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metal_geek · 02-12-2007, 02:55 PM

This topic seems fitting enough to add a comment about collections and credit reports..

If you do get referred to a collection agency and it is a debt that shows up on your credit score. It will remain on your credit report for 7 years from the LAST transaction date on that debt. So if you have 6 year old parking ticket on your credit report, and a collection agency collects or you settle for even 1 dollar, that will "reset" your 7 year timer from that date.

In this case you don't pay them, and in 1 year the credit mark is gone... you do pay them and you have 7 more years to look forward to 27% LoC interest rates.. Right or wrong, sometimes inaction is the best way to correct past mistakes...
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Effects Of Zoloft

02-12-2007, 02:55 PM	#40
metal_geek Scoring Winger Join Date: Jan 2007 Exp:	This topic seems fitting enough to add a comment about collections and credit reports.. If you do get referred to a collection agency and it is a debt that shows up on your credit score. It will remain on your credit report for 7 years from the LAST transaction date on that debt. So if you have 6 year old parking ticket on your credit report, and a collection agency collects or you settle for even 1 dollar, that will "reset" your 7 year timer from that date. In this case you don't pay them, and in 1 year the credit mark is gone... you do pay them and you have 7 more years to look forward to 27% LoC interest rates.. Right or wrong, sometimes inaction is the best way to correct past mistakes... ________ Effects Of Zoloft Last edited by metal_geek; 05-05-2011 at 11:06 PM.