• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Credit Report Question

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

pesadilla

Junior Member
What is the name of your state? Pennsylvania (now) and Florida (Then)

In January of 1999, I broke a lease on an apartment complex in Orlando, Florida. I now live in PA. In April of 1999 it was sent to collections and has been in collections since then. I check my credit regularly and noticed that that is the ONLY negative thing on my credit report and it is only listed in Equifax. It is NOT listed in experian or trans-union. It has been sitting idle for that long. This last month, the credit report noted that it was deliquent for the first time and dropped my score by 16 points. All of my revolving credit are reported as being paid on time. These are my questions.

1) Will it being reported delinquent affect the APR of my other credit cards?
2) Will it disappear off of my credit here shortly because of statute of limitations.
3) If/When it does disappear, will I still have a broken lease on my record.
4) Worst case scenerio: If it will not go off my credit report and I do have to pay, could I offer them a settlement at a reduced amount and have it taken off my record. The amount I owe is about $2,500.

I thank you in advance
 
Last edited:


Ladynred

Senior Member
1) Will it being reported delinquent affect the APR of my other credit cards?
You could definitely run into the 'universal default' clause in all credit card agreements. If you're late even once on ANY account, they can raise your rates.
2) Will it disappear off of my credit here shortly because of statute of limitations.
If it went delinquent and was reported in April of 99, it won't come off until October 2006. Negatives stay on for 7 years plus 180 days.

3) If/When it does disappear, will I still have a broken lease on my record.
Yes, if they use the services that track rental histories.

4) Worst case scenerio: If it will not go off my credit report and I do have to pay, could I offer them a settlement at a reduced amount and have it taken off my record. The amount I owe is about $2,500.
You can always try to negotiate a settlement and a 'pay for delete' where they remove their tradeline in return for payment.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top