Credit Card Debt Credit Report

I had a credit card when i was 16, and of course being a dumb teen, i didnt pay it. Now im 26 and the credit card still shows up on my report. Why is it still there? Cant i report this?
I thought there was a 7 SOL for this kind of things. Yes i do owe the creditors. But i thought it was by law to remove them after 7 years.
I'm sorry, i meant 7 YEAR SOL (statute of limitations.

The 7-year period can be renewed every time there is an activity on your account. Being that old and unpaid, chances are that this account has changed hands several times as the original creditor has sold it to a debt buyer, who then has sold it to another, etc. Each of these companies can report it to the credit bureaus and renew the statute. If you have not made a payment after the account was originally charged-off, you can file a dispute and hopefully you can win it. Additionally, if your creditor does not provide any supporting evidence (which is very likely, because they will not care at this point), you will win by default.

So go ahead and file a dispute with each of the 3 credit bureaus - Experian, Equifax and Transunion. Don't go to just one of the bureaus but to all of them. Keep in mind that if they fail to respond within 30 days of receiving your letter, by law they have to delete the account altogether, which is the best-case scenario for you.

Good luck!

2008-05-14 11:15:09 by hackerglory

zc.me 37 Days to Clean Credit is a program that can help you repair your credit score using simple, do it yourself methods that are proven to work ...

I filed my taxes today and included a 1099c form for a credit card debt of $10,107. Now that this debt is paid, how can I get the credit card company to remove this from my credit report so my credit score can go up. All of my bills are paid on time and I only have one debt left that is a positive on my report. My goal is to be debt free and buy a house this year.

Time for a reality check.

You say "now that this debt is paid". You also say you got a 1099C. That means that you did not pay. It means that the creditor has accepted that you are a deadbeat and they will never see this money. "Settling" is not the same as "paying". The purpose of the entry on your report is a warning to other creditors that you do not pay as agreed.

By the way: you are the debtor. The party that gives you credit is the creditor.

2009-02-17 17:27:21 by Kee Kee

Price: $9.95 $9.95

My credit card debt is almost 8 years old. Will it really help me (my credit score) to pay the debt collectors at this point?

If the original delinquency for this credit card debt is 8 years old, it should be off now. Delinquent accounts can remain on your report for 7 years only.

As for paying the debt, don't do it! A lot of people make the mistake of killing their FICO score by paying off old debts. An old debt has less impact over the years, but if you pay it, that's renewed activity on your credit report and it will hurt your score. A paid delinquent account is just as bad as an unpaid delinquent account. If you are still within SOL, most likely you're out of it by now, negotiate with the collection agency to pay the debt off only if they agree to delete their negative entry from your report. You did say the debt is 8 years old, so it shouldn't even be on your credit report. If it is, the collection agency re-aged your account and that's illegal.

Visit the website creditboards.com. This is an accurate site about credit issues and read up on FICO scores, it will prove the point that paying off an old debt does not improve your credit score, it hurts it. There are several posts on that site from consumers who paid off a 5 or 6 year old debt, thinking it would improve their credit score, only to find out the sad reality their score tanked after doing so. Tread carefully, don't make the mistake of hurting yourself further; you had to live with bad credit for 7 years, that's punishment enough. It's honorable to want to pay off an old debt, but foolish to do so when the end results brings your credit score down.

2007-03-21 05:59:47 by hmmmmmm??

Price: $24.99

yes, if you not pay.
The number of small business owners who said they experienced cash flow issues dropped from 42 percent in December to 32 percent in January. Thirty-five percent said economic conditions in the U.S. are getting better, up from 31 percent in December. The percentage of owners who feel economic conditions are getting worse dropped to 46 percent, compared to 50 percent last month.
you can get latest news related to credit card from: http://www.lowest-apr-cards.com/news

2007-02-06 20:42:54 by New business owner

I am in debt from when I was on maternity leave and I did not have a paycheck for 6 weeks. I am still having money problems and I can't pay the credit comp. all of the money they want, most won't take payments. I have not made payments for at least 15 months. They are all charged off. I have stopped answering the phone calls because all they want is money that I don't have. So why should I pay them, if all of it comes off in 7 years anyway?

Good question.

While it's true that it can trash your credit, after 4-5 years these old collection accounts have little effect on your score.

The trick to this is to negotiate pay for delete agreements with these collection agencies so the negative mark is removed if you pay. If they won't agree to delete the listing, don't pay it. No reason to pay the debt and have your score trashed.

Edit - Robert is correct for the most part in stating that the SOL does not negate the debt. However, there are a couple states in which the expiration of the SOL will extinguish the debt, unfortunately I don't have the list in front of me though.

Also, if you send the collection agency a cease and desist letter then by law they cannot contact you any further. Now if the SOL has expired, and the 7 year reporting period is over you can send the C&D which will effectively cut the legs out from under the collection agency as they have no means to collect the debt. Their only recourse would be to sell the debt to another collection agency, but another cease and desist letter will cut them off too.

2008-05-30 14:02:51 by Amber