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callalobo | If I don't pay my bill will it still come off of my credit report after 7 years (Next year)? |
I have a 6 year old bill that right now is $1700. I don't see myself paying it off in the next year. So if I don't pay it will it still come off my credit report next year?
Additional Details
Ok I am not a deadbeat, I have paid over $5000 to it and the bill was an old hopspital bill. |
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echo
|
Then reporting period for medical debts starts on the date of service with the medical provider.
The reporting period is 7 years from that date
The reporting period cannot legally be re-aged
It does not matter if you pay, it does not matter if you do not pay, it does not matter if you make a payment on the very day it is supposed to be removed from your reports, it does not matter if you make a payment after the 7 years has passed and it is already off of your report, it does not matter if it is sold from collection agency to collection agency --- it cannot legally be re-aged to report for longer than the original 7 years. |
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OC1999
 |
Please don't listen to the people who said it will never come off of your report. The Fair Credit Reporting Act(FCRA) has specific guidlines as to how long a debt can be reported. Per the FCRA the listing will come off of your credit report 7 years from the date of the last delinquency. So if you have not paid anything on it in 6 years it will come off after the 7 years has passed next year. However, if you made ANY payment during this time, the 7 years started over from the date you went delinquent again.
As a side note, it does not make the debt go away, it has just passed the time where the creditor can place the item on your credit reports. |
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pinktoenails
|
According to the The Fair Credit Reporting Act : if the debt is over 7 years old and the last payment on the debt is over 7 years old then the creditor should no longer report it.
It is, however, your responsibility to make sure that they abide by these rules. Sometimes they do sneaky things like sell your account to another collection agency and this new company keeps the bad record going for 7 more years.
So :
step 1- request a copy of your credit report from all 3 major credit bureaus. Everyone is entitled to 1 free credit report per year from each credit bureau. www.annualcreditreport.com. or call 877-322-8228, or contact them separately,
Equifax
P.O. Box 740256
Atlanta, GA 30374
(800)-685-1111
Web site: www.equifax.com
• Experian
PO Box 2002
Allen, TX 75013
(888) 397-3742
Web site: www.experian.com
• TransUnion LLC
P.O. Box 2000
Chester, PA 19022
(800) 888-4213
Web site: www.transunion.com
Step 2 - Make sure all the information on that report is accurate, i.e. belongs to you, or is not outdated ( old debts that should be off because it has been over 7 years).
Step 3- dispute any information that is incorrect outdated following the major credit bureau standards. Once you receive your credit report they will have numbers that you can call to dispute.
If your accounts have been sold to thirds parties then you will have to include that in your argument.
the right thing to do would be to pay off all off your debt or at least make small payments but please note if you make ANY payments to an old bebt the 7 year cycle starts all over again and then it will haunt you for the next 7 years.
Good Luck |
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wizjp
 |
Depends on the circumstances. Could stay for another 4 in some cases. |
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mike m
 |
in most cases it should but if the debter wants they can up date every month as Long as they want unless you file chapter 13 then it will come off in 7 ys |
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str8talker
 |
Start making payments on it. It will not go away.....how did it get 6 years old?? For crying out loud, pay your bills like the rest of the world has to! It really bugs me when I have to pay higher prices because people just refuse to pay so those of us that DO pay our bills gets rooked because of deadbeats. |
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zippythejessi
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Nope. More than likely, it'll be sold to a collection agency so the 7 years starts anew.
Bills don't go away if you don't pay them. |
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beauty s
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yes it could come off next year, but they can just sale it to someone else and it will be right back on your credit report.. so u should pay it off |
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Margaret C
|
The rule is 7 years from the time of the event. So, if you are still not paying, it will show up as unpaid TODAY which means if you paid it off tomorrow, you will still have it on your report until 7 years from NOW.
If you never pay, it will continue to update monthly (based on billing cycle) on your report as unpaid and will ALWAYS be there!
You HAVE TO PAY! When you make your last payment, the bad stuff will stay on your report for 7 years from that time. |
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