0
NO! First thing to do if you want to pay off old debts is dispute the negative items on your credit report. If an update is over 5 years old they have to remove it. The reason I say dispute it is because when the credit bureau contacts the creditor the creditor has 30 days to validate the debt. If the creditor does not validate the debt in 30 days the credit reporting bureau is required to remove it. Once it is removed it is not supposed to be put back on unless notifying you first. Contact a mortgage company about how to fix your credit even if you are not buying a home right now. We just bought a house after working on our credit for 2 years after a fraudulant real estate sale ruined us. I think this question depends on the state you reside in. For example, in Ohio the statute of limitations, meaning how long the creditor or agency can take you to court and obtain a judgement, is 15 years. So, don't always asume that debt collector is bluffing when they say they are going to pursue the debt legally Before you dispute any accounts, look at the last reporting date on your credit report. If the creditor has reported to the bureau within the las 24 months dispute the account. If it has been over 3 years you are taking a risk the first thing that can happen is that it will be removed, the second thing that can happen is that it will alert the creditor that they have not reported in several years and then they will start reporting it again. If this happens it will look like a new occurrence in you credit and will affect your score. The further back an account is in your credit history, the less it affects your scores.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Should you pay off all small debts first or concentrate on the large ones?
I have always been told that it is best to pay off the smaller debts first and get those out of the way so then you can focus on the larger debts when you have fewer debts to worry about.
What should you do if you have a lot of credit card debt then moved from the US to Europe and a credit card company starts to call you?
Pay off the debt. Pay the debts that you owe. Don't you feel responsibility for the debts that you incur?
What is the meaning of corporate insolvency?
The definition of corporate insolvency is the inability to pay debts. It occurs when the business or corporation does not have sufficient funds to pay off its debts.
What happens in Pennsylvania if you can't pay for your credit cards?
If you are unable to pay debts, depending on how much money is involved, you may have to declare bankruptcy or liquidate your assets to pay off debts
Is a beneficiary responsible to pay debts?
No a beneficiary is not responsible. One of the primary reasons to open an estate is to resolve such debts. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
IS it better to prepay your mortgage or save the same amount?
If you have enough money to pay off your mortgage and no other debts, you should pay it off. If you have other debts, you should pay off those with higher interest rates before those with lower. If you have credit cards, you should pay them off and cancel them.
Should you pay off all small debts first or concentrate on the large ones?
I have always been told that it is best to pay off the smaller debts first and get those out of the way so then you can focus on the larger debts when you have fewer debts to worry about.
Is it better to immediately pay debts or to invest?
Pay off your debts!
What was the federalist view on the assumption of state debts?
The view was that the Federal Government should pay off the states' war debts.
In what ways can one cancel IRS debts?
One can simply pay off the IRS debts. Another way one can cancel IRS debts is to get loans from banks to pay off the debts. Also, one can borrow money from peers to pay off IRS debts.
What should people do to get out of debt?
People should pay off their debts and take care of their debts this is th e best way i can tell you By:Aarion Walker
When a parent dies and owns home do you have to sell to pay off debts?
If the other assets are not sufficient to pay off the debts, yes you have to sell it. The estate has to resolve all debts.
How do I pay off debts quickly?
You can start by paying off small debts then working your way to the bigger debts. You can use the money from paid off debts to double payments on bigger debts instead of blowing that money.
If a person dies with debts and if their estate cannot pay those debts can the creditor go after the executor to pay off the remaining bills?
No. If the assets of the estate doesn't cover the debts, the creditors will have to write them off. But that means that no one can inherit anything from the estate as it would have to be liquidated to pay debts.
What should you do if you have a lot of credit card debt then moved from the US to Europe and a credit card company starts to call you?
Pay off the debt. Pay the debts that you owe. Don't you feel responsibility for the debts that you incur?
Did England tax colonists in the seventeenth hundreds so they could pay off their debts?
yes they did. they taxed so they could pay off their debts from the french and Indian war
Why did the new nations need to pay off its debts?
because the new nation needed to pay off the foreign debts and to issue new bonds to cover the old ones
