I discovered collections on my credit report, when does the 7 year period start/end?

In Dec 2004, I discovered a few collections on my report that were put on in Aug 2002. Each of them were for like $50-$75. I paid them off in Jan 2005. so is the 7 years up in Aug 2009 or is it Jan 2012? If 2012, isn%26#039;t it better to not pay collections? That is a strange practice, becasue you%26#039;re punished for paying what you owe...

I discovered collections on my credit report, when does the 7 year period start/end?

Per the Fair Credit Reporting Act it%26#039;s 7-years from the date the accounts first went delinquent.

Which works out to 7-years and 180-days.

Since the accounts were collections you would need to look at a copy of your credit report to find the original creditors and the date your accounts went delinquent.

I discovered collections on my credit report, when does the 7 year period start/end?

It is usually 7 years plus 180 days from the last activity date on that account. Since that last activity on this account was in January 2005 they will drop off by March 2012. You should contact the creditors/collections and ask them to remove these accounts from your credit report.

I discovered collections on my credit report, when does the 7 year period start/end?

7 years as stated by others should be right, but why don`t you ask / read the credit report then talk to them because that is where you will get to proper info. Remember also that you should get a credit report from more then 1 firm so you can see how they do things then if you want stick with the one that offers you the best service do so

I discovered collections on my credit report, when does the 7 year period start/end?

The 7-year period shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.

Most credit reports will show when the account will drop off.

Older unpaid collections have less impact on your credit score. Once you pay a collection that%26#039;s 3 or 4 yrs. old, your score drops because the activity becomes more current.

If you can, get the creditor/collection agency to agree to delete the account from the reports once they receive full payment/settlement. Otherwise, it%26#039;s best to do nothing until it drops off your credit reports, then pay them.

Making a payment or having the debt resold to another agency, does not restart the 7 yr. reporting period.