Re: paying a CA - restart 7 yr. clock on credit report?
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Posted by Why Chat (209.240.205.61) on February 10, 2004 at 07:40:29:
In Reply to: paying a CA - restart 7 yr. clock on credit report? posted by cjkmbx on February 09, 2004 at 21:11:38:
Possibly-- if you "settle" with a CA, particularly on an older debt that is past SOL, you run the risk of the unpaid balance (of the settlement) being sold to another CA and wind up as a NEW collection account for an additional 7 years, or worse have the entire balance paid or not wind up as a NEW entry from another CA. There is a thread on this forum from someone who wound up paying the same account TWICE to two different CA's. In addition, if the account is shown as a PAID collection account, even if it is NOT sold to another CA it will be just as bad for your credit rating as an unpaid collection account, and MUCH more difficult to remove early.
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