If you feel honor bound to pay it, then do so. If you are only interested in your credit. You are better off to let it ride. When a collection is reported it only makes a negative impact on credit for the first 90 days after submission. Any new activity (payment) would then make another ding to your credit. Isn't that messed up? I work with credit every day. Good luck
by Cindy - 10 hours ago
Keep in mind that they have certain programs that they can offer you and they have guidlines as far as what they can and cannot accept. They (as a collector) get paid when they get money from you. So if you are 6 1/2 years in debt they are probably telling you the truth as far as 750 is the lowest they can take. At this point they will get ANYTHING they can, unfortuneately their anything is different than what you are willing to pay. I would just wait, have it cleared from your credit report and start over. Best of luck to you.
by Robbyz3 - 10 hours ago
All private debts are exacted in 7 years. As long as you paid nothing at all towards them in that seven years. If you paid on any of them during the said seven years, at the point of payment on any debt, the seven years starts over when you stop paying again. Federal debts such as child support or Irs or Student loans NEVER GET EXACTED.
by ? - 10 hours ago
You should be aware that even if a debt falls off your credit report, you are still liable for the amount that is owed. The collection agency is within its legal rights to attempt to collect the money. As far as the date is concerned, according to the Fair Credit Reporting Act, it's actually 7 years PLUS 180 days after the first report of delinquency. So, your seven years in December is fine...but your 180 days means that it will not fall off until next June. Sorry for the bad news! If you have the money to pay, you should pay. As I stated before, just b/c it will fall off your report, you are still liable. Keep trying to offer a settlement...I totally agree with you - it's SO old, they should take what you offer. Of course, they sometimes like to play hardball. Good luck!
by YSIC - 10 hours ago
You owe the debt, don't you? The fact that the debt is 7 years old doesn't make it a non-debt.
by Still reading - 10 hours ago
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