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I pulled my credit report, as my husband and I need to purchase a car. My car is paid off. I had a high interest loan that I paid off early and never made a late payment. I would think my credit score would have inproved, but nope!
My credit score (through Equifax) is 546! I have debt, including an old cable bill, from 10 years ago! I called on that particular account and they explained it will never leave my credit until paid. $259 has set on my credit since November of 1997!
I had been told to let these small debts be, as paying them would prolong activity on the account. Well, I can see that didn't work. The cable company told me that if I pay, it will reflect as paid on my credit report and leave my report in seven years. Are you joking?!?!? How can a debt like this stay on my report for essentially 16 years!
So, unpaid debts on my report amount to $1069.12. Should I just pay them? If I pay them, what good will it do for me over the next year?
I have paid off my car loan and paid in a timely fashion. I opened department store cards and paid on them timely as well. I just see no improvement in my credit. I really feel it is all hopeless! :cry:
Outdated Time Barred Debt
I am a certified credit counselor and credit correction specialist when it comes to the reporting of credit. DO NOT pay any debt off that is outdated or past statute of limitations. If you pay an account it will re-age the debt reporting for another 7 years and your credit score will drop further. What your dealing with on your credit report are JDB's or Junk Debt Buyers/collection agencies and they are violating state and federal laws by telling you it will never be removed until paid. NOT TRUE. these accounts need to be disputed with the major credit bureaus indicating that they are time barred for reporting and according to the FCRA they must be removed. The other thing you do not want to do is acknowledge the debt, this could also reage the account depending on the state you live in. If you would like more information on how to resolve this permenantly you cab email me at donnamclean@diversifiedcreditcounseling.net