Portfolio and Aging Off

[DaBears]

+1 burned. As stated above they can pull a special report and see all your unpaid debt. Me personally I would pay it in full that way it does not haunt or bite me later on. 

DaBears. 

[lessonslearned]

Geez, never knew that. Should I let it age off and then pay Portfolio or just pay it off now? Thanks for the information. I've learned a lot!

[DaBears]

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@lessonslearned wrote:

Geez, never knew that. Should I let it age off and then pay Portfolio or just pay it off now? Thanks for the information. I've learned a lot!

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It's up to you. I see a lot of people think that it ages off they are not obligated to pay the unpaid debt. I chuckle. If it was me I would pay it off now and then wait for a new clean report to show up. 

[RobertEG]

+1

A standard question on most higher-principal applications for credit is whether you have any unpaid, delinquwnt debt, or for a listing of all current, obligated debt.

The fact that the CRA can no longer make that information available in standard credit reports they issue is not basis for omitting discloure of any such debt.

Additionally, as stated, FCRA 605(b) exempts all of the credit report exclusion periods if the creditor requests a report related to an app for credit of $150K or more.

While they may not request such a full credit report that ncludes all reporting derogs, and that is apparently ratre, they could choose to do so.

If the consumer has failed to disclose the debt, that might have serious implications in their approval process.