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What should be done about a power bill that is 5 years old and has been charged off as bad debt?
Wiki User
∙ 19y ago
This won't answer your question, but just give you your options. Paying off the old debt may slightly improve your credit score. The reade off lies in the fact that, instead of the charge off being on the report for only two more years, it will show "paid in charge off" for seven more years, since reports are based on the date of last activity. If you are not trying to obtain a large loan (house or car), find out the "Statute of Limitations" for collections in your state. Most unsecured debts have a SOL of five years. In other words, the negative credit will remain on your report for another two years, but the creditor cannot try to collect it because you are no longer legally obligated to pay it.
Wiki User
∙ 19y ago
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