I have three old collections…1st one is 3yrs old, 2nd is 4yrs old and 3rd is 5yrs old…Should I try and pay them off??? I am trying to clean my credit but not sure if to the them if they are under 3yrs or 4yrs and the older ones wait to fall off?
Which old collections should I just let them fall off? 3yrs and up, 4yrs and up or 5yrs and up and just worry about the most recent ones?
Adriana from California”
Just because a debt is no longer reported on your consumer credit report does not mean it is not collectible. Typically an old collection account will fall off your credit report after seven years from the time it was first reported.
In California the statute of limitations on contracts is four years from the date the contract was broken. But a number of factors can make calculating the exact date a bit more complex.
Sometimes the statute of limitations is suspended (“tolled”) for a period of time, and then begins to run again. For example, tolling may happen when the defendant is a minor, is out of the state or in prison, or is insane. When the reason for the tolling ends (like if the minor turns 18, or the defendant returns to California or gets out of prison, or the defendant is no longer insane), the statute of limitations begins to run again.
To improve your credit you need two things to occur. You need time to pass to push those old negative items out into the past and you need to make sure you have current credit that is reporting on-time performance.
Please post your responses and follow-up messages to me on this in the comments section below.