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Updated about 9 years ago on . Most recent reply

Jeremey Allen's profile image
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Jeremey Allen
  • from Wellsboro, Pennsylvania
  • Member since Feb 26, 2016
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Jeremey Allen's profile image
Jeremey Allen's profile image
Jeremey Allen
  • from Wellsboro, Pennsylvania
  • Member since Feb 26, 2016
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Jeremey Allen
  • Wellsboro, PA
14
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Personal Finance

Paying Off Old Debt, or Let it Fall Off Credit Report?

Jeremey Allen
  • Wellsboro, PA
Posted

About 6 years ago I got sick and lost my job, and had to quit school. In this time, I racked up a lot of debt which I was not able to pay off. These debts are about to fall off of my credit report.

My question is, should I pay them off, or let them fall off the credit report? What effect will each of these options have on my credit score?

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Gregory H.'s profile image
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Gregory H.
  • Real Estate Agent
  • from Philadelphia, Pennsylvania
  • Member since Feb 26, 2013
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Gregory H.'s profile image
Gregory H.'s profile image
Gregory H.
  • Real Estate Agent
  • from Philadelphia, Pennsylvania
  • Member since Feb 26, 2013
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Gregory H.
  • Real Estate Agent
  • Philadelphia, PA
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Gregory H.
  • Real Estate Agent
  • Philadelphia, PA
Replied

If the debt is legitimate and you can afford to pay it, then paying it is the right thing to do. That is more important than how your credit report will read tomorrow.

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