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pay debt, will it still help?

Submitted by on Mon, 08/04/2008 - 04:58
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I have a $420 debt that is on my credit report and is a medical bill that slipped thru the cracks while my daughter was sick about three years ago. I want to clear this up. If I pay off debt, will it help my credit at all, or has it already damaged my credit so dont worry about paying it? Debt is about four years old. Will debt collection agency report it to credit reporting companies as paid? No one has contacted me in about two years trying collect on it.


I would find out who owns the debt. It may still be owned by the original medical provider. If the OC still owns the debt, then find out if they will pull the debt back from the CA and delete if you pay them directly. Is this with a hospital or a DR? How does it show on your reports? Does it show a MED01 notation?


Submitted by NASCAR_Devil on Mon, 08/04/2008 - 05:33

NASCAR_Devil

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All my Experian report shows is Paramount Recovery Services. I dont even remmber who the original medical provider was. Experian report still shows a balance as of July 28, 2008. But, the red dots at the bottome show as "CO" or Charge Off.

On report ---> Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department


Submitted by on Mon, 08/04/2008 - 06:51

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It is probably past the statute of limitations, so the debt is not valid. If you pay now, you will likely reset the 7 year period it stays on your credit history. I would just ignore it and wait until it goes off your credit history in 3 years.


Submitted by on Mon, 08/04/2008 - 10:52

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