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Question about paying off debt
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Posted by Tom
(24.47.22.209) on May 17, 2002 at 11:45:40:
I have a chargeoff account that is now owned by a collection agency. They have not made any marks on my CR but they will if I pay it to say that the debt was paid in full. They are not willing to delete for payment but I do want to get this settled because I am looking into buying a motorcycle soon with a 50% downpayment. I was told that if I had outstanding chargeoffs that its possible the CA could put a lein on the bike and repo it to auction it off and get their money. If I do pay it, when they mark it as paid does the mark go from the original creditors first late payment as far as reporting time period or does it start over at 7 years from when the CA marks it paid in their own entry on my report? And if they by some chance would not post anything (going to keep trying with them) how would anyone checking my CR know that the debt was paid being the original creditor would still be saying chargeoff and will be listed as unpaid by them and then I will have nothing showing that it was paid unless the CA does note it on my report in their own entry? Any help greatly appreciated.
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