I heard that from a friend. what if you do pay on the bill, does it
still get dropped off your credit even if you are paying on it? I am no clear on that
2007-10-16 05:28:12 · 5 answers · asked by bella_amore 1 in Business & Finance ➔ Credit
The time that a derogatory account can be reported on your credit is 7-years from the date of first delinquency. This works out to 7.5 years.
It is illegal to re-age debt, so if you pay it will not start the clock over, what it will do however is start the statute of limitations over which is the legal time that collection people have to sue you in court.
2007-10-16 05:41:30 · answer #1 · answered by ? 7 · 3⤊ 1⤋
Negatives fall off your credit report 7 years and 180 days from the date of delinquency. Payment does not restart the reporting period.
Statute of Limitations (SOL), which varies from state to state, is the time period to bring lawsuit. Payment does restart the SOL. In some states, even promise or acknowlegment of the debt can restart the SOL
2007-10-16 12:40:00 · answer #2 · answered by bdancer222 7 · 0⤊ 2⤋
It may drop off your credit, but the collection agencies will still hound you.
2007-10-16 13:23:08 · answer #3 · answered by JB 6 · 0⤊ 1⤋
unpaid bills get dropped off in 7 and a few months only.If you pay on a bill the clock starts over
2007-10-16 12:38:13 · answer #4 · answered by Crazy cat lady >^ ^< 4 · 0⤊ 3⤋
To add to what SPIFMAN posted. SOL does not automatically stop collection activity, it is a defense. The creditor can still sue you in court, you need to show up and use the SOL for your defense.
2007-10-16 12:50:32 · answer #5 · answered by Ted 2 · 1⤊ 3⤋