Whats the best way to settle debts/chargeoffs/collection accounts?? To have them show good on your credit?
whats the best way to settle a debt and have it show good on your credit report?
Posted February 17th, 2010 in Debt Settlement. Tagged: credit report.
I am assuming that you have an account already in collection and not on its way to collection. Since the damage is already done having the account held by a collection agency, the way it will show as "good" is that you maintain your agreed upon payments and/or pay it off in full NOT "settled"!! As they update the shrinking balance, your score will increase, albiet, slowly.
If the account is listed as a "charge off", you have to wait 7 years from its original closure date for it to fall off and your score goes up. There is no way to improve an account listed as a "charge off" since the account has alredy been closed, sold or just written off as uncollectable.
Regular debt will report "good" only if you’re making your regular monthly payments. Your score will also increase as your debt goes down.
February 17th, 2010 at 7:00 amCredit Counseling Agencies Would Help you:
If you are caught in the debt trap, you need the services of credit counseling agencies. These agencies assist people who are burdened by debt. They are staffed by experts who have a thorough knowledge of financial management ……
February 17th, 2010 at 7:00 am