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confused


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Posted by Pam Mom (66.61.64.205) on April 25, 2002 at 16:30:12:

I am so confused. I have read through these messages and over and over I see certain people stating that if you pay an old debt, it will re-start the clock (another 7 years)...

But in the credit problem section of this website, it says (i think) the opposite. I quote from this page: http://www.cardreport.com/credit-problems/time.html

"Making payments or partial payments on bad debts does not effect the running of the credit reporting time limits, except in the case of tax liens and federal student loans. All other types of items should expire on schedule, based on the original dates, regardless of when or whether they are paid."

So which is true?

We have worked SO hard to rebuild our credit. We have an old credit account (about $800) that was delinquent 1/1996. It is NOT on any reports now (not sure why it isn't, but it isn't). However, CA calling and says pay up by tomorrow, or they will get judgement next month (next month is still within 6 years - SOL won't be up until June)....

If a judgement is awarded next month, then I have to go through ANOTHER 7 years of bad credit. I'd rather pay it now - but if paying it will start 7 years again, then I am messed up either way I go!!!

If paying it WON'T re-start the clock, but WILL keep a judgement from occuring, then I'd prefer to do that (I have $800)...

What do I do????????



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