Ok, I will try this again.
I have some items that have been on my Credit Report for 3 or 4 years. I am wondering if I should pay them, or wait them out for the remaining few years until they are legally expunged. I mean, if I pay them, will that ‘Update’ the account, allowing it to stay on my report longer?
Does anyone have any expertise in this area?
sorry posted this thread twice.
My understanding is the item remains on your report for 7 years from the last update. Payment may be considered an update to the status, thus resetting the time.
I would suggest notifying the original creditor or agency and attempting to negotiate a removal of the entry in exchange for payment in full. Be cautious that they do not agree to show it as paid, it will still reflect negatively as long as the item remains.
MeanJoe
No no no. It’s seven years from when it goes delinquent. Making a payment will not reset any clocks. That said, you do feel a moral obligation to pay, right?
Yes, that’s exactly the basis of my quandry! I want to pay, but hoped that by doing so I wouldn’t further my credit woes.
KingLupid:
I suggest calling the creditor and saying "I can pay you right now in full, IF and only if you sign a non-disclosure agreement about this debt with me, conditional on my paying said debt. " Include the right to a refund in the non-disclosure agreement in case of breach of the NDA.
Once you have this signed, go ahead and dispute this item on your credit report as inaccurate. This will be valid: after all, your credit report says it’s unpaid.
When the credit reporting agency calls up the creditor to verify the accuracy of this item, there will be a gag order in place, and the credit reporting agency should delete the item.