Wednesday, May 26, 2010

Does old credit card debt stay on your credit report forever? Will it "disappear" after 10

My credit card debt is almost 8 years old. Will it really help me (my credit score) to pay the debt collectors at this point?



Does old credit card debt stay on your credit report forever? Will it %26quot;disappear%26quot; after 10 years?

If the original delinquency for this credit card debt is 8 years old, it should be off now. Delinquent accounts can remain on your report for 7 years only.



As for paying the debt, don%26#039;t do it! A lot of people make the mistake of killing their FICO score by paying off old debts. An old debt has less impact over the years, but if you pay it, that%26#039;s renewed activity on your credit report and it will hurt your score. A paid delinquent account is just as bad as an unpaid delinquent account. If you are still within SOL, most likely you%26#039;re out of it by now, negotiate with the collection agency to pay the debt off only if they agree to delete their negative entry from your report. You did say the debt is 8 years old, so it shouldn%26#039;t even be on your credit report. If it is, the collection agency re-aged your account and that%26#039;s illegal.



Visit the website creditboards.com. This is an accurate site about credit issues and read up on FICO scores, it will prove the point that paying off an old debt does not improve your credit score, it hurts it. There are several posts on that site from consumers who paid off a 5 or 6 year old debt, thinking it would improve their credit score, only to find out the sad reality their score tanked after doing so. Tread carefully, don%26#039;t make the mistake of hurting yourself further; you had to live with bad credit for 7 years, that%26#039;s punishment enough. It%26#039;s honorable to want to pay off an old debt, but foolish to do so when the end results brings your credit score down.



Does old credit card debt stay on your credit report forever? Will it %26quot;disappear%26quot; after 10 years?

Yes, pay. The debt will stay forever. It is only a bankruptcy that disappears after 10 years.



Does old credit card debt stay on your credit report forever? Will it %26quot;disappear%26quot; after 10 years?

7 to 10 years. Yes its like a prison term! Check out equifax.com maybe they can educate you?



Does old credit card debt stay on your credit report forever? Will it %26quot;disappear%26quot; after 10 years?

it should disappear between 7 and 10 years, you can contact the credit reporter and dispute them as inaccurate and they might get removed earlier than waiting for someone to remove it. since credit companies only care about the people who are giving the credit, not the consumer. I%26#039;ve been fighting with the credit companies for 4 years over junk that has been on my credit report and finally have been getting them to pull the wrong stuff off. don%26#039;t pay the creditor now, they should have written it off by now.



Does old credit card debt stay on your credit report forever? Will it %26quot;disappear%26quot; after 10 years?

check the statute of limitations in your state. There is a certain period of time that an entry can stay on your report. If the date of last activity was 7 years ago or more, you shouldnt have to pay and it should be removed from your report ASAP. Dispute!



Does old credit card debt stay on your credit report forever? Will it %26quot;disappear%26quot; after 10 years?

only after u paid your bills in full, then 7 years later they Get removed...



YOU HAVE TO PAY THEM FIRST!!!!!



Does old credit card debt stay on your credit report forever? Will it %26quot;disappear%26quot; after 10 years?

Boy you got a lot of answers and a lot of bad ones at that. Adverse (bad) credit ratings will remain on your credit file for seven years from the date of first occurrence (this is the date of the missed payment that caused you to be delinquent). Accounts included in bankruptcy will remain on your credit file for 10 years from the filing date.

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