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You are here: Experts > Shopping > Credit/Debt Management > Creditors and Bankruptcy Q`s > Can this still hurt my credit rating?
Expert: David
Date: 5/10/2008
Subject: Can this still hurt my credit rating?
Question
QUESTION:
"I live in PA and have an old credit card debt from 1989. The debt has been
sold to various companies over the years but has never appeared on my
credit report (as of 2008). It was for $4,500.00.
ANSWER: It only hurts if it is on your report.
---------- FOLLOW-UP ----------
QUESTION: Can it still be put on my credit report after almost 20 years?
Can you advise me If I should pay off the settlement to the newest company
that has purchased it?
Thank you!
Answer
I am sure your past the Statute Of Limitations regarding collections on the Debt. You should read through the Fair debt collection act before deciding to pay or not. You may be able to have an attorney make it go away for pennies on the dollar if you don't want to deal with it yourself.
It can be put on your credit if you affirm the debt or start making payments on it.
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