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GoodGuyGreg

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What will happen to these collection accounts?
I have three accounts that are in collections (about $6000 total) from almost 7 years ago when I was laid off. All of the accounts went delinquent between July 2009 and October 2009. I've read several articles that claim these accounts will drop off my credit report between January 2017 and March 2017.

What about the collections accounts being reported monthly (last reported March 2016)? Will they fall off at the same time, or would they never fall off until 7 years after being paid as they are being constantly reported?

I've also read that the new FICO system doesn't take into account collections accounts that are marked as paid. Is this true?

I'm not against paying these accounts now that I have the money to do so, but I'm curious what the best course of action for my credit would be.

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As long as they are not federal loans or court ordered debt, they will fall off your reports in seven years from the time they went delinquent. So if the dates are correct that you provided above they will be falling off this year and any collection accounts associated with them will also be removed. Your best course of action would be to just let them fall off. Do some reading about EARLY EXCLUSION because if your dates are correct you may be able to get some accounts removed now. Equifax and Experian will sometimes remove accounts three months prior to the seven year mark and Transunion will sometimes remove accounts six months prior to the seven year mark. So make sure you do some reading on "early exclusion".

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