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coralaaliyahmatty

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Collection/Charge-off HELP ME PLEASE to pay or not to pay?
I have a lease that I owe about a little over 1,000.00. This was opened Jan 1, 2009. They last reported it on 1/20/16. The date of last payment says: UNKNOWN. When will this fall off of my report? I am wondering if I should just pay it? I am concerned if I pay it that it will stay on my report for another 7 years? I am having troubles renting due to this. Please give me some advise, I really appreciate it.

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It will fall off in 7 years if no further activity occurs on that account. If the creditor keeps updating that report (some do), then it stays on there until they go away and stop adding to it (some collection agencies are notorious for this, meaning an ancient debt can still sit on your report for years, if not over a decade or more). 

That said, if you pay it off, it will show it as being paid off (though it may still show as a negative entry, just not as bad as a complete charge-off would.) However, it will sit there for the next seven years after the last entry regardless - unless you dispute it, the creditor doesn't object, and the CBs remove it.

As for renting, why not rent from a private owner instead of a corporate one? In many cases, a private landlord can be happy with as little as a good record of on-time rent payments from previous landlords, and proof of income sufficient to pay the new place's rent.

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