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Alix2088, Home Buyer in Philadelphia, PA

Credit Collections question.

Asked by Alix2088, Philadelphia, PA Mon Apr 29, 2013

In the process of cleaning up credit a bit, there was an old cell phone account which was sold off to a collection place, it has been past 7 years ( 8 to be exact) from the time the account was in collections. Does the sol start when the account was sold to the new company? It is reporting again from a new company. And what can I do to get it off? Also there are a few things that are 6 years old so I try to get the settlement amount down?
I was told if I pay them now it'll bring down my score and to wait till I'm half way through the mortgage process or at settlement. And I have really found anyone local to help .
* I don't need the I should have paid it to begin with speech.*

Help the community by answering this question:


Eric Axelson’s answer
Do not pay it now. Will reactivate it (bring it current) and will lower score. Wait until after settlement, not before because if they repull your credit, could jeopardize credit. My cousin is the local expert:

Jammie Steriotis
Miss Fix It | Your Credit Connection
Philadelphia, PA
0 votes Thank Flag Link Mon Apr 29, 2013
Statute of limitations is not the same thing as the FCRA compliance date.

The statute of limitations is the amount of time a creditor has to sue you for the debt. (This varies state by state.)…

The FCRA compliance date is the date an account will be removed from your credit file.

The FCRA compliance date for collection accounts is 7 years after the date of the first delinquency with the Original Creditor.

Even if the collection agency sells the debt to another company, the FCRA compliance date remains the same.

There are instances where collection agencies illegally re-age accounts, moving the FCRA compliance date. If this occurs, you have to contact the credit reporting agencies, the CFPB, and the FTC.
0 votes Thank Flag Link Thu Aug 1, 2013
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