Past Due: Radio 142 – Mailbag: Dealing With Old Debts & Credit Reports
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Carolyn, a Past Due Radio listener in Massachusetts, wrote a question into the mailbag asking about a few old debts showing up on her husband’s credit report. With her question as the backdrop, we touched on some of the pertinent elements of dealing with creditors, understanding your credit report, and the integrity issues surrounding repaying what you once borrowed. Today, we answered these critical questions:
1) How does the statute of limitations in my state affect how creditors collect on bad debts?
2) How do I know if my credit report is showing legitimate or erroneous accounts?
3) Can I say anything to a collector that would harm my credit report further when dealing with an old debt?
4) When should I repay an old debt and when should I just let it roll off my credit report?
AnnualCreditReport.com – don’t be fooled by the catchy jingles of other credit report services; this is the one website that allows one free credit report annually from each of the three credit bureaus – no tricks or hidden hoops to jump through.