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gettingsmarter4

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How do I recover from delinquent payments on a closed account?
I was young and dumb and thought I could forget about a debt I had with a credit union. They did not take me to court or attempt to collect the debt, they just closed the accounts I had with them. Now I am 6 years older and horrified at what I did and where my credit score is at. Can I begin to make payments to fix this with the account having been closed? Can I get them to remove it? What steps do I take now to fix my credit and/or settle my debt.

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Delinquent Payments

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The good news is that these accounts will be removed from your credit report 7 years from the month that the account first went delinquent. For example if you made your last payment 6 years ago, this will drop off in a year. While it may be morally right to square up the debt, depending on the statue of limitations in your state, they may not even be legally able to take any collection action. I would wait for it to drop off. If you do decide to make payments remember that the 7 year clock starts all over again once you do unless you negotiaite a"pay for delete" which not all companies will do. Best of luck.

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The clock does NOT start over if you make a payment, that is a very, very common misconception.  Read the FCRA as I have and you'll see I'm right.  

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