Comments on: Ask MyCreditGroup: Should I Ignore Outdated Collections On My Credit Report? http://www.mycreditgroup.com/blog/settling-old-debts/ Mon, 24 May 2010 22:32:53 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Marc Chase http://www.mycreditgroup.com/blog/settling-old-debts/comment-page-1/#comment-23262 Marc Chase Thu, 25 Jun 2009 15:20:01 +0000 http://blog.mycreditgroup.com/?p=370#comment-23262 Hi Robert, You know there is a little strategy involved and only you can decide which strategy is best for you. On one hand, its always best to pay off your debts. Ok enough for the moral lectures...lets talk about the strategy part now. The reality is, debts that old are doing minimal damage to your score, so yes, ignoring them is a feasible option. If you dont have any urgent reasons why you may need a good credit score right now, it may be an option to consider. On the other hand. If you plan on buying a home, car or need your credit in the next few months, you may want to consider negotiating. Hope that answers your questions Hi Robert,

You know there is a little strategy involved and only you can decide which strategy is best for you.

On one hand, its always best to pay off your debts. Ok enough for the moral lectures…lets talk about the strategy part now.

The reality is, debts that old are doing minimal damage to your score, so yes, ignoring them is a feasible option. If you dont have any urgent reasons why you may need a good credit score right now, it may be an option to consider.

On the other hand. If you plan on buying a home, car or need your credit in the next few months, you may want to consider negotiating.

Hope that answers your questions

]]> By: Robert http://www.mycreditgroup.com/blog/settling-old-debts/comment-page-1/#comment-23261 Robert Thu, 25 Jun 2009 15:13:05 +0000 http://blog.mycreditgroup.com/?p=370#comment-23261 So I have 3 collection accounts (collection agencies) due to fall off later this year and 2010. I may as well negotiate now and pay them off since they can't re-age them, correct? So I have 3 collection accounts (collection agencies) due to fall off later this year and 2010. I may as well negotiate now and pay them off since they can’t re-age them, correct?

]]> By: Marc Chase http://www.mycreditgroup.com/blog/settling-old-debts/comment-page-1/#comment-23260 Marc Chase Wed, 24 Jun 2009 15:50:58 +0000 http://blog.mycreditgroup.com/?p=370#comment-23260 Robert you couldn't have asked a better question. This has to be the single most misquoted law in credit repair. Under <strong>no circumstances</strong> can a collection agency re-age a debt legally. Only original creditors can. In this case we were talking about collection agencies. Robert you couldn’t have asked a better question.

This has to be the single most misquoted law in credit repair.
Under no circumstances can a collection agency re-age a debt legally. Only original creditors can. In this case we were talking about collection agencies.

]]> By: Robert http://www.mycreditgroup.com/blog/settling-old-debts/comment-page-1/#comment-23259 Robert Wed, 24 Jun 2009 15:25:54 +0000 http://blog.mycreditgroup.com/?p=370#comment-23259 I thought if they paid off the debt and the line is not removed, wouldn't it essentially renew and stay on their credit report for another 7 years? I thought if they paid off the debt and the line is not removed, wouldn’t it essentially renew and stay on their credit report for another 7 years?

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