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1986 | HELP I owed a bank 650 dollars from 1998, its not on any of my three credit reports, am I off the hook? |
As far as credit score goes am I off the hook? |
 |
 
Anne613
|
It depends on what type of account you had. If it was a credit card or loan and it's not on your credit report after all these years, you may be off the hook. The bank probably charged it off and for some reason did not report it.
If you left an overdrawn depository account, about 90% of banks report that to centralized clearing services (like ChexSystems). If you try to open an account with a bank that uses the clearing service, they may deny you an account. It may come up when you apply for a mortgage, etc.
I work in banking and I've had customers with old stuff show up on their reports at the worst possible time (mortgage application, usually). I would try to correct this now...it can take a while to clear off your record. |
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ron h
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no! not really if u r still dealing w/ this bank. if not dealing with this bank anylonger its been 7 years they really can't do nothing. but u need to make sure it is not on your credit line |
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Kaska
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If they are not contacting you after all this time. Don't contact them. |
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blinkablinka
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Off the hook as far as the credit reports go, but I wouldn't use that bank, they could have messages on your client profile about the debt not being repaid. Most credit reports purge every 5-7 years, so try to keep it clean this time. Good luck! |
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Expert Realtor
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I agree....free as a bird.
You got lucky. |
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beauty s
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no, because they can put it on there later and then u will be really suck.. Pay u know u owe it.. |
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Zipperhead
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free as a bird..... ya lucked out. |
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DebtFree
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legally? Perhaps, if you've heard nothing from them. They may of just wrote the debt off if you've heard nothing from them during this time.
Morally? No, you still owe the money. You borrowed it right? What if someone borrowed money from you and didn't pay? |
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∞infiniti∞
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Acermill is totally wrong. A debt can only be reported to the credit bureaus for seven years after last delinquency. It does not matter how many times the debt has been sold.
Legally you are off the hook since you are most likely outside the Statute of Limitation (SOL).
http://www.cardreport.com/laws/statute-of-limitations.html
However, unscrupulous debt collectors might still be trying to collect from you banking on your ignorance of the law. If that ever happens, notify them that you are aware of your rights. If they ever try to sue you in civil court, the SOL is an affirmative defense. |
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acermill
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Not necessarily off the hook, as far as your credit is concerned. You've passed the statute of limitations for the creditor to file legal action to recover the debt, but it can still be sold to a collection agency for pennies on the dollar. The collection agency will immediately start to hound you for the money, and will renew this debt as open and collectible in your credit file. From there, your seven year love affair starts all over again. |
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