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Each month I am getting 1 derogatory mark toward my credit from 1 collection account. It's from when I was 18 which is 7 years ago. The contact time seems to be resetting, so should I just pay it off all at once or settle for a lower number to save some $$. I was told that settling appears on your report and creditors do not like to see that as opposed to paying off completely. Feel free to enlighten me even if it goes beyond my question.
Each month I am getting 1 derogatory mark toward my credit from 1 collection account. It's from when I was 18 which is 7 years ago. The contact time seems to be resetting, so should I just pay it off all at once or settle for a lower number to save some $$. I was told that settling appears on your report and creditors do not like to see that as opposed to paying off completely. Feel free to enlighten me even if it goes beyond my question.
google "zombie credit"
Is the debt current or has the creditor charged it off as "bad debt"?
Is the debt current or has the creditor charged it off as "bad debt"?
It was charged off 3 months after I didn't pay it. I had just ended high school I believe. It has been written off and sent to collections. I did contact the company last year trying to settle at my number, they didn't like it. Long story short I told them I might call back but it'll be with a lower offer.
I just want to know if it will hurt me in the future if I SETTLE. Or is it in my best interest to pay all of it at once for exactly what they are asking: $351
Not saying you should not pay it, but the debt should fall off of your report 7 years after the date the payment was first late leading to the charge off. If it has been more than 7 years since you missed the first payment that caused charge off dispute it and have it removed from your credit report.
If you legitimacy owe the money and you have it then it might just be easier to pay it. Save your strength for a battle that is more expensive.
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