I agreed to make a payment for a REALLLLLLLLY old collection account on my credit report...?
.. which will come out of my account at the end of the month. If I call them and ask them to cancel the payment, will they give me problems or try and tell me that they can't cancel it? I was given advice to NOT pay the collection account, seeing as the card is almost 7 years old and unless the collection account agrees to remove it from my report, I'm better off letting it just drop off. Please help. :) Did I somehow legally bind myself to that payment, or is it alright to cancel? Since I hace made contact with the collection agency, will they somehow start over the 7 years now?
I just called and cancelled the payment and there was NO problem what-so-ever!
- 1 decade agoBest Answer
Look at your report...if the date of last activity was 7 years ago...why are you paying for the debt? ALSO, check your state's statute of limitation to see how long a debt can remain on your report.
If you didnt get anything in writing from the collection agency saying that they will remove the listing from your credit report...you are pretty much going to get screwed. They wont remove it. Always get everything IN WRITING from these guys. They are the most lying people out there who just want that money and dont care at all about what they say on the phone.
As for cancellation of payment..that would be verrryyy hard to do. If you can write them in WRITING advising them to not take this payment...that may work in your favor. Call you bank to cancel the payment to this company if anything. The collection agency already has your account information, im guessing. Good luck. It will truly be a very hard thing to get around of. Tell them you are in financial difficulty right now, you cant come up with this amount yet.
- 1 decade ago
The rule of 7 years on a collection account being dropped is false. The way collection agencies work around this rule is that they will sell their collection accounts to another agency and the process of 7 years begins again. The best way to get rid of this account is to pay it. A debt is a debt until it is paid. You can call the bank and cancel the automatic withdrawl but the better solution is to just pay it. As long as you pay some money say $5.oo it looks better than paying nothing. Also be sure to write a letter to all three credit companies explaining why the account was delinquent. They will attach this letter to your credit report and possible lenders,employers etc, will see that you are a responsible individual that is trying to make amends on delinquent accounts.Source(s): Years of dealing with medical bills( handicap child) on credit report.
- Bruce TzuLv 51 decade ago
Don't send the payment. If you already scheduled the payment cancel it, call the bank if you have to.
If you have plenty of extra money and want to make the payment go ahead.
The payment doesn't change the original timing. It doesn't obligate you any more than the original obligation.
I would just cancel it and tell them you don't intend to pay it back. You already suffered with 7 years of bad credit reporting.
- guerreroLv 43 years ago
sure, that's genuine, and enable me clarify why. the two issues to contemplate right that's that A) your Fico rankings are in particular created from the final 24 months of interest and B) as quickly as a team account is published on your credit record, it has accomplished the worst harm it could do. As time is going on, those old sequence debts have much less and much less of an impact on your credit, yet once you pay them off it will cause them to seem extra contemporary (via new interest) and your score drops. this occurs because of the fact each and all of the unfavourable information approximately can charge off and collections remains there, it only shows a nil stability and paid. that's my many others and myself propose human beings to in no way repay any old money owed till the sequence business enterprise consents to thoroughly eliminate the itemizing out of your credit record. think of approximately it...why pay a debt and function it nonetheless harm your credit? Edit - Matt is incorrect...not something can legally reset the 7 year reporting era, that's for sure defined interior the honest credit Reporting Act.
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- 1 decade ago
you should be able to tell them that you are sending a check instead, and not to auto remove. ( then dont send the check)
But I think you got bad advice on the 7 years. it should drop off seven years after the last reported activity - so it may be a bit longer.
I worked at trans union and many people complained about the 7 year issue, but it is not 7 years from when you opened the account.
- 1 decade ago
Actually, it is sometimes worse to make a payment after so long because it just pulls the file back out. Maybe you just should have let it fall off
But, after 7 years, legally it must come off regardless of payment.
So you shouldnt have any trouble. Just dont paySource(s): moms a lawyer
- 1 decade ago
You probably legally bound yourself to pay. Although after an account is so old they wouldn't be able to collect, your agreement to pay on the account is a new agreement, which itself is probably enforceable. You would need to talk with an attorney to be sure about the laws in your state.
- ?Lv 61 decade ago
call them and tell them you are having money problems and cant make the payment at this time
- shorty21Lv 51 decade ago
u need to pay it