Right thing to do vs. SOL & Credit Report

[JennaD075]

Will you please help me with how I can convince my husband that I should be paying off old accounts that are past the SOL & will be falling off my credit report in the next year to year and a half? Besides being the right thing to do he doesn't see any benefit to it.  I want to do it because it is the right thing to do.  I owe them and should pay it.  Even though they are collection accounts and won't benefit my score for paying them.

[Shellie]

I think this is personal preference.  Some people don't have the money to pay every account even if they wanted to.  

[LShawn08]

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@JennaD075 wrote:

Will you please help me with how I can convince my husband that I should be paying off old accounts that are past the SOL & will be falling off my credit report in the next year to year and a half? Besides being the right thing to do he doesn't see any benefit to it.  I want to do it because it is the right thing to do.  I owe them and should pay it.  Even though they are collection accounts and won't benefit my score for paying them.

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Benefit one: is a clear conscience. Benefit two: it is good for emergency situations, like a vehicle going to hell and you can't out right by another car, cash and need financing. Benefit three: who wants to get stalked for the rest of their lives over a old debt?!

[LShawn08]

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@JennaD075 wrote:

Will you please help me with how I can convince my husband that I should be paying off old accounts that are past the SOL & will be falling off my credit report in the next year to year and a half? Besides being the right thing to do he doesn't see any benefit to it.  I want to do it because it is the right thing to do.  I owe them and should pay it.  Even though they are collection accounts and won't benefit my score for paying them.

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Benefit one: is a clear conscience. Benefit two: it is good for emergency situations, like a vehicle going to he'll and you can't out right by another car, cash and need financing. Benefit three: who wants to get stalked for the rest of their lives over a old debt?!

[JennaD075]

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@LShawn08 wrote:

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@JennaD075 wrote:

Will you please help me with how I can convince my husband that I should be paying off old accounts that are past the SOL & will be falling off my credit report in the next year to year and a half? Besides being the right thing to do he doesn't see any benefit to it.  I want to do it because it is the right thing to do.  I owe them and should pay it.  Even though they are collection accounts and won't benefit my score for paying them.

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Benefit one: is a clear conscience. Benefit two: it is good for emergency situations, like a vehicle going to he'll and you can't out right by another car, cash and need financing. Benefit three: who wants to get stalked for the rest of their lives over a old debt?!

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Thank you good points! He wants to refinance the house and it is not in my name and will not be in my name but is trying to get enough to pay off all our old debt.  He doesn't want to pay off my debt that is past the SOL & is falling of soon. I might just work on those ones myself. Once they are off my credit report I can send even $50 a month for years and years and years but at least I will be paying them off. His point about getting a new car and getting a loan to get a new car it won't matter about the items that will fall off my credit report in the next few months to year and a half.

[SunriseEarth]

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@JennaD075 wrote:

Will you please help me with how I can convince my husband that I should be paying off old accounts that are past the SOL & will be falling off my credit report in the next year to year and a half? Besides being the right thing to do he doesn't see any benefit to it.  I want to do it because it is the right thing to do.  I owe them and should pay it.  Even though they are collection accounts and won't benefit my score for paying them.

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I'd see if you could do PFD for settlements on anything past SOL and still reporting.   While paying is certainly the right thing to do, you also don't want to harm your credit by making a past collection look "current."

But yes, debts aren't truly absolved once the SOL has passed (in most states), but legal action can't be taken on them.  The debt still exists and could still be seen on a full file disclosure (sometimes requested for home loans over a certain amount or to extend employment over a certain salary).  

[JennaD075]

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@SunriseEarth wrote:

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@JennaD075 wrote:

Will you please help me with how I can convince my husband that I should be paying off old accounts that are past the SOL & will be falling off my credit report in the next year to year and a half? Besides being the right thing to do he doesn't see any benefit to it.  I want to do it because it is the right thing to do.  I owe them and should pay it.  Even though they are collection accounts and won't benefit my score for paying them.

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I'd see if you could do PFD for settlements on anything past SOL and still reporting.   While paying is certainly the right thing to do, you also don't want to harm your credit by making a past collection look "current."

But yes, debts aren't truly absolved once the SOL has passed (in most states), but legal action can't be taken on them.  The debt still exists and could still be seen on a full file disclosure (sometimes requested for home loans over a certain amount or to extend employment over a certain salary).  

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Does a full file disclosure go back to the end of time? I don't think I would ever get a home loan for an amount that would require this but you can never say never.  I "never" thought I would want to get married either. It almost makes me think my husband was right and I should have filed bankruptcy.  I didn't want to that but I also don't know that I will be able to pay absolutely everything.  I intend to pay more then he wants me to I just don't think it will be everything.

[JennaD075]

Bumping to see if anyone knows. Thanks!

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@JennaD075 wrote:

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@SunriseEarth wrote:

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@JennaD075 wrote:

Will you please help me with how I can convince my husband that I should be paying off old accounts that are past the SOL & will be falling off my credit report in the next year to year and a half? Besides being the right thing to do he doesn't see any benefit to it.  I want to do it because it is the right thing to do.  I owe them and should pay it.  Even though they are collection accounts and won't benefit my score for paying them.

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I'd see if you could do PFD for settlements on anything past SOL and still reporting.   While paying is certainly the right thing to do, you also don't want to harm your credit by making a past collection look "current."

But yes, debts aren't truly absolved once the SOL has passed (in most states), but legal action can't be taken on them.  The debt still exists and could still be seen on a full file disclosure (sometimes requested for home loans over a certain amount or to extend employment over a certain salary).  

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Does a full file disclosure go back to the end of time? I don't think I would ever get a home loan for an amount that would require this but you can never say never.  I "never" thought I would want to get married either. It almost makes me think my husband was right and I should have filed bankruptcy.  I didn't want to that but I also don't know that I will be able to pay absolutely everything.  I intend to pay more then he wants me to I just don't think it will be everything.

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[Shogun]

(b) Exempted cases. The provisions of subsection (a) of this section are not applicable in the case of any consumer credit report to be used in connection with

(1) a credit transaction involving, or which may reasonably be expected to involve, a principal amount of $150,000 or more;   (2) the underwriting of life insurance involving, or which may reasonably be expected to involve, a face amount of $150,000 or more; or   (3) the employment of any individual at an annual salary which equals, or which may reasonably be expected to equal $75,000, or more.

This means they can see any and all that is on your CR, even that which has been excluded by the CRTP expiring.

[xaiduz114]

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@Shogun wrote:

(b) Exempted cases. The provisions of subsection (a) of this section are not applicable in the case of any consumer credit report to be used in connection with

(1) a credit transaction involving, or which may reasonably be expected to involve, a principal amount of $150,000 or more;   (2) the underwriting of life insurance involving, or which may reasonably be expected to involve, a face amount of $150,000 or more; or   (3) the employment of any individual at an annual salary which equals, or which may reasonably be expected to equal $75,000, or more.

This means they can see any and all that is on your CR, even that which has been excluded by the CRTP expiring.

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Question about the specification on this: If you have had a deletion by the reporting entity, will it still be pulled up with this?