Is it "safe" to re-establish good credit history?
Three distinct questions and answers: The debts are valid
Three distinct questions and answers:
The debts are valid until paid, morally.
After 7.5 years the debts cannot be placed back on your credit report.
Depending on what your states statute of limitation is the question of being sued is answered. If the debt is beyond SOL they cannot sue you.
So go and re-establish your credit, if you get contacted by a collection agent then send them a debt validation letter. If the debt is out of SOL then you can negotiate a settlement, in writing, with the understanding that NOTHING is to be reported. Or you can tell them to go away because the debt is old and they have no legal recourse in the matter.
Thanks, Cellular!
Thank you for your response. The idea of a settlement (even after they have no legal recourse) is appealing. When financial situation has improved, it is better to be "clean" and be in peace, with no more fears of future lawsuits.