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Is it a good idea to pay off vendors on your credit report?

I was recently looking over my credit report and noticed a charge listed as Seriously Past Due/Assigned to attorney or collection agency.

What would you do if you have never received a notice from the attorney or collection agency? Would you pay this old debt?

Answer Question
 
fallenfaerie

Asked by fallenfaerie at 4:20 PM on Sep. 13, 2010 in Money & Work

Level 8 (209 Credits)
Answers (6)
  • it's aways a good idea to pay off any vendors on your credit report.
    keisha613

    Answer by keisha613 at 4:24 PM on Sep. 13, 2010

  • yes!! The bank doesnt care if you have never received anything.. If you try to apply for any type of loan and its on your credit report.. they will deny you. We recently bought our first home and I had to go through and get a credit card that had my name on it but my parents were in charge of it.. many years ago. Taken off because my parents went through bankruptcy and it was showing on MY credit report that I owed it which in fact I did not. ihad to call twice to get it taken off. Try your hardest to pay it off! Good Luck!
    kelsbecca619

    Answer by kelsbecca619 at 4:25 PM on Sep. 13, 2010

  • If your debt  is current pay it.
    If the debt has passed the statue of limitation time period, you will reopen the case.


    Here is the statue of limitation guidelines by state:  http://www.creditcards.com/credit-card-news/credit-card-state-statute-limitations-1282.php

    bergencounty

    Answer by bergencounty at 7:11 PM on Sep. 13, 2010

  • If you have the ability to pay it, I would. =)
    Erica_Smerica

    Answer by Erica_Smerica at 7:31 PM on Sep. 13, 2010

  • Pay
    Mom2Just1

    Answer by Mom2Just1 at 10:55 PM on Sep. 13, 2010

  • Yes pay off anything that shows up on credit report. It can seriously keep you from getting jobs, are cars, or getting approved for loans.
    Carol936

    Answer by Carol936 at 7:51 AM on Sep. 14, 2010

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