@Anonymous wrote:
Yea it would be spiteful and honestly, its incredibly stupid they have that right. I would be very curious to know how many people would be willing to pay off debts or settle if this re-reporting capability was disallowed.
I wonder though if you got something from them stating they are willing to settle and not report it, is that legally binding?
I have a relatively small debt outstanding from many many years ago. I would like to pay it off. It is time barred from legal action in my state and well past reporting periods but just the risk it could go back on my credit reports has me steering well clear of it.......
I agree, there should be something that restricts debt like this from ever having the ability to go back on the reports. Even just the presence of it as a paid collection from year XX for the next 7 years on my report would be a killer - For scoring? Maybe or maybe not but for a manual review????? Ouch - that would hurt like hell.