What will my credit report show if I choose to settle an old credit card account with a debt collector?
I would like to settle a few closed credit accounts that have been charged off and bought out by debt collectors. The collection agency is offering me a discounted rate to pay off this account. If I choose this option, will my credit report eventually show this account closed and paid off, as stated by the agency?
Posted March 10th, 2010 in Debt Settlement. Tagged: credit accounts, credit report, debt collectors.
Think very carefully before you do this. Depending on your state, debts are only legally collectible for a certain period of time. In addition, they can only be reported for a certain period of time. Depending on when the last activity was on your account, you may have passed this time threshold, or are approaching it, but paying a lesser amount will re-start the reporting time clock. Do some research and find out what the statute of limitations are in your state. You may have to live with a crappy credit report for just a little while longer until such time when the negative stuff begins to fall off. If you are looking for the free credit report national site, check out this site
http://free-credit-report-national.info
Here you can check your 3-in-1 Report from all three credit reporting agencies and your credit score rating for free and fast
March 10th, 2010 at 4:37 amNearly everything that involves your social security number is itemized on your report. It may show as slow in payment and will bring your rating down. Go to careone.com and they may be able to set up a payment plan for you and possibly reduce your interest. If your showing some effort in getting your balance paid, most times creditors will work with you. All they want is your money anyway.
March 10th, 2010 at 4:37 am