or does it go off and is forgotten?
2006-10-17 04:52:46 · 8 answers · asked by whatsit2u 3 in Business & Finance ➔ Credit
dcgirl is yet another responder who answers questions without doing any research. A complete liability to Yahoo Answers! DO YOUR RESEARCH!
To answer your question...Debts can only be reported for 7 years, begining on the date you became delinquent (not 30 days after as the previous response said). In other words, if you owe a bill on Jan 1, THAT is the delinquency date because that is the day it was due.
Medical bills are a bit differant. That date begins on the day the service was performed, so it can actually begin a bit earlier then the due date of the bill.
Interest can not be applied unless the contract you signed allows it, and I've seen very few medical bills that allow it (unless you placed this on a credit card or got a loan). They can only charge interest once they have taken you to court and received a judgement. So check your contracts to make sure the collection agent isn't screwing you.
The expiration of the statute of limitations does not prevent a collector from trying to collect. It only prevents them from taking legal action to recover (ie..sue you). Without this ability, there is very little they can do to collect. Just tell them to go away and leave you alone.
See the links below for more info.]
2006-10-17 06:48:26 · answer #1 · answered by Anonymous · 1⤊ 0⤋
A credit bureau will reflect your last seven years of payment history. For example, however delinquent you were last month, will not appear on your credit report seven years from now. As far as interest, a credit report does not generate interest. The rate of interest is determined by the creditor. So, the interest will continue to accrue for as long as the hospital charges interest, if they do at all. Interestingly enough though with hospital bills, they will accept ANY payment on a monthly basis and not report the history as delinquent on your bureau, so it is in your best interest to call them and set up a payment plan that you are SURE you can do. I've seen cases before where people paid hospitals $10/month in good faith. In addition, creditors will generally stop charging interest if you work out an arrangement.
2006-10-17 08:11:28 · answer #2 · answered by doncorleone722001 1 · 0⤊ 0⤋
A collection will stay on your report for 7 years from the date of the original delinquencey. So, once that original bill is 30 days late, the 7 years starts.
If they take a year from the original late pay to put it in collections, it only stays for 6 years. This also counts for when collection agency's "give up" and sell the debt to a new agency. It doesn't "renew" for another 7 years.
IT DOES NOT STAY LONGER BECUASE ITS "OPEN". Do some research and you will discover this.
However, just becuase it does not appear on your credit doesn't mean you're not still liable. Go check the statute of limitations on debt in your state to know whether or not you still owe it.
2006-10-17 05:32:33 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It stays on there till 7 years after the collection agency decides to close the account. If you have an account that is open, it stays on your credit report and racks up interest for as long it's open (plus seven years). Imagine you have a credit card or account that is not delinquent. You keep your Sears card (or whatever) for 20 years. It doesn't just disappear after 7 just because it's 7 years old; that's because the account is still open. So if the collection agency has not officially closed the account (and lots of times they don't), then it will be on your report and accrue interest forever.
2006-10-17 05:28:25 · answer #4 · answered by dcgirl 7 · 0⤊ 0⤋
From personal experience, it's best to try to pay it. For me the hospital was in VA. I didn't live there. Long story short,... my bill got passed around to different collection groups over a 4 year period. Later, I got declined for a loan for something. Ran my own credit and it showed a start date for each of the collection groups.
*I was never notified by any of the collection groups I owed money. All but the most recent one I was able to get removed from the report. I had to pay the most recent collection group in order to re-establish my credit.
(hmmm I should run my report again It's been over a year)
2006-10-17 08:53:34 · answer #5 · answered by COLE 3 · 0⤊ 0⤋
bad credit 7 years bankruptcy 10 years
2006-10-17 06:01:28 · answer #6 · answered by Anonymous · 0⤊ 0⤋
It stays on credit report but will not earn interest. At least, it didn't with me...
2006-10-17 08:01:12 · answer #7 · answered by Anonymous · 0⤊ 0⤋
it stays on your report and the interest is determined by your state.
2006-10-17 08:55:23 · answer #8 · answered by bella_4624_19 4 · 0⤊ 0⤋