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Defaulted Credit Accounts and repayments?
I had a defaulted credit account and I arranged with the crediitors to pay a little each month. It has now been 6 years since the default account occurred and it has now been removed from my credit report. Do I still need to keep paying the creditors since the defaulted account has been removed from the credit report? Thanks for all our advice ;) ;)
3 Answers
- 1 decade agoFavorite Answer
StephenW is correct and just to add to it, if you stop paying it, it will restart the SOL (Statue of Limitations) to the date of your LAST payment and stay on your report for even longer than the original date.
- StephenWeinsteinLv 71 decade ago
Yes. If you do not, then the violation of your arrangement with the creditors may be go onto your credit report, and may stay for seven or 7.5 years from when you stopped complying with the arrangement.
- 1 decade ago
Yes, any unpaid balance can reappear on your report at anytime unless you have it in writing from the collection agency or original creditor that the account is paid in full.
