Subject: Will it benefit my credit score to pay bills 7 years old?
Mon Mar 16, 2009 6:32 pm
I have a credit score of about 650 and want to improve that score. There are 5 medical bills that are approximately 7 years old and turned over for collection. Would it benefit my credit score to pay these bills?
Yes, since the debt is nearly seven years, I think that you need not pay off the debt because the debt will automatically fall off from your report after seven years and six months from the date you became delinquent. Once it comes out from your report, your credit score will automatically improve. However, in the meanwhile try not to make any late payments towards your existing debts so that you credit history improves. Even if you pay off the bills, your credit score will not improve because these negative items cannot be removed before seven years. _________________ Keep in touch
Good advice, CAROL. I have a few Medical Bills, myself ( and some other debts, as well) on my CR. However...........ALL of the 'Fall-Off' dates are in 2009. So..I'm not EVEN gonna touch them! I'm slowly, but, surely, getting my credit cleaned up a bit.
Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.