Should I pay off this old debt?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
13 posts
JamesMS
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Postby JamesMS » Tue Apr 14, 2015 10:38 am

vipgs3 wrote:
I'm financially in a better position and able to take care of my debt, just wanted to make sure that paying it off will not only be morally correct, but help with my overall credit report and score.


I have heard of some collection companies negotiating a payment in full for full removal from the credit report. If I were you, I would call them up and see what they are able to do.
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amex007
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Postby amex007 » Tue Apr 14, 2015 2:37 pm

flan wrote:It's 7 years from the date of first default. some sleazy or incompetent debt collectors will attempt to re-age it so it looks more recent, but such practice is not legal.


Oh Asset Acceptance LLC (bought my Chase debt) did that to me - kept on re-aging the debt somehow so I thought it would never fall off my record so I worked to settle it. I always thought that was kind of odd how they could keep pulling inquiries on me to make it seem more current. Bastards
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MemberSince99
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Postby MemberSince99 » Wed Apr 15, 2015 9:02 am

amex007 wrote:Oh Asset Acceptance LLC (bought my Chase debt) did that to me - kept on re-aging the debt somehow so I thought it would never fall off my record so I worked to settle it. I always thought that was kind of odd how they could keep pulling inquiries on me to make it seem more current. Bastards



I had one of them do that as well. I disputed with the CRAs who simply "verified" the debt with the vultures who of course affirmed it was accurate, and it stayed.
That really hacked me off as it had a last activity date of like 1992 so it had been 20 years and they were still re-aging it and it looked like they planned to do so forever. I complained to the CFPB about it, and what do you know it disappeared soon after from my reports. Nothing of course happened about the fact that re-aging it was illegal but then again in the US business is free to pretty much violate the law with total impunity if you think about it so what can we expect. At least it was removed.


I would try that route.



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