Wednesday, May 26, 2010

Got my credit report the other day, and have some charge offs and other very old debt. Should I pay

someone told me that it doesn%26#039;t make a difference on my score if I pay them or not. Will they roll off after 7 yrs or will they stay permenately on my report? Thanks for the advise.



Got my credit report the other day, and have some charge offs and other very old debt. Should I pay them?

I liked everybody%26#039;s answers on here, especially Celeste%26#039;s. Here%26#039;s a common misconception that everyone has. Usually negative items stop reporting 7 years, however according to the Fair Credit Reporting Act, the maximum it can stay is 7闄?years. I know the extra 6 months may not be much to some people, but it%26#039;s big enough of a difference to me for me to point that out. Also, like Celeste mentioned there is a seperate statute of limitations for collecting debt. These can vary by state (I posted a link below for the SOL by state). Knowing this information alone can provide you with much needed leverage when it comes to negotiating debt. You could very well negotiate a %26quot;payment for deletion%26quot; in exchange for a lower payoff amount. The third link I posted can help you settle your debts for a payment for deletion.



Hopefully, this information will be useful to you,



Good Luck!



Got my credit report the other day, and have some charge offs and other very old debt. Should I pay them?

Depending on when they are subject to fall off, I would not make payment. When cleaning my credit, I disputed lots of old creditor charges. The creditor has 30 days to respond. If they don%26#039;t, the creditor falls off your report. That, in turn, raises your credit score. If the bills are not scheduled to fall off in a year or less, I%26#039;d make a dispute to see if the creditor responds. If they don%26#039;t it%26#039;ll fall off anyway. If they respond, make arrangements for a settlement.



Got my credit report the other day, and have some charge offs and other very old debt. Should I pay them?

yes pay them off, their your debt and the will not go away after 7years.. u have to pay off then it takes up to 7 years to be removed



Got my credit report the other day, and have some charge offs and other very old debt. Should I pay them?

NO! They will be gone after 7 years. I speak from experience, and unless you have a moral issue with them, do NOT pay them. You risk starting the 7-year period over again. Your credit report will usually say when they are scheduled to be removed. Then, there are various ways to establish positive credit again.



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Got my credit report the other day, and have some charge offs and other very old debt. Should I pay them?

If they%26#039;re close to the 7yr. mark, don%26#039;t pay them. Paying them off now will only hurt your credit score as it shows current activity. The older the unpaid debts are, the less impact they have on your credit.



The majority of consumer debts will fall off their credit report. after 7 yrs. The 7 yrs. begins when the account becomes delinquent and never brought current and sent to collections or charged off.



Paying off the debt or having it transfered to another collection agency cannot restart the 7 yr. reporting period.



Each state also has statutes of limitations on how long a creditor/collection agency can collect the debt.



If you must pay them, ask for a %26quot;Pay for Delete%26quot; and get the agreement to delete the tradeline in writing.



Got my credit report the other day, and have some charge offs and other very old debt. Should I pay them?

It will increase your score by a few points each charge off.



Yes, they do clear off after 7 years. You can get the agencies to clear they off sooner if you send letters advising that the 7 year period is comming up soon.



I got mine taken off 8 months sooner!

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