Paying off Collection renew date

[Anonymous]

Does paying off a Collection account start the 7 yrs over. I know I have saw that on this threat somewhere but cant seem to find it now. I dont think that I have time to do a pay for delet I only have about a month to get it to a 0 balance, but I dont want to have to keep it on there for 7 more years neither. I could use any help I can get at this point. Thanks in advance.

[Boswd]

No it does not restart the credit reporting age.   It only restarts your State's legal Statute of limitations date,   The time it stays on your credit report is 7 and half years of the date of first deliqency plus 180 days whether it's paid, not paid or currently paying.   I hope this helps.

[Tuscani]

Also, read: http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=2689

[Anonymous]

Sorry about that.

I wanted to thank you all for your help. I have to have all of this paid off before the 17th of July so I dont think I have time to do a PFD. They said we have to have it done before we close on our house. This is our first home (other than renting) so we are trying to hurry and get this done.

Thank you so much!

Debbie

[Boswd]

Your welcome and congrats and good luck with your new home