On my credit report I have 2 accounts closed from unpaid Credit Cards. It says $0 balance and account has been transfer/sold. Last payment 04/02. It now lies in the hands of a junk debt collector. Should I pay? How can I get if off my credit report?
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Splanis
ANSWERS: 5
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The only way to repair your credit is to pay those debts. Even once they're paid, though, it will probably take several years before they fall off the reports.
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Honestly, if you wait till April of next year you won't have to pay. The stat is 7 years.
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I, myself, have the same issue. However, my husband and I recently went through a program called Crednology. We did have to pay a fee, but the company goes through and disputes all of the history on our credit report until eventually it is erased. If you decide to pay off your debts, the junk collector will give you a more affordable offer and they will probably be willing to work with you. You can also go to the credit report websites and dispute the history yourself. Either way, there are ways around a bad credit score.
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In 2002, I was a fraud victim. Someone in another state got ahold of my bank debit card and bought alot of stuff along with paying their bills.Needless to say my bill payments bounced.It took quite awhile but I finally got it all straightened out EXCEPT for one of my credit cards. They didn't care why, they just wanted what I owed them and closed my account. I still refuse to pay them, but they keep selling my account to another company, and another and another ETC.. I pray this goes off in 2009. But I was told it starts a new 7 years each time a new debt collector takes over... As stated DO NOT PAY even $1.00 as then you are stuck again....
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You know, if you don't pay, then tax payers will. This is part of the problem that is going on with the economy right now and why our government is considering a $7 billion bailout plan. Eventually even if these 'closed' accounts drop off the radar, you will still show up as a bad credit risk. Your credit is important; it is the benchmark of what you can CHOSE to do financially. The funny thing is that no matter if "old" debt is paid off or not, sooner or later, through higher rates, or riskier loans, you'll pay - oh boy will you pay. I used to be a repo-girl, and a skip tracer, and a collector. Now I do consult work for security firms. it'll all catch up with you eventually.
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