Re: Settlement on old debt

Posted by Queh (24.129.111.99) on April 10, 2002 at 20:17:42:

In Reply to: Settlement on old debt posted by jm10101 on April 10, 2002 at 15:13:34:

Hmmm.... this is an intersting one. If it doesn't show on your credit report... that is a blessing. Most likely because of the seven year limitation. My impression from dealing with creditors is this one fact:
They have the power to report any information they basically want to on our credit reports. Whether it is true or not, it is our repsonsibility to ensure accuracy not theirs. Although it is illegal for them to do this, what really can we do. When a person files a claim to have information verified by a credit reporting agency (Equifax, TU, EXP), all they do is simply ask them to verify the information is correct. They don't have prove that anything. That is unless legal action is taken.
My honest opinion, if you can afford it... try to pay it so it won't come back and bite you later. But I wouldn't pay a high interest rate though... forget that! I would pay just what I owe and that is it!
Good luck!

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