Pay off debt no longer on CR?

[Anonymous]

There were accounts that I had that were closed/charged-off, etc on my CR. Up to about 5 years ago, I would just dispute dispute dispute to remove items, or just let them fall off after SOL. This caused me to have unpaid accounts, that all over the place that I'm assuming companies still have record of. 

Example: 

Opened Circuit City (Chase) account in 2005. Defaulted 2007. Collections fell off of CR in 2013. 

Is there a moral obligation to pay? How would I go about finding these accounts? I mean, there are accounts that I've totally forgotten about, including medical, that are no longer on my report. Should I even try and find them, or should I just let it go? I used Circuit City specifically becuase it was my first account that I remember being defaulted on, and it's with Chase.  In trying to get my credit on track, I've come to terms that I had to pay my debts because they are, in fact, mine. 

**When I say I've forgotten them, I remember accounts on my report, but I didn't take credit seriously, under the notion/ignorance that "everything will work itself out," so I don't remember most of the creditors. 

[Anonymous]

@Anonymous welcome to the forum.

I can’t really get too deep into the morals and their origins because of the TOS. But I will note that the 7 year requirement to discharge debts originated in the same place as morals, IMHO.

With that said, society has produced a framework to discharge those debts and to allow creditors certain liberties on their account sheets when discharging those debts to offset their losses. As a result they have been given certain liberties in return for discharging that debt. (I’m not saying the creditor was made whole, but he was given a form of consideration, an offset.)

Everyone has to make their own decision when it comes to morals. But you have no legal obligation to pay if in fact the debts are beyond the statue of limitations permitting a judgment and the creditor has failed to obtain a judgment or if the judgment obtained has expired.

If you have any that have not outlived that time, I would definitely advise reviewing those if they’re attempting to collect actively.

I really don’t know how you would find the closed accounts if you don’t remember the creditors and they’re not on your credit report. If any previously sued you and acquired a judgment, that would be public record in the official records of the county that had jurisdiction.

[Anonymous]

@Anonymous Thanks!! That's great information. No one has ever tried going beyond credit reporting, and the SOL has run out. My only major concern was that of Circuit City as I would like to apply to Chase one day, and espically with people saying they've gotten denials due to burning them a few years back 

[Anonymous]

That is true. Some lenders have long memories. I can’t tell you how long you have to wait for a lender after burning them before they let you back in, but there are members here that have that information and will hopefully chime in. I want to say it’s something like 5 years for Chase but don’t quote me.

And they’re not gonna be able to see the default of debts to the other creditors because they’re not on the credit report.

[Iusedtolurk]

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@Anonymous wrote:

@Anonymous Thanks!! That's great information. No one has ever tried going beyond credit reporting, and the SOL has run out. My only major concern was that of Circuit City as I would like to apply to Chase one day, and espically with people saying they've gotten denials due to burning them a few years back 

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If getting an approval from Chase is your prime concern you could check their pre-qualification site to see if they have offers for you. If they have pre-approved offers you would more than lightly have no problem applying for the Circuit city card backed by them.

That's one way to see if they have internally blacklisted you.

With Chase one criteria you have to meet is no more than 5 new accounts within 24 months that generally causes an instant denial right off the bat.

[Anonymous]

@Iusedtolurk @Anonymous Much thanks to both of you. I have a lot of work to do, but I feel like I got some pretty solid advice! 

[Iusedtolurk]

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@Anonymous wrote:

@Iusedtolurk @Anonymous Much thanks to both of you. I have a lot of work to do, but I feel like I got some pretty solid advice! 

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Glad to help. Do let us know how you turn out it will help others who come across this post who may be in a similar circumstance.

[SweetCreditObsession]

You might try skimming the boards under the Rebuilding Credit section for DPs on getting back in with Chase. Best wishes!