You need to pay the creditor only if the Statute of Limitation on the debt has not expired. Statute of Limitation on the debt varies from 3 years to 10 years depending upon the state you have signed the loan agreement and it starts after six months from the date you have made the last payment towards the debt. However, If the SOL has expired, you need not make any payment towards the debt and the negative item would come out of your report automatically after 7 years.
If the SOL on the debt has expired, you should never make any payment to the creditor because if you pay them even a small amount, the SOL will rewind and you may be required to pay off the entire outstanding debt. Now since your seven years is about to expire, the negative listings will get removed and your credit score will improve. If the negative items does not get removed after seven years, dispute the listing with the credit bureaus.
What if a debt was removed from your credit bureau because it was 7 years past i applied for a credit card it happen to be affiliated with the old debt now they declined me for the card but i am now getting calls from a credit reporting agency on the debt that has been past the seven years last payment on this debt was febuary of 2002 can they do this
You need to pay the creditor only if the Statute of Limitation on the debt has not expired. Statute of Limitation on the debt varies from 3 years to 10 years depending upon the state you have signed the loan agreement and it starts after six months from the date you have made the last payment towards the debt. However, If the SOL has expired, you need not make any payment towards the debt and the negative item would come out of your report automatically after 7 years.
If the SOL on the debt has expired, you should never make any payment to the creditor because if you pay them even a small amount, the SOL will rewind and you may be required to pay off the entire outstanding debt. Now since your seven years is about to expire, the negative listings will get removed and your credit score will improve. If the negative items does not get removed after seven years, dispute the listing with the credit bureaus.
what if a debt was removed
What if a debt was removed from your credit bureau because it was 7 years past i applied for a credit card it happen to be affiliated with the old debt now they declined me for the card but i am now getting calls from a credit reporting agency on the debt that has been past the seven years last payment on this debt was febuary of 2002 can they do this