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I have a couple items on my credit report, an old electric bill and phone bill, they are about to fall off in a couple of months after being 7 years according to my credit report. Is it better to settle before they fall off, or is it better to just let them fall off. Ive heard its almost worst to pay them off now because it has been so long. If it helped to settle before they fall I am willing to pay them but if its going to hurt, well Ive made it this far no need to fork over money if I dont have to.
Hi Rodney,
Well, first let me tell you that paying your debts is always a good habit. It is true that a negative item stays on your report for 7 years and after that it falls off. You have been delinquent and it has already hurt your credit score. You can try to settle the debts with the creditors by sending them a pay for delete letter which states that after you pay off the debt, they have to remove the negative listing. If you are able to do this then, your score will improve a bit. If they are not ready to settle then, let it fall off. Try to maintain a good payment record in future.
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