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Additional Details
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mrhandsome8124 | Is it true that Credit Debt will wipe itself out in 7 years? Or Should a person pay the debt to clean credit? |
I am 26 years old, and I have credit debt from the age of 19 years old, I paid a few of them off, but there is another $2,000 -$5,000 sitting on my report. What is the best course of action?
a. To continue to pay them off one-by-one.
b. Dispute them until they are wiped off.
c. Allow time to wipe them out?
Please let me know.
Additional Details
Jim, I was a teenager when I purchased most of my credit debts, not the man that I am today. I appreciate the funny sarcasm of your idiotic reply, perhaps you've never had a parking ticket, because Lord KNOWS SPACES AREN'T FREE! OR MAYBE YOU HAVE NEVER BEEN LATE TO WORK EITHER, BECAUSE TIME IS MONEY!
I am asking this question because a friend of mine who works for the government bank told me that MOST CONSUMERS ALLOW THEIR DEBT TO DIE OUT. So don't throw the words "manly thing to do" at me.
I'm facing the best move for my finances. |
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robert w
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Unfortunately the '7 year' myth exist even now.
a credit in default go off ur report the 'last' time it is reported from any collector.
so u got bad credit from chase in '99 - last payment. chase does no thing with it '00 - '06 - OK so far- '07 they sell the account to collector. the collector reports u bad credit from chase in '07 time STARTS AGAIN.
this can continue until u pass away.
pay them off with written PROOF that u retain FOREVER and a day.
if u owe the money -disputing does NOthing legally.
suggest visit to dave ramsey.com to leanr more hard lessons from others mistakes.
cheaper easier faster less pain. |
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dustystar
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The best thing to do is dispute them until they wipe off and let time do the rest. Instead of paying them off I would try to rebuild your credit, start with a prepaid credit card or a credit card for poor credit. Orchard bank is a good one to start with. If they have been on there for the last 6 years your credit should be clean soon so start rebuilding and try to avoid the past mistakes. |
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quizzard123
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Pay them off. The debts will be removed from your credit report, but unless you manage to disappear off the planet, the creditors can still come after you.
Besides, it's the proper thing to do, and you know it. You say you're not the kid you were, and I respect that, but if you skip those debts because the 7 year period lets you remove it from your report, that's going against your new attitude, isn't it? |
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CGG
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If you don't pay it off, it will not go away necessarily. It will most likely remain on your report through another reporting company. (collectors). Your score will not go down from paying the debt off. That can happen if you pay off certain debts, but not in this case, as it has gone to collections. It's not like you're paying off a loan early. Do what you can to pay it off. Good luck. |
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bdancer222
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Negatives fall off your credit report 7-1/2 years from the date of first default. This is governed by the FCRA and nothing can restart this date.
The Statute of Limitations (SOL), the timeframe to bring lawsuit, has probably expired as well -- check your state to be sure.
This does not mean that you don't owe the debt. Collectors can and will still contact you seeking payment. They will follow you to the grave. They just can't put the item on your credit report or sue for the money.
You should work on settling all the negatives on your credit report. Start with the newest and work backwards. The older the debt, the less impact on your score. |
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Smile Like Umean It
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It all depends.
There are statues of limitations on debts that stop collection agencies from hounding you for the rest of your life, but the time frame varies for each state, what kind of debt it is and your last activity with the account that holds the debt.
I'd do some more research if I were you. Who knows, you could have reached your stat. of limitations on some already and are still paying. |
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ga m
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pls pay them else you will have to keep disputing them till you dry up |
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Praxy D
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Visit this link you will get the answer of your question.
http://www.ezconsolidation.com/student_loan_consolidation.php
99% i hope that it will be helpful to you. |
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Crazyjester9
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Just let them fall off. Paying them now could actually lower your score.
You paid your debt by having poor credit for 7 years. Time to move on in life. |
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Steve R
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If you let it die out, your credit score will be low (500's) and that affects your ability to buy a home, apartment, car insurance for many years to come. Morally, I would want to pay off my debts. |
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Straight Shooter
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continue to pay. above the morals of it, but to protect what credit you do have. if you can buy the items, you should do the manly thing and pay for them.. it's not that much money anyway, not worth messing any future purchases up over that little bit. |
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Jim
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When you bought something were you thinking this stuff is free? |
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