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boofus
Member since: April 2010
Total Contributions: 1
Activity
(1 Total Contributions)Looking to buy a home with a bill in collections. Should this be paid off first?
CK Monitor wrote: Charge-off is debt that a lender writes off basically saying they have given-up on collecting the debt. Settled collections is debt that is collected from the collections agency. Charge-off is the worst for lenders and your credit.
I'm now asking: a collection that falls off your report after 7 years - is that then considered a Charge Off? It's 3 years from disappearing (falling off) - if I pay it now then I have a derogatory late payment that will show for 7+ years won't I? Am I in jeopardy of having a charge-off (worse negative to your report than having a collection)? The amount is only $74
Response Reply posted 1 year ago
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