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Question By
npthomps

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If I pay off my open collections account, will it restart my 7 yr clock?
Seeing a lot of conflicting advice here, hoping to get clear answer:
I have an Open account in collections for $127 from October 2010.

If I don'y pay and wait until October 2017 will this fall off?
OR if I pay the measly $127 bucks will it look slightly better and then restart the 7yr clock?

Trying to figure out what to do with this thing. Need to buy a house soon.

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Top Contributor
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No, it will not restart the credit reporting time period of 7 years. If you would enter a payment plan to pay it and you did not follow through and failed to make payments or missed a payment then it could restart the Statute of Limitations on being sued for the debt, but it still would not restart the credit reporting time period.

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What you want to do here, is offer them a PAY FOR DELETE agreement, you get them to agree to remove the account from your reports in exchange for your payment. If first told no, keep trying, some companies will do it and some will not. Either way, yes it will make your report look better, but if the collection hasn't updated in long time, when you pay it, it will update and look fresh and drop your score.

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