I had a medical bill that I thought had been payed. Apparently, it's been on my credit report for 6 years with a collection agency and I never knew about it. Should I try to pay off the debt with the collection agency now, or just wait one more year for it to fall off?
2006-08-11 10:12:16 · 6 answers · asked by slu_girl2004 1 in Business & Finance ➔ Credit
First off, the statute of limitations (SOL) on a medical starts to run from the day of service. (The day you were treated)
The reporting period runs 7 years from the day of service.
If your only defense on this account is SOL, should they sue, you may have no defense. If the medical provider recieves public funding or funds from the government (state or fed) then the account would be treated as any other governmental debt - no SOL for collections.
You say that you "thought" it had been paid. Paid by you or paid by insurance?
If it was supposed to be paid by insurance, contact your insurance company and request that they send you all of the information about the account. Request the information if the medical provider was paid, or if not request information on why the medical provider was not paid.
I would suggest not doing anything with that trade line on your reports until after you hear back from the insurance company.
I would also suggest going to the site that I've listed and do some reading in the newbie forum and then in the medical forum.
2006-08-11 11:19:43 · answer #1 · answered by echo 7 · 0⤊ 0⤋
Yes, because negative items on a credit report can stay on there for up to 10 years. I would first dispute the item with the agency. I've done this before with a collection agency and the credit reporting agency took off the item immediately.
2006-08-11 10:21:15 · answer #2 · answered by SAL 3 · 0⤊ 0⤋
I think that you should first investigate what's real. Call the medical agency you were dealing with to confirm that this piece was unpaid, and that they sold the bill to the collection agency. Also, connect with the collections agency to find out why they have waited so long to contact you...it sounds a bit suspicious.
I highly recommend that you pay it off. At least negotiate with the collection agency - many times, they'll take a minimum amount that lets them cover their expenses, even if they don't make a profit on it. Better to handle it and have a good self-conscience.
2006-08-11 10:19:30 · answer #3 · answered by abfabmom1 7 · 0⤊ 0⤋
Don't pay it.
If you do not pay it will fall off on the 7th year.
If you do pay it will update on your credit report and may stay on there as "Paid" for another 7 years.
2006-08-11 12:13:53 · answer #4 · answered by Johnsmatrix 3 · 0⤊ 0⤋
You could pay it off, but after 4 years, the statue of limitations has run so you would just be paying for the sake of paying. Note - the statue of limitation starts from the last date of payment.
2006-08-11 10:53:53 · answer #5 · answered by Finance Pro 2 · 0⤊ 0⤋
i am a credit repair specialist and it's better if you wait, don't pay it off, it will be off from your credit report the 7th year, if not dispute it. if you pay it on right now, it will show on your credit report as "paid after chargeoff" and cycle starts again and it will remain for another 7 years. so wait and don't pay it off
2006-08-14 10:13:46 · answer #6 · answered by N.I.Uboy 1 · 0⤊ 0⤋