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will paying off a debt that was incurred in 1997 improve my credit in any way?
In 1997 I was 22 years old living with my boyfriend. We got satellite t.v. through Direct TV and the account was in my name. Our relationship ended not too long after opening the account. I did not know until a couple of years later that the bill total was around $500 due to an excessive amount of pay per view adult movie rentals - i had no idea he was watching porn at all. At the time, I was young, completely on my own, and had no means of paying any of the bill. A banker at an FHA lending institution told me that if a collection or charge off is more than 1 year old not to pay it off - because it would do nothing whatsoever to improve my score. He said at best it would list on my report as "paid in full" and sometimes that wouldn't even happen. DirectTV did not even report the debt to my credit report until almost 4 years after the account went into default. Now, I am receiving a bill via some collection agency offering to let me settle for $250 - if I pay that amount would it help my score or my credit rating at all??
Thanks!
~Jennifer
Asked by
milzpark
1 year ago
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by law that was suppose to come off your credit report 7 years after your last payment. the is governed by the fair debt collection practices act. not to mention alot of states have shorter deadlines for being held accountable. If you have made a payment in the last seven years then you reset there window. If you have not then don't. let them know that the account has been what they call reaged and that you know that it is illegal for them to do that. they will try to convince you that they just got the debt so that resets the time frame. however that is a lie. let them know that if they do not take it off your report you will come after them in court. you may use small claims. however some states do allow a longer time frame for collection for written contracts however if they cannot supply one it does not matter. the general rule with credit bureaus is seven years. I would just dispute it with them and they should remove it.
toledobill 1 year ago
No. Do not pay it. Contact the credit agency to have it deleted. It is over 7 years old and should be removed. You can dispute it online.
ppoolcx 1 year ago
No. A creditor can only report negative information for 7 years...So if they're reporting it, you need to contact the credit bureaus and let them know.
Paying it off will actually re-open the case and allow them to report it for an additional 7 years. Just ignore their letters. But definitely call whatever bureau is reporting it (Equifax, Experian, or TransUnion).
hanthony 1 year ago