After they come off your credit report, do they still affect your credit score? Are you still responsible for paying them? By the way, im talking about medical bills.
2006-12-18 09:27:48 · 5 answers · asked by TeresaW 2 in Business & Finance ➔ Credit
No, you are not responsible. Every state has a statute of limitations on debts - any debt. Usually it's 3-6 years, but as you know it can be reported on your credit report for 7. They only affect your score while they are on your credit report. You legally do NOT have to pay a debt that is outside the statute of limitations for the state you live in! So check it.
But pay attention: this doesn't mean someone can't sue you. It just gives you a defense. If you receive a summons after the SOL for the state you live in, answer it (go to court). Just use the "statute of limitations has expired" as your defense. The court will throw it out.
You hardly see judgments for items that have fallen off your reports, however, because most people know they can't collect on those debts.
2006-12-18 09:55:18 · answer #1 · answered by Kevin K 3 · 0⤊ 0⤋
Your 'bad' credit history will disappear automatically after 7 years. You do need a credit card to begin to build your credit again, but be sure to pay if off each month. Even if you have 1 credit card, charge $20 in gas each month and pay off in full, this will begin to validate that your reliable to repay, and will increase your score. Do not apply for a large amount of cards though, as too many 'hard' credit inquiries will hurt your score. Look into your local CCCS agency and find their website. There are great tips on there.
2016-05-23 05:13:30 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes and no... These collections will wreak havoc on your credit score. At the same time, you won't have to pay these off if you are financing a home, but because of your lower credit score it will affect your rate. Hope this helped.
2006-12-18 10:02:00 · answer #3 · answered by MDHanner 1 · 0⤊ 0⤋
Yes, they are still your responsibility, even if they aren't reported. The other concern is that companies can file judgments which can also report on your credit file for 7 years from the date it is filed.
2006-12-18 09:33:30 · answer #4 · answered by RedSoxFan 4 · 0⤊ 0⤋
Yes you are still responsible for these debts. Under common law, an unsecured debt does not outlaw for 20 years after the last activity on the debt.
2006-12-18 09:57:42 · answer #5 · answered by Jack 6 · 0⤊ 0⤋