Do I pay off old debt on my credit report?

Question

I have 3 closed credit card accounts, 1 medical collection and couple miscellaneous collections. Yes, I know. I should have paid my bills, I should have got a 2nd job. I definitely regret this now. I was 19 and had no idea how to manage money. Now I'm 8 years older, a mom and I want to be able to fix my credit.

Do I start paying on the old credit card debt or do I let it go? If I start paying on it, will that start my time over again or does it look better that I DID pay off my old debt. Please help...

Answer 1

If the 7 years has passed or even close to it....forget about that debt. It is already off your credit report or close to it.

Answer 2

If you start paying on it, yes , it starts all over again. Collections stay on your credit for 7 years, ditto for closed revolving credit. If youre close to the 7th year, let it go. And make sure you dispute those files the second they hit 7 years old....
If the accounts are about 4 years old, it's up to you. You might be able to get a sympathetic person at the collection agency that would delete them IF you paid the bill. Then again, maybe not.
Again, it all depends on the age of the bills.

Answer 3

I'm in the same boat. I have a # of things that have fallen off and others that are with in a year of doing so. Once they are gone, they're gone. If you even talk to a creditor the time clock starts over. Go to MSN Money and read " Zombie Debt" & " Make a Deal With Debt Collectors". Both articles had great insight. They have a lot more articles about getting out of debt as well.

Answer 4

Just be advised, if you contact any of those creditors, you'll be waking up a sleeping giant. Pay them off one at a time, and let the others lie until you are ready for them. Pay off the smallest to largest, regardless of the interest rate. If they are closed accounts and you're not getting collections calls, then you can settle for pennies on the dollar.

NEVER give them electronic access to your checking account. Set up a payment plan, get it in writing before sending any money, and pay by money order. Don't let them berate you into doing anything that you're not comfortable doing. Approach them with a written budget. That way, you'll be able to show them what you can afford to pay, based on real numbers.

Answer 5

i had a friend that wanted the same thing done. what he did was go to your creditors that are still on your credit report and ask them if you can start paying back what you owe now.i think the amount he owed was on the report so he started to pay on that amount. i know he told me the agency let him make payments and it will help your credit get back on track. lots of folks do what you did and its better to try and do things the right way and pay them off then let them go without being paid. i mean what if down the road you need them again..it may be off the credit report in so many yrs but it wont be out of their personal records if ya know what i mean..good luck

Answer 6

I think that most of that should have dropped off after 7 yrs. You should contact the credit reporting companies and tell them that you want it taken off your credit report and most likely since it has been such a long time they will do so. I have had them do that on sereveral of my debts after that long a period of time. Just remember you will have to contact all three bureous seperately.

Answer 7

Definitely pay off the debt.

You might be able to get it expunged from the record
assuming the company that held the debt is still around.

If not, you're pretty hosed.

Answer 8

i did this too, companies buy old debt on the cheap and try to collect. I improved my score immensly, plus it felt good to "own up". It did show paid off. luckilly I had OT and I could do it.
good luck

Answer 9

pay it. you owe it so you need to pay it.
it may fall off your credit score but collection companys will hound you for the rest of you life.