Collection Account - Need a clear answer from Report please help!
I have a collection account that is reporting on my file from a charged-off credit card. It has dropped from my listed accounts on both my Equifax and Transunion but remains on my collections tab . I have a few questions of which I cannot get a clear answer on from both Equifax/Tranunion reps and other forums. The original debt was for 1800.
- Equifax: Date Assigned Sep 2010, Last Payment Aug 2010 (I made no payment, perhaps I answered a call) And it just shows the Balance of 4900
- Transunion: Opened Sep 2010, Reported February 2015 (It lists the Balance here 4900)
- The account is still reporting every month with in an increasing balance (is this allowed?)
- If I pay this balance off now even though it is set to expire next year based on my Equifax date of last payment. Will it reset the 6 years for it to purge or fall of at that time. (This is what a Transunion rep said that it would fall off then even if I pay it now no reset, Equifax guy gave a bunch of mumbo jumbo)
- If I do not pay it will it purge and remain purged or can it be reposted or continued to be reported after such expiration date. Equifax said they can if the Balance is not zero, so did Transunion is this true? But they were not confident and I seem to get different answers from everyone.
- I've read others people stories about just letting it fall off did they have their balances at zero? Were they misinformed? Am I misinformed. I just need a straight answer morally correct or not, I just want to better my credit.