I received an offer in the mail for a settlement on an old credit card debt. It's almost 10 years old. Do these fall off of a credit report or should I pay it? I cannot find any information as a guideline for what I should do. Any sites for information would be greatly appreciated!
2007-08-21 04:38:07 · 10 answers · asked by eemac 1 in Business & Finance ➔ Credit
I have included a link where you can check the statute of limitation for your State. Credit cards are considered open accounts.
If the time line has passed, which it should have by now, tell them to pound sand.
Once the S.O.L. has passed there is nothing they anyone can do to you legally. They can act like they have power, but in reality they have none.
And the debt will drop off your credit report after 7-years.
http://www.bcsalliance.com/index.html
2007-08-21 05:09:32 · answer #1 · answered by ? 7 · 3⤊ 1⤋
I dont know why people come around here acting like they are above everyone and have never had a debt in their entire. Who are you to judge? Just asked a simple question, not your personal opinion which probably isnt worth a damn anyway!
now my dear, as for your perfectly valid question: A debt will stay on credit report for 7 years and 7 years only. that is the law. Only bankruptcies stay on your report for 10 years. You can pay this collection agency if you want or dont. Either way, its not going to affect your credit any longer.
Check your credit report, im willing to bet its no where on there.
2007-08-21 11:47:05 · answer #2 · answered by luvbug7982 2 · 4⤊ 2⤋
Unless you pay at least the minimum amount due on every bill, your credit will reflect that you are slow in paying your debts. Even if you pay everything you owe, immediately, your credit report will keep the "old" info for a LONG time! This is not necessarily a "bad" thing, because credit card companies love hitting people with exhorbitant interest rates! That's why folks who owe lots of money continually get offers for credit cards! (it's a strange world we live in!)
A classic down-debt scenario is to transfer all your credit card debt(s) to a single card, preferably the one with the lowest or no fee per year, and having the lowest interest rate; or, get a new card that clearly advertises free credit card debt transfer and no interest for a given time period.
The link, below, shows how you can get free credit reports every year, if you wish, if you are an American citizen (one of the previous answers, above, implies that British citizens have to pay for the privilege, but, for the record, that info won't help resolve your debt; it'll only show what credit cards you currently have (including financial companies, retail and gas cards, etc), and how often you pay, whether you owe anything to anyone (the reports aren't that easy to read, so, you may need help interpreting them).
Note that these free reports do *NOT* give you your so-called "credit score", which is a 3-digit number indicating your credit worthiness, which, unfortunately, you have to pay to obtain. IMHO, it's a travesty that your own information is unavailable to you for free, but that's another story!
<<<***WARNING***>>>
Do ***NOT*** contact any firm that offers so-called free credit reports (they advertise in newspapers, magazines, TV, etc). They will cost you something down the road, and, worse, you will be giving them your personal info, which, of course, you shouldn't, whereas the three firms listed at the FTC.gov website are legit and truly free!
2007-08-21 12:22:41 · answer #3 · answered by skaizun 6 · 0⤊ 4⤋
Visit this website to do some research about Statute Of Limitations and when and what companies may be able to collect on.
It is a forum much like this one but people there are experts in credit repair and collections.
www.creditboards.com/forums
2007-08-21 11:46:08 · answer #4 · answered by Anonymous · 1⤊ 0⤋
The collection agency or credit card compnay can keep it on your credit report until it is paid off. And then when it is paid off it can still stay on ther for up to 10 years as a delinquent account that has been settled. Should have paid you bill 10 years ago!
2007-08-21 11:42:27 · answer #5 · answered by Flower Girl 6 · 6⤊ 4⤋
(( claps)) for Luvbug7982 she's right people who live in glass houses shouldn't throw stones.Those collectors are called junk debt collectors. It will not affect your credit in anyway at all to pay it off.Look up junk debt collectors and see for your self.
2007-08-21 12:16:17 · answer #6 · answered by Crazy cat lady >^ ^< 4 · 2⤊ 1⤋
Why try to find a way out of paying? Asking if falls off your credit history to determine if you will pay or not is very telling of your character.
It's really very simple...If you owe it pay it.
2007-08-21 11:49:48 · answer #7 · answered by nova 3 · 1⤊ 3⤋
You legitimately used the credit. Pay your bills.
2007-08-21 11:45:49 · answer #8 · answered by melouofs 7 · 3⤊ 3⤋
what you really need to do is check your credit report if it is on your credit then pay it off.But if its not then don't .Some collection company will take your money and keep it So please check your credit before making any decision.
2007-08-21 11:44:46 · answer #9 · answered by ripelsie 1 · 2⤊ 3⤋
be accountable for your own actions, pay off your old debt don't try to Wiesel out of it
2007-08-21 11:47:42 · answer #10 · answered by ? 2 · 3⤊ 5⤋