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I have decent credit score now but I do have old accounts that have carried a balance so long (like 7-10years) they do not appear on my credit report. I have been recieving offers to settle these balances for pennies on the dollar. Should I pay these debts and be free and clear or if I settle for less will it have a negative effect on my credit score?
Hi keystoneassad
It is good that these debts have not been reflected on your report. However the truth is, you do owe these debts. So it would be in your best interest to get them paid off. If you can negotiate with your creditor to pay it for less then all the better for you. Even if a debt is not reported it does not mean that it will not be pursued. So try and pay it off to clear yourself of any trouble in the future.