the OC - they could start reporting again.
How old are the accounts?
The accounts I have are from 1-3 years old.
Are there any other options, like dispute with the credit bureau? And should I send the CA a debt validation letter?
I agree that I don't think the date of last activity starts it over, as advised I would file a dispute and see what comes of it. Ask to have it deleted, usually if it is a settled account they will not respond, in my case no response from them got it deleted. Give it a try worth a shot.