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leslie k | Do you still have to pay a credit card bill that is over 9 years old and no longer have the account any longer |
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Kevin K
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No. Each state has a statute of limitations, it is usually 6-7 years depending on where you live. For example, in NY if you incurred a debt 1/1/2000 and never paid on the account, the SOL would be up 6 years later, on 1/1/2006. Usually it starts from the date of first delinquency. A company cannot collect, you do not have to pay it, and a court will throw out a judgment that is outside the SOL.
Under the FCRA, they also cannot list a debt on your credit report that is over 7 years old, regardless of the SOL. If you see this on your report, dispute as "the 7 year reporting period under the FCRA has expired". The Fair Credit Reporting Act does not allow bad debts to be listed for more than 7 years, except bankruptcy which can be listed for 10.
By the way, do not, and I mean DO NOT under any circumstances pay this debt if it is over 9 years old. It will reset the SOL, and also the 7 yr reporting period, which means it can be listed for another 7 years on your credit report. One of the worst mistakes people make is they think paying old debts will help their credit. It won't! Making a payment causes the Date of Last Activity for the account to be updated to this month, instead of 9 years ago, and your credit score will plummet. |
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trancin_gal
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Yes, money owed is money owed. Don't mess with your credit score. |
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joannaserah
 |
Yes. And it will still show up on your credit report too, often. Talk to the creditor or the debt collection agency that's handling the account now. They can work out something with you. |
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WOWO LEE
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u have too... althought most bank will eliminated overdue after a few years of time.. but if will be better if you pay them... who know this bank does still keep your bad debts record and it will cause a problem if u need to apply for loan in the future... |
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Kirkus
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Run a credit report and see if it shows on your report. Most likely it will be listed. Paying it this late will not get it removed from your credit history. Has the credit card company / bank contacted you for payment? If so, you should still pay it. |
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ruthie_richardson
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Yes, even if the account is dormant; the company won't close it until the collect all the money. |
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♥ dreamweaver ♥
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If you are looking to clean up your credit and increase your credit score -- then YES you need to pay off that credit card bill. |
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Celeste
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I doubt it. Most state's statute of limitations should've expired for this type of debt. But you should check with your state's laws.
Paying on this now will definitely hurt your credit, so don't. If it's been 9 years since you last made a payment, it will not be on your credit report. If it is, send a dispute letter and have it deleted.
The Fair Credit Reporting Act allows collection/charge off accounts to be reported for 7 years + 180 days. Paying a collection or charge off DOES NOT reset the reporting period. |
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mmd
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If you have honor and decency, yes. |
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bergy_us
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yes |
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Studly
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Yet another batch of totally crappy answers! Come on you guys! I've only posted this answer a few dozen times (with sources!).
OK, once again....
Most states have a "statute of limitations" on debts. This time period begins on the date of the last transaction. After this date, you no longer have a legal obligation to pay the debt. They can continue to try and collect, but without the ability to sue you they are simply wasting their time.
Debts can NOT be listed on your credit report for longer then 7 years.
Now, you are going to get the idiots out there that will preach to you about doing the right thing...pay off your bills...pay your debts!
BULL!
When you stopped paying your bills, your creditor offered you a choice. Pay your bills or they will trash your credit history for 7 years.
You didn't pay. They trashed your credit by posting negative information on your credit history. YOU PAID YOUR DEBT!
Why would you want to pay it again? Silly.
See the link below for more information on the SOL. |
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clarklindam
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If they did not serve you with summons and complaint papers, you will not owe this amount. They have to sue you prior to the 7 year mark or they are just out... |
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