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Newbie here - I apologize if the question I'm about to ask has already been answered, but there is just too much info to search through. I'm trying really hard to rebuild my credit and it's now making me question how I handle every debt. I just received an initial collection letter from a CA for a debt I probably owe that is within the SOL....barely. If I wait until they are out of the SOL I will be out of the 30 day window though. (There are some items I could probably dispute, but the debt is low - only $160, so I'm wondering if it's better to just pay it.) Since I'm within the 30 days if I could DV, however, the debt is not yet on my CR...so my questions are: If I pay the CA, can they still report the negative debt on my CR, since by paying the debt I'm "validating" it? The collection letter offers me the option of a 20% discount on the debt if I pay within the 30 days. If I pay that, will they still report on my CR, and if so, will it show up as a partial payment or "settlement"? If I DV and they validate the debt, will I lose my chance of paying the debt and it possibly not being reported on my CR? Last, I have a much older, larger debt ($600) with the same CA that is out of the SOL, that I planned on letting fall off my CR. I'm worried no matter what I do, I risk waking a "sleeping giant". Any advice on how to handle this?
So I have been lurking here for awhile and I have read just about everything I can get my hands on. I've gone through all of Psychdocs seminars, read all the newbie FAQ's, reas my states SOL guidelines (and am completely confused...) I have to say...I consider myself fairly intelligent yet I'm still completely confused on a few things. Any help would be greatly appreciated since I'm eager to being my credit repair journey but would really like to avoid being sued! First, I pulled my three credit reports and got my score, etc. On the reports, the only date it lists is Date Opened. From everything I've read, this doesn't help me at all with regards to SOL. It also shows a 24 mos. payment history, but it's either blank or has conflicting information. The one I'm most concerned about is a repossesion that happened to me back in 2004. My CR shows the Date opened as 9/01. Which sounds right to me. That is the only date shown. If memory serves me correctly, the truck was repo'd back in 2004, or possibly early 2005. I have made no payments since then at all. The weird thing is that while Exp and TU show no 24 month history, EQ shows an "OK" status? It also says acct transferred or sold. EXP and TU show the acct as closed, while EQ doesn't say either way. I'd really like to begin by DV'ing this particular debt, but I'm really worried about the SOL because the amount is large and there's no way I could pay it or fight it. In addition, the loan was financed by a company in Texas when I lived in Texas. I moved from there to TN in 2002, moved again to KY in 2003, and moved to FL (where I now live in 2005-former military). The TX SOL is 4 years, however from what I've read from other people the SOL clock stops if you move out of state? Is this true? Wouldn't that mean the SOL would NEVER expire? Also, why is EQ still reporting an OK status and will that keep this debt from falling off 7 years from 2004/2005? Last, how do I find out when these debts will actually fall off if there's no First reported delinquency date? Thanks for reading - I know it's a lot of questions and I really appreciate any feedback.