Should I pay an credit card debt that is 12 years old and now owned by a collection agency?
Emily asked:
I received a collection letter regarding an old credit card that I forgot about from 12 years ago. The original balance was $590.00 and they are asking for payment of $1,550.00 with interest! It’s NOT on my credit report (yet) and I monitor it through MyFico. Since it’s 12 years old, would it be more damaging to my credit report to negotiate to pay part of it or not pay it at all? Isn’t there a statute of limitations? I’m in California. Can I be sued if I don’t pay for it? I understand that some experts say not to pay for it for fear that it can be reported on my credit report. I have a good credit score and don’t know how I forgot about a 12 year old closed account. Your expert advice would be appreciated. Thanks for our help.
No, it’s NOT on my credit report. Can they still add it to my credit report now after 12 years?
Helen
I received a collection letter regarding an old credit card that I forgot about from 12 years ago. The original balance was $590.00 and they are asking for payment of $1,550.00 with interest! It’s NOT on my credit report (yet) and I monitor it through MyFico. Since it’s 12 years old, would it be more damaging to my credit report to negotiate to pay part of it or not pay it at all? Isn’t there a statute of limitations? I’m in California. Can I be sued if I don’t pay for it? I understand that some experts say not to pay for it for fear that it can be reported on my credit report. I have a good credit score and don’t know how I forgot about a 12 year old closed account. Your expert advice would be appreciated. Thanks for our help.
No, it’s NOT on my credit report. Can they still add it to my credit report now after 12 years?
Helen
