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elvagabundo

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Collection/Charge-Off on account I am currently paying to collections
I have a Citi card that went to collections back in 2011. I negotiated a 0% and 0 fee payment plan with the collections company and have never missed a payment. My credit report shows the account as "Collection/Charge-Off" every month since I signed up. I contacted the collections agency to see how I can get a more favorable payment status and they said to call Citi. I contacted Citi and they basically said there is nothing they can do. I understand I screwed up in the past, but in the last 5 years I have been paying this debit down without missing a single payment. I don't have the money to settle the account. Considering how old the debit is, it seems like the best thing to have done would have been to not pay it at all since it would be falling off my report in the next 2 years. The problem now is that i'm going to have this Collection/Charge-Off" on my account for 7 years after I make my final payment. Do I have any options to get a more favorable status? Or do I have to wait until it's at a point where I can pay it and then hit them with a pay to delete?

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The account is NOT going to remain on your reports for seven years after your last payment. The account will remain for seven years from the time that the original account became delinquent. The DOFD date is the start of the seven years, the DOFD date is one month after the last payment that you made on the original account. The original account and the collection account BOTH have to be removed in no later than seven and one half years (seven is the norm) by LAW. I advise you to keep up your end of the payment agreement and continue as you are and get it wiped out and time will clean your credit reports, sounds like it both account will have to be removed by sometime in 2018.

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