The Frugal Creditnista

I have one collection, should I dispute it?

Q: I have one collection on my credit report and I really want it gone!
It's from a debt in 2012 and it will be removed from my reports in August of 2019 per Equifax. Do you think I should have them validate it? My statute of limitations isn't over until next year!

A: One collection? So many would love to be in your shoes right now 🙂

If you should dispute depends on if it is inaccurate/incomplete or if it is preventing you from achieving a goal – i.e. home ownership. Ultimately, it's a personal decision.

However, if you dispute and they are able to validate everything, they may decide to sue you since their time is running out; the SOL expires next year. Remember, collections collect on a very small percentage of the debt that they purchase, and they put most of their collection efforts towards those that they have a higher chance of getting money from.

If they have not been bothering you, your scores are on point, it's reporting accurately and you are not in the market for a new loan/credit, I'd leave it alone UNTIL the statute of limitations expires next year. That way you can dispute your little heart out and not have to worry about them suing you. Otherwise, you are opening up a can of (you know what). I'd avoid the headache, if they haven't been contacting you, you are not on list of people to actively pursue for payment, disputing may put you on that list.

Hope this helps 🙂

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