How Does A Credit Card Settlement Affect Credit Report?

author: sunny lee
Posted: Fri Feb 13, 2004 10:02 am
Post subject: How Does A Credit Card Settlement Affect Credit Report?

Hi,
I have a debt with one of the credit card. And my account is chargeoff now. Its being chargedoff more than 1 years. Recently, I have a settlement with collection agency. My question is, if I pay to collection agency, are they going to change chargeoff to paid as agree. Collection agency is agreed to change charge off to paid as agree. Do you think, its wise to pay collection agency. However, I contact with my original creditor and they told me that my account is no longer with them. Its belong to collection agency and this is the agency that want to settle down with me. My original debt is 5800.00 and I settle with 1500.00. Do you think, if I pay collection agency, my credit score will go up? Please reply me....

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Author: nativechild48
Posted: Fri Feb 13, 2004 10:09 am
Post subject: How Does A Credit Card Settlement Affect Credit Report?

If the bill is not SOL ask in writing CRRR for a leeter stating you will pay this amount if it is deleted from your credit reports. It is not a positive tradeline so why not throw something in it that will be to your advantage. Get the letter from them first before making a payment commitment.