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Question By
iloveme708

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closed - derogatory
#1 - If you payoff a "closed - derogatory" debit, will it help improve my credit?
#2 - How long does the "closed - derogatory" debit stay on your credit: 7 years from the opened date OR 7 years from the closed date?

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#1 - nope, not unless you negotiate a 'pay for removal' with the collector. 
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#2 - 7 years from the last payment you made on it. If you made no payments, than 7 years form the date it opened (though some shady collectors will try and 'refresh' a collection to keep the derogatory mark on your report for far, far longer than that...)

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Reply by
JohnnyRain127

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The 7 years running of your report only goes by Date Of First Delinquency (7 1/2 years technically, per FCRA 605), it dose not go by any other date or changes if you made s payment on it three years after the DOFD, nothing would restart or extends it... Only date might be affected with payment is the Statute Of Limitations, the period of time the debt owner can sue you for it, if you had enter in a firm repayment agreement with collectors or stated that you are willing to paid and didn't followed thru? Then the clock on SOL might restart as it can be seen as brand new contract. There is nothing that will restart the DOFD!

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What Random should have said was "7 years from the DOFD"

The DOFD begins one month after you made the last payment on the account when the account was still open and before it went into delinquency. Any payment since then, don't affect reporting time period, but as Johnny said, can affect the "statute of limitations" to be sued for the debt.

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