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Question By
ThaWade

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Collection accounts and judgement - 3 years to drop off. Pay or wait?
I have collection accounts

Account: Balance: Payment Status:
1. RJMDVD $85 In Collections
2. MIDLAND FUND $2,957 In Collections
3. MIDLAND FUND $4,732 In Collections
4. MIDLAND FUND $2,736 In Collections
5. CREDIT MGMT $92 In Collections

Accounts 2,3, and 4 are the same mixed about and the combined I think. I'm going to dispute them since I know I have never had an account with more than $2500 in max credit. Should I try and pay off the remaining Accounts or wait the three years? I'm pretty sure that if most of it is not removed from the dispute it will take me years to pay off this debt. Which would mean it would drop off before I could pay it off.

On to the Judgement.

Public Record: Date:
1. Court Judgment Oct 13, 2010

The amount is $800+ strange since the limit on the card was only $500. Does anyone know if I can take this back to court to get it reversed? Or should I just pay it or forget it about it another 4 years?

Thanks in advance.

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These were on credit report?

Helpful to 1 out of 1 people

Since you have some doubts about these accounts, I'd suggest the first step be getting all 3 credit reports.  Go to annualcreditreport.com and order them (they're free) then look them over very carefully.  File a dispute on each wrong entry with the credit bureau reporting same.  They then have to either verify or delete that item.  Check your reports once a year to make sure only the correct information is shown.

The details of each account should be shown on these credit reports so you would know whom to contact.  The listings should show when the accounts are due to drop off.

The judgement amount may contain additional funds for legal fees and interest, which is legal to charge for.

Any and all of the debts that ARE yours should be paid as quickly as possible.  The negative remarks based on these accounts (if yours) are not going to disappear until 7 years after the accounts are paid, and a judgement can be renewed indefinitely UNTIL it is paid off.

Reply by
ThaWade

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Thanks for the reply.  Yes the accounts in question were on my Transunion report (Experian, and Equifax would not let me view my report on annualcreditreport.com, I have to do a mail in request.)  

"Any and all of the debts that ARE yours should be paid as quickly as possible.  The negative remarks based on these accounts (if yours) are not going to disappear until 7 years after the accounts are paid..."

I'll have to disagree with that. The accounts don't have to be paid to drop off unless the laws have changed in the past 4 years or so.  I've had collections against me before. They did take around 8 years to fall of though if my memory serves me.

" and a judgement can be renewed indefinitely UNTIL it is paid off."

This is good info.  Do I contact the court that holds the judgement to pay it or the creditor?

But my real question was,  It would probably take me 5-7 years to pay off this debt (best case scenerio and one two thousand dollar account) that is due to drop off in 3,  Should I pay it or let it drop off?

Alot of the answers I've seen to other questions similar to mine were:

If the accounts were 5+ years old let them drop off.  And the ones you were gonna pay off do so in one payment, if they would agree to delete it from your report once paid.

I've also seen alot of answers that said not to contact a collection agency since they will update to the bureaus and restart the drop off timer.  Which if they're not willing to bargain would just hurt me in the end.

I will definatly be paying off the double digit debts since they can be paid off fairly easily.

Thanks again for the reply.

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11 People Helped

Old becomes new

remember that anything old that you pay will now rise to the top making it "new". So sometimes its better to let them drop off. Unless they are innacurrate, then you should dispute them.

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