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Why pay a debt that is no longer showing on your credit report?
Wiki User
∙ 13y ago
Morals and ethics. To not pay it is theft.
You incurred the debt, by purchasing something or availing of a service. You owe the money to the person who supplied that something or service.
Would you write off a debt someone owed you?
Wiki User
∙ 13y ago
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Do you owe a debt that is no longer reported on a credit report?
Yes, the debt is still valid and collectible.
If you pay off an old debt no longer on your credit report will it be placed back on the credit report?
Yes it can. You should agree to pay it only if there is an agreement to not report it to the credit reporting agencies.
If the debt is not showing on your credit report do you have to pay it?
You still owe the debt but if it isn't reflected on your credit reports then it won't impact your FICO score which is what everyone bases the decision on giving a loan or not.
Can creditors call once the debt is no longer on your credit report?
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 a negative remark falls off the credit report after 7 years does it lower the credit score or swing it higher if the debt was never paid?
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.
Do you owe a debt that is no longer reported on a credit report?
Yes, the debt is still valid and collectible.
If you pay off an old debt no longer on your credit report will it be placed back on the credit report?
Yes it can. You should agree to pay it only if there is an agreement to not report it to the credit reporting agencies.
What is more credit damaging Bankruptcy or settling a credit card debt?
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.
If the debt is not showing on your credit report do you have to pay it?
You still owe the debt but if it isn't reflected on your credit reports then it won't impact your FICO score which is what everyone bases the decision on giving a loan or not.
Can creditors call once the debt is no longer on your credit report?
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 a negative remark falls off the credit report after 7 years does it lower the credit score or swing it higher if the debt was never paid?
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.
Can you be sued for a debt that does not appear on your credit report?
Yes, the credit report has no bearing on whether a debt is valid and subject to litigation.
Removing old debt from credit report?
how to removing old bebt from credit report
How do you pay credit card charge-offs?
I am a professional debt collector and would say the best answer would be to either contact your credit card company and see to whom they sold the debt, as they no longer own the debt and therefore can not help you rectify the situation. The other option would be to pull a credit report on yourself and check to see if the collection agency is on your report, or if there was an inquiry on your report from a collection agency.
What happens after 7 years of debt?
After 7 years of debt, the debt will be wiped off a persons credit report. There are some instances that certain types of credit will stay on the credit report for up to 10 years.
How long does a debt stay active?
Unpaid debt can remain on your credit report for 7 years. If you have a bankruptcy this can remain on your credit report for 10 years.
What if a creditor is not on your credit report but trying to collect a debt?
You must pay all of your legitimate debts. A creditor is not required to report a debt to a credit bureau in order to collect the debt you owe.
