Re: FACTS? OR CONFUSED?

Posted by LadynRed (199.91.33.254) on February 13, 2003 at 12:00:08:

In Reply to: FACTS? OR CONFUSED? posted by Tia24 on February 13, 2003 at 04:53:15:

I'll try to clarify some of this for you.

Your credit report - negative items stay on for 7 years from the date of 1st delinquency to the ORIGINAL CREDITOR. So, if you don't pay it or pay late, it goes to a negative status and it stays.

The unpaid medical debt from 1998 will stay on your report until 2005.

If you have unpaid debts, particularly credit cards, that have not been paid and are due to fall of your CR this year, I'd say leave them alone. Unless you're in RI or WY, the statute of limitations on these is up in every other state, meaning they can't sue to collect and you don't have to pay them - don't waste your money. Once they drop off your CR, they CANNOT be re-inserted (legally).

If you have debts that are NOT beyond the SOL and due to hang around for a while you *might* consider settleing, but do so ONLY on your terms - meaning complete deletion of any collection agency entries and 'paid' or 'paid as agreed' - anything else will be negative. I'd stay away from consolidation/negotiation/settlement companies, they're BAD news in 99% of the cases.

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