Need Help ASAP - 12 year old debt collection

[BillyJean]

So pretty much the same reason I decided to check my credit and found these forums is a week ago CA for a 5k debt I never paid or stopped paying and has been charged off removed from my credit report years ago.  Now I was going to settle that day for 900 because I felt bad a CA is still calling my parents house (only valid number they had) and I thought my credit was ruined years ago and I just stopped using it.  Now I checked have a 650 and just got a Chase SP 5k.  Anyway I am fine now I don't even really need credit I am so used to living with out it but in a year or two I want to buy a house get a new car maybe.

Bottomline I read that if I pay a old debt it will come back on my credit report and hurt me again.  Also I have 17k debt judgement that probably won't go away it's hitting 7 years from that in a month and I just learned that it will stay for another 7 because they will renew it.  My question is there any pro's to paying like it will help me in the next year or so I am not two concerned about my credit score right now as I have plenty of cash on hand and car paid off etc.  Like if paying it will actully help me in the next year I would do it.  Also when things are gone from your credit report what does that mean the agent was telling me about historical negatives.  I don't know what to do

[DaBears]

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@BillyJean wrote:

So pretty much the same reason I decided to check my credit and found these forums is a week ago CA for a 5k debt I never paid or stopped paying and has been charged off removed from my credit report years ago.  Now I was going to settle that day for 900 because I felt bad a CA is still calling my parents house (only valid number they had) and I thought my credit was ruined years ago and I just stopped using it.  Now I checked have a 650 and just got a Chase SP 5k.  Anyway I am fine now I don't even really need credit I am so used to living with out it but in a year or two I want to buy a house get a new car maybe.

Bottomline I read that if I pay a old debt it will come back on my credit report and hurt me again.  Also I have 17k debt judgement that probably won't go away it's hitting 7 years from that in a month and I just learned that it will stay for another 7 because they will renew it.  My question is there any pro's to paying like it will help me in the next year or so I am not two concerned about my credit score right now as I have plenty of cash on hand and car paid off etc.  Like if paying it will actully help me in the next year I would do it.  Also when things are gone from your credit report what does that mean the agent was telling me about historical negatives.  I don't know what to do

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Hi BillyJean and welcome to the forums. If you are planning to apply for a mortgage the underwriter will more than certain make you pay the judgement. Did you get served properly? Did you ever go to court for it? Was it a default judgement? They will ask you about any unpaid debt and you will need to disclose that with him/her. They can pull a special report if they decide. 

[BillyJean]

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@DaBears wrote:

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@BillyJean wrote:

So pretty much the same reason I decided to check my credit and found these forums is a week ago CA for a 5k debt I never paid or stopped paying and has been charged off removed from my credit report years ago.  Now I was going to settle that day for 900 because I felt bad a CA is still calling my parents house (only valid number they had) and I thought my credit was ruined years ago and I just stopped using it.  Now I checked have a 650 and just got a Chase SP 5k.  Anyway I am fine now I don't even really need credit I am so used to living with out it but in a year or two I want to buy a house get a new car maybe.

Bottomline I read that if I pay a old debt it will come back on my credit report and hurt me again.  Also I have 17k debt judgement that probably won't go away it's hitting 7 years from that in a month and I just learned that it will stay for another 7 because they will renew it.  My question is there any pro's to paying like it will help me in the next year or so I am not two concerned about my credit score right now as I have plenty of cash on hand and car paid off etc.  Like if paying it will actully help me in the next year I would do it.  Also when things are gone from your credit report what does that mean the agent was telling me about historical negatives.  I don't know what to do

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Hi BillyJean and welcome to the forums. If you are planning to apply for a mortgage the underwriter will more than certain make you pay the judgement. Did you get served properly? Did you ever go to court for it? Was it a default judgement? They will ask you about any unpaid debt and you will need to disclose that with him/her. They can pull a special report if they decide. 

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I think I was served but never went to court and of course I lost, most they tried to do is take my car never garished wages or anything else.  But my main question now is about this other debt which was not a judgement, will paying it it help me in the future or pretty much not make a difference.

[CreditSeductress]

If this collection account is not showing on your credit report anymore, paying it now will make no difference. If you want them to stop calling your parents home, either have your parents to tell them you no longer live there, and to stop calling.....or get the name of the CA, the address of the CA, and the account number of the collection. Kindly send them a cease and desist letter. That will stop the contact, as they now have no legal ground to collect on this debt, as the SOL has long past.

If the judgement will fall off next month, don't bother it. It may be a hit or miss, but it may not be renewed. Only time will tell, but don't wake a sleeping giant!

[Shogun]

If a debt is unpaid such as yours, it is still listed on your CR.  However once it has passed the CRTP, "which in your case it has", it is excluded from view from a simple pull of your CR.  A couple of instances where this may still be viewed. 1) Applying for a job with a base pay in excess of $75K  2) Applying for a mortgage or other loan in excess of $150K.

Mind you they very rarely ever pull these full reports, but it can happen.  If you want them to stop calling your parents house.  Send them a cease and desist letter. 

The judgement is another story.  Depending on your state, many have a 10 year limit on the SOL of a judgement and they can be renewed for another 10 years.  Even if it is removed from your CRA they can still garnish your wages for payment.  I would want to clear the garnishment if it was me.

[BillyJean]

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@CreditSeductress wrote:

If this collection account is not showing on your credit report anymore, paying it now will make no difference. If you want them to stop calling your parents home, either have your parents to tell them you no longer live there, and to stop calling.....or get the name of the CA, the address of the CA, and the account number of the collection. Kindly send them a cease and desist letter. That will stop the contact, as they now have no legal ground to collect on this debt, as the SOL has long past.

If the judgement will fall off next month, don't bother it. It may be a hit or miss, but it may not be renewed. Only time will tell, but don't wake a sleeping giant!

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Thanks a lot for all the help I am not going to do anything right now, was almost about to today use one of the lawyers in my jobs free legal program to see if they could assist me but right now I have no loans I will be applying for anytime soon (two years).  I just always felt like I should of tried to fight it as when I was 20 years old when discover card gave me 20,000 credit limit without even verifying my wages ( was in college and was self employeed and put I made 50k ) and maybe I could of used that as my defense.  But at the time I was young single and making around 60k and just bought a 20k car cash and I was afraid they would of seen that and take my car away from me.

[BillyJean]

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@Shogun wrote:

If a debt is unpaid such as yours, it is still listed on your CR.  However once it has passed the CRTP, "which in your case it has", it is excluded from view from a simple pull of your CR.  A couple of instances where this may still be viewed. 1) Applying for a job with a base pay in excess of $75K  2) Applying for a mortgage or other loan in excess of $150K.

Mind you they very rarely ever pull these full reports, but it can happen.  If you want them to stop calling your parents house.  Send them a cease and desist letter. 

The judgement is another story.  Depending on your state, many have a 10 year limit on the SOL of a judgement and they can be renewed for another 10 years.  Even if it is removed from your CRA they can still garnish your wages for payment.  I would want to clear the garnishment if it was me.

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Almost nothing shows up on my credit report just my school loans and the public record judgement everything else is really old I have not used credit for probably 8 years, i had some other small negatives but all over 8 years ago and gone now as far as I can see.  I have never had a car loan or a lease for rent, I always find a way to do cash because I thought I would never have credit again.  My state is florida and this october would be 7 years from the date of the judgement so I am just going to wait and see what happens.