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Posted in Paying Your Bills
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Question By
Djackson73

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How do I pay my negative debts from 3-4 years ago
I want to try and pay my negative balances to help my credit report

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Find out who owns the debts (should be listed on your credit report) then you contact them. While your intentions seem to be good, you must understand a few things. If you enter into any type of payment plans with the debt collector or whoever owns the debt, you can restart the clock for the Statute of Limitations to be sued for debt. You will NOT restart the credit reporting time period though (that's the length of time a negative will stay on your reports).

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Understand that simply paying off an old negative account will NOT help your credit in any significant way. You want to get old negative accounts REMOVED from your reports for you to have the desired outcome. This would be acheived by a "Pay for Delete Agreement". Paid or unpaid collections are both bad for your credit, so you need them removed and not just marked as paid.

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Do some research on the "Statute of Limitations to be sued for debt" in your state, read about "Pay For Delete Agreements"  and "Paying old collections". Make sure that you really do your homework before you proceed. I am glad that you came here looking for some advice before proceeding. Any more questions please feel free to ask.

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