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Flameboy13

What should I do about a payday advance that went to collections 5 years ago?

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It is 5 years and 4 months old. I just started rebuilding my credit. Account status says open. It’s for $191. Should I contact the collection agency and pay it off or should I let it be?

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welcome to CB!

 

have you obtained copies of your four consumer credit reports mailed directly to you from the four major CRAs?

 

what is the SOL in your state for this account? paying an old CO may not help your credit.

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On 6/12/2019 at 9:44 AM, hegemony said:

welcome to CB!

 

have you obtained copies of your four consumer credit reports mailed directly to you from the four major CRAs?

 

what is the SOL in your state for this account? paying an old CO may not help your credit.

 

Thank you for the welcome.  I have not obtained copies yet. I’m guessing that’s a good place to start. I am from California and believe the SOL is 4 years. Will it just disappear after some time or will it stay on my credit for years and years?

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I got my credit reports and trans union report said “the estimated month and year this account will be closed: 10/2020”. Hopefully it is around that time. If so I am guessing it won’t be worth it to pay off the account?

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Might be good for your conscience,  But if you're OK with waiting for it to drop off (scores otherwise in good shape, no big apps coming up), and with it being past SOL, I'd say yeah this one is a dead horse.

 

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12 hours ago, Sidewinder said:

Might be good for your conscience,  But if you're OK with waiting for it to drop off (scores otherwise in good shape, no big apps coming up), and with it being past SOL, I'd say yeah this one is a dead horse.

 

 

Thank you

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7 hours ago, Flameboy13 said:

 

Thank you

 

If you really need it gone now, negotiate a pay-for-delete.  They agree to delete the tradeline in return for payment. 

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