Im in debt but am on the road to get things together
Date: Wed, 01/24/2007 - 08:08
God Bless.
When something reaches the SOL period, it just means the company
When something reaches the SOL period, it just means the company or collection agency can't sue you in court to recover the money. But you still owe the bill. And you should pay it if you plan on purchasing a house. Is it showing up on your credit report after 10 years? I thought most items fell off between 7-10 years.
If the account is already dropped off from your credit copy, the
If the account is already dropped off from your credit copy, there will be no negative effect even if you don't pay. Credit scores will remain as it is now.
However, if you decide to pay, it will be reported back in your file with a positive note. Credit scores will go up because of the recent payment history. Make sure that you pay in full for the best results. Be aware that the debt will come back within the SOL timeframe and companies can take legal actions after a missed payment.
If the statute of limitations have kicked in, I would not pay th
If the statute of limitations have kicked in, I would not pay the debt especially if it is no longer on your credit report. I would not worry about it if it is no longer on your credit report.
