Hello Everyone/Anyone: Even though I have been a frequent visitor of this sight for sometime, but am still somewhat of a newbie. I hope someone can help me out. My husband had a school loan about 8-10 years ago that became delinquent. We were never contacted about this debt until about a year ago by a coll. agency. Not realizing that this debt was about 8-10 years old and had not been reported on his credit report, he arranged to make small payments of about $50.00 per month (they listed a balance in excess of $6,000.00) to this collection agency. Upon taking a closer look at the account, I realized how old it was and the fact that it is listed on his credit report by the OC as PAID and has no adverse information linked to it. I contacted the OC and found out that the original balance they have on record is about $2500.00. Since this time I have halted any payments to this collection agency but don't know whether they have the right to put this on his credit report if we stop paying them. I talked to the OC office and they seem like they may accept the $2500.00 and call it a day. What are my options if any? Sorry this is so long, but I am really doing well with both of our credit reports and I don't want to screw it up!
Is this a government loan? I'd worry about that more than the reporting right now. If it's a federally-backed loan, they have no SOL on collections and could come after him. If it's a private loan then I think it's different. If it's 10 years old it really shouldn't report on his credit report at all.
