Should I pay credit card debt that is 20yrs old and in collections w/Asset Acceptance,LLC.Reduced from original $4197.37 now 210

Asked about 1 year ago - Austin, TX

Just wondering if I really will be helping my credit rating or just doing the morally right thing?

Attorney answers (4)

  1. Brian W. Erikson

    Pro

    Contributor Level 18

    3

    Lawyers agree

    1

    Answered . Generally, the relevant credit history is the last 7 years. Resolving something that is 20 years old won't help. Incidentally, if the debt is really 20 years old, the company trying to collect the debt would probably keep all that you pay, which is why the company is willing to cut a deal.

    Good luck.

  2. Michael Glynn Busby Jr.

    Pro

    Contributor Level 19

    2

    Lawyers agree

    Answered . 20 years old, but has it been more than 4 years since the last payment? or charge on the account? if so then they have no legal remedy. I would pay nothing.

  3. Steven John Clausen

    Pro

    Contributor Level 16

    1

    Lawyer agrees

    Answered . Also, be careful if company requests you to sign any documents.

  4. Michael Wayne Weston

    Pro

    Contributor Level 11

    Answered . If the debt is 20 years old it should not be reporting on your credit report. You should dispute the debt because Asset Acceptance may have "re-aged" the debt, claiming you made a recent payment. You can go to www.annualcreditreport.com to obtain a free copy of credit reports and also can do online disputes.

    My comments are not legal advice and are for informational purposes only.

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