Re: what to do?

Posted by MCM bait (167.127.24.69) on March 01, 2004 at 10:01:08:

In Reply to: what to do? posted by wentwrong on March 01, 2004 at 09:34:43:

You will *not* clean up your credit by paying MCM!! If you pay them their agreed-upon settlement offer, they will mark their tradeline on your credit report as PAID and it will sit on your credit report for seven years from the date they bought the account. As many on this board can attest, a paid collection account on your CR hurts as much as an unpaid account. If you don't pay MCM, all tradelines associated with the account will fall off seven years from the original default date.

Even worse, if you pay MCM, they will sell the balance (over $600) to another CA. You'll be doing this all over again with yet another collection agency and have a *fresh* tradeline on your report! The legal timeline (SOL) for a lawsuit and the drop-off date for a tradeline on your credit report are two different things. You won't reset the SOL for lawsuits, but you *will* reset the drop-off date on your credit report if you pay.

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