I haven't sent them any money, but recently they sent me something in the mail offering a payment plan starting next week to pay them back and it's a smaller amount than what I originally owed. The statute of limitations in California, as I understand it, is 4 years, and this is from 5 years ago. If it's going to be removed from my report in a year and a half anyway, is it better to pay the money or just leave it alone?... Thank you!
2007-04-19 10:47:27 · 5 answers · asked by Dennisse 3 in Business & Finance ➔ Credit
You are past the collecting SOL on the account.
Just my opinion, but I would say to send them a SOL letter.
Also order your "paid" reports from CRA. Look over the trade lines they have listed for any inaccurate information and dispute it.
If they fail to correct the inaccurate info, by law it must be removed.
Using the paid reports instead of the free reports gives the CRA's 30 days to investigate - using the free reports gives them an extra 15 days. Which could mean it remaining instead of being deleted.
Don't use the tri-merge reports, the info on them is often inaccurate and not reliable to dispute from.
For an example of a SOL letter:
http://whychat.5u.com/nottoca.html
For your states Penal Code to use in the SOL letter:
http://whychat.5u.com/States/state-ca.html
(scroll down a bit on that page to see the Penal Code)
If you have any questions on how to use the SOL letter, etc., go to the last link in my profile and ask your question in the credit forum.
2007-04-19 11:10:46 · answer #1 · answered by echo 7 · 0⤊ 0⤋
Paying will damage your credit score. Once there is activity on the account (your payments) the 7 years will start over and instead of being removed in 2009, it will be removed in 2016.
Leave the debt alone and let it ride.
2007-04-19 12:26:33 · answer #2 · answered by Matt 4 · 0⤊ 1⤋
Pay it. That's the best advice I can give you. Regardless of whether it's on your credit report, you still need to pay it. When you try to apply for a loan, it will pop up and chances are you won't be able to GET a loan.
2007-04-19 10:50:51 · answer #3 · answered by FaZizzle 7 · 0⤊ 1⤋
I'd ignore it myself. It's already on your credit report, so why worry. They are just trying one last effort.
Negative items drop off your report after 7 years.
2007-04-19 10:51:09 · answer #4 · answered by Anonymous · 1⤊ 0⤋
It will appear on your credit report, regardless.
2007-04-19 11:07:39 · answer #5 · answered by beez 7 · 0⤊ 0⤋