the zero balance, btw, sends it screeching downward because, as a collection ages it becomes less important in your score. When you pay it and the most recent activity date is recent, it figures more heavily in the score. It is a quirk of the scoring algorithm. Even if it is paid, it remains a negative item as the simple fact that it happened, according to FICO, makes it more likely to happen again.

It is something they have been supposed to change for some time... but FICO only jumps on required changes when the quirks work in favor of the debtor.

Technically that is correct, but the agency can contact the bureau to have it removed if they choose... their own listing only. The original creditor has to remove their own listing.

Basically the bureau reports only what the creditors choose to have reported and they can make changes as they choose. The bureau requires no proof or explanation... just a request from the creditor to remove the listing.. or to add it. At most, the collection agency would simply have to note that they no longer have an interest in this file.... which, once paid, they don't.

If you owe money and it is past SOL you basically hold the cards. The collection agency can contact you for the money but they cannot threaten you (legally anyway) and they cannot harass you (again, legally anyway) so if you know your rights and are firm you can control that.

Once all legal avenues are closed to them, and the collection is noted on your file, if they want the money badly enough they get to play by your rules.

The reality of the situation is this:

Once the account has hit collections your credit is trashed. Paying the bill, in spite of what they may tell you, will not help your credit score. If you are going for a mortgage some banks may require the debt be paid before funds are advanced, but otherwise, there is no credit benefit to paying it off from a score percentage. (Morally you may feel otherwise... particularly if the original creditor still holds the debt).

Once the bill is stats barred there is no legal recourse for them to force you to pay this bill, which means if they want it they get to negotiate. Once you hit "negotiations" anything is on the table, including having the remove their listing entirely.

Can you please tell me how you go about having something removed from your credit. I have been taught that this will only happen if it is fraud? And yes as I stated it is 6 years from the date of last payment that the debt.There is two sections one which shows the date the account was listed and one that shows the date of last payment. Lenders and collection agents are taught how to read a credit report and I have never heard of a zero balance account on your credit sending your rating go careening down. especially when that is the only thing on your credit!

If you pay it, unless you can have it removed entirely from the report (and, yes, you CAN have it removed) the paying it will re-age it and it will not disappear until 6 years from you paying it off has passed... plus it will make the debt appear current and will further penalize you.

Whatever decision you make, you should do so with the knowledge that paying it off will NOT positively affect your credit rating and will more likely send it careening down.

You've been a great help Hda020183. Thank you very much.

Personally I would pay it but if you can wait the 2 1/2 years then you might be okay if you see it's still there after the 2 1/2 years all you have to do is right the reporting anency either equifax or Transunion and ask them to remove it.

Hope this helps!

thank you very much :) Now to figure out what is better for my overall credit rating. paying it and having it there for another 6 years, or leaving it, and only having it there for less than 2 and a half years.

Well as you can see on the CRS INC accounts on your file it has a $o.oo balance because it was passed to iQor, Inc formerly CBCL - Canadian Bonded Credit Limited - Now Iqor Collection Agency . From what I can see your Last day of activity: 06/2004 on this account that would mean that 6 years from this date it should come off. Making it approx. 6/2010.

What if I was too not pay them? My thing is, I want this off of there as soon as possible. I realize it would be good to pay them and be done with it, but when would it roll of as things stand now?

I used to work at a collection agency. As far as I have ever learned you can NOT have it removed from your credit report (unless it was fraud). Yes having it at a $0.00 will help your credit rating. After 6 years from the date of last payment it will "roll off" your report. Same is after it is paid but as long as it is paid creditors do not usually look badly at one thing paid on your credit report. I am in a similar situation with rogers too! Intrest is still collected that is why you may not agree with the amount. If you get a copy of you credit report my mail (it's free print and mail in this form:)

http://www.equifax.com/EFX_Canada/consumer_information_centre/docs/request_report_form_e.pdf

Once you get this it comes with a form you can fill out called consumer credit report update form. Fill this out and ask them to adjust your report beause the same dept is on there 3 times. The only thing is if it has gone from one agency to another they are both allowed to put it on your report ( I think) they might remove all but one if you are lucky!