Cleaning your debt and it's been more than 7yrs, is it smart paying them off? ?

Question

when i check my credit history early this year, it says that it will end or clear some of them by the end of the year. but, is it smart that i should just wait till next year maybe it will go away or should i start paying them now???

Answer 1

There are a few ways to attack this issue. If this is really your debt you should attempt to settle the debt. Chances are that the debt has been sold to a collection agency. If you can find the agency that has the debt offer them a one time payment of ten cents on the dollar as payment in full. Demand the deal in writing. Do not, I repeat, do not give the collection agency access to your checking account.Do not give them your account number or routing number. If they threaten you hang up. If you do not settle the debt it may fall off your credit report but it will still be an active debt. As the debt is sold and resold you may have to deal with it for many years to come. Best answer is to pay it off at ten cnets on the dollar.  Good luck.

Answer 2

It is better to help by paying it off. If they see that you aren't contributing anything, it might be a bigger mark against you.

Answer 3

If they are about to go off your record then I would leave them alone.  If you pay them they will update your record with new information that is still negative but you will have to wait another 7 years for it to go away.  Watch your report if they don't come off you will have to write letters to each of the credit reporting agencies and contest them being there.  They have to remove them if they are valid complaints.  If it has been more then 7 years they have to remove them.  Don't listen to anyone that advises you to pay them or make payment arrangements you will only make your credit worse with your good intentions.