Yes, the debt is still valid and collectible.
There is no minimum. 1 cent of unpaid debt can be reported.
Typically, it's reported for seven years, except for bankruptcy, which is reported for ten years.
Yes it can. You should agree to pay it only if there is an agreement to not report it to the credit reporting agencies.
The answer to your question is Yes, they can report a debt that was never origionally reported to the CRAs. This is most common with medical expenses. You may have an outstanding debt to a doctor's office for example, and though Doctors do not typically report debts to a CRA, if they sell your outstanding debt to a collection agency, they absolutly have the right to report it to your credit report. So, in a word, yes, it is legal, and is actually quite common. Hope this helps! In fact it is against the Fair Debt Collection Practices Act for a medical debt to be reported to the credit agency, but it doesn't apply if they sell the debt to a third party collection agency. Nice way for them to get around that.
It is common belief that after seven years your debt gets wiped clean from your consumer credit report that is reported to all major credit agencies.
An account is no longer reported after a period of 7 years of inactivity in the USA; 6 years in Canada.
There is no minimum. 1 cent of unpaid debt can be reported.
Yes.
Typically, it's reported for seven years, except for bankruptcy, which is reported for ten years.
Yes it can. You should agree to pay it only if there is an agreement to not report it to the credit reporting agencies.
Bankruptcy would be more credit damaging than just having large credit card debt, mainly because it stays on your credit report for longer. One of the biggest disadvantages of filing for bankruptcy is the lasting effect it has on your credit report- typically staying on your report for 7-10 years. With credit card debt there are more flexible options and obviously when you pay the debt and does not stay on your report for as long.
The answer to your question is Yes, they can report a debt that was never origionally reported to the CRAs. This is most common with medical expenses. You may have an outstanding debt to a doctor's office for example, and though Doctors do not typically report debts to a CRA, if they sell your outstanding debt to a collection agency, they absolutly have the right to report it to your credit report. So, in a word, yes, it is legal, and is actually quite common. Hope this helps! In fact it is against the Fair Debt Collection Practices Act for a medical debt to be reported to the credit agency, but it doesn't apply if they sell the debt to a third party collection agency. Nice way for them to get around that.
It is common belief that after seven years your debt gets wiped clean from your consumer credit report that is reported to all major credit agencies.
The statute of limitations on credit card debt for Massachusetts is 6 years according the website I found. (http://www.creditinfocenter.com/rebuild/statuteLimitations.shtm) NOTE that this is different from what will be reported on your credit report. In any case, if you do not pay what you owe, your score and ability to borrow will be low for a longer period of time.
No. If they are tell them that the debt is paid off, and ask for them to cease any future calls. You might want to check to see if your credit report is updated with this paid status.
When the negative debt is completely erased from your credit history, your credit score will experience an upward swing. Also, the longer time goes by and you have clean clear credit (and the debt is still on your report), your credit score will improve.
8 out of 10 people have negative, errors or derogotory items on their credit report. This can be disputed.As I was reading this question, it could be a timing difference between when each credit card reports your debt. It can either be cleared up in the month or if it is a debt that went into collections then see paragraph above.