Should I pay off delinquent accounts?

[bk6]

Question? I have several accounts in collections on my credit report ranging from two years old to about six years old. Is it best just to negotiate a settlement with the collections companies in an effort to pay them off? I have done one in the past and asked the company to delete the account or list paid in full. They agreed but never did it then went out of business. Trying to rebuild my credit and have several accounts showing excellent payment history, but these accounts are holding me back.

 

thank you.

[KDISW90]

I can't really answer your question as a whole, but in my experience, settling a debt means you still owe part of the debt and they can in the future still collect? Even if they don't list the amount on your credit report. I've seen this happen to my Aunt when she thought her hands were clean of a debt she settled and all of a sudden they sent her to collections for the unresolved portion a few years later.

 

I've also heard that settling a debt looks worse on your credit and it can reset the age limit or something?

 

As for the other one, I would dispute with the CB if you have the letter of agreement still?

[Sandscrit]

Hi. Paying off old accounts is up to the individual to determine. Debts are never extinguished except for WI and MS, which have a statute of repose on the collection old out of statute debt. When an alleged debtor passes away, a CA can still attempt to collect on the decedant'se estate. If a person wants to pay off their alleged debt's, get it in writing and ask for a discounted price and removal of the negative tradeline(s)

[Benl3rd]

This is a good question because I find my self in the same situation