I'm sure this is repeating others, but I want to clarify my situation. Hubby-to-be has many collections on his report that I'm trying to clear up. Most of them can be paid, but we're not made of money We got a copy of his credit report, which gives estimated dates of when the items will be removed. Does this mean whether they are paid or not, they are removed? For instance, one that hasn't been paid is due to fall off on 4/2007. Will this actually happen, or will it somehow stay on for another 7 years? I never had to deal with this on my own credit report as all my mistakes were made when I was 18/19 or so. Also, with medical collections, are those shown on his credit report if pulled by a bank or something like that? My understanding was that it wouldn't, but who really knows? I'm sure it affects his score, but I don't know if it can actually be seen. Thanks!
2007-01-29 16:36:59 · 7 answers · asked by Aussie Mommy 3 in Business & Finance ➔ Credit
Medical collections show up on your credit just like everything else. The good thing about that though, is depending on your situation, and how much you owe, you can file for medical bankruptcy. It effects your credit differently then reg. bankruptcy. I know this because I am about 200k in debt with medical bills, and am looking into this.
As for the 7 year thing, a financial expert told me that things don't actualy get taken off your credit, the companies just can't try to collect them anymore. One problem with that though is in this day and age most collection agencies sell unpaid debts after a short time, which resets the clock, so the 7 year time period rarely ever gets a chance to actualy come to be. Its borderline illegal, and if you can prove fraud, and get a good enough attorney, you can have your debt written off, the agency fined, AND get paid money. Its worth looking into depending on your debt.
One thing I do want to point out though, if you are trying to clear up your hubby to be's debts before you get maried so it won't affect you, thats really not nessary. As long as the debts were made BEFORE you guys go married, its his responsibility not yours.
2007-01-29 16:51:42 · answer #1 · answered by evil_kandykid 5 · 0⤊ 0⤋
The listing on his credit report shows how long they will be on his credit. The listing of the account on his credit report, however, does not negate his legal, financial, or moral obligation to resolve his debt.
The collection activity can and will continue until the debts are resolved.
Once paid it will not stay on his credit longer. So I would encourage him to do the right thing and clear up his responsibilities.
If he's had a bad history of not paying his bills promptly, you need to check his credit ever 3 or 4 months for the first year. When accounts are moved around to different collection agencies, there's a period of 1-3 months in which a debt wont show on his credit. It doesnt mean he doesnt owe it, it just means it wasnt on there the day you ordered the report. Eventually everything, including medical, will show.
2007-02-01 01:24:17 · answer #2 · answered by siren381 2 · 0⤊ 0⤋
Medical collections will show up but they may not be marked as "medical." The 7 year period is mandated by federal law, so the collections should automatically come off. Get a copy of your report about 4 - 6 weeks after the 7 years is up and if they are not gone, file a dispute with the credit bureau.
2007-01-29 17:05:41 · answer #3 · answered by RR 2 · 0⤊ 0⤋
I don't know about the medical, but as for the 7 years, lets say its reported as bad debt with the bank he originally got the credit card (i.e. chase bank, washington mutual, wells fargo, etc) they send it to outside collections, that company can report it for 7 years, and if that company decides to sell it, that can stay, it depends on the size of the debt if they are wanting to continue collection efforts
2007-01-29 16:54:26 · answer #4 · answered by sarah 2 · 0⤊ 0⤋
sometimes medical collections are seen if they remain unpaid it depends on the company that you owe. also some credit collections are removed from your report even if unpaid but that is also up to the person that you owe. i've had collections that were scheduled to be removed that were removed but i have also had some that the company i owed put back on the credit report for another 7 years so it just depends.
2007-01-29 16:43:20 · answer #5 · answered by mrs garfield 5 · 0⤊ 0⤋
Yes, you can dispute it. If the last thing that you personally did was in 2002, then it is too old to be on your credit report and you should dispute it based on the age of the debt.
2016-03-29 09:15:32 · answer #6 · answered by Anonymous · 0⤊ 0⤋
you should be careful.
When you pay old debts the reage on your credit report.
Check Dave Ramsey website out he is so awsome
he helped me sooo much.
2007-01-29 16:51:50 · answer #7 · answered by tennessee 7 · 0⤊ 0⤋