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If you sign over your credit card dept to a second party and they in term work out a deal with the creditor to write the dept off as a lose and then it shows up on your account as paid upon agreement what does that mean and how does it effect my credit score?
Hello Blythe and welcome,
It would negatively effect your credit score. Being listed as "paid upon agreement" suggests that your debt was settled for less. This meaning the second party you signed your debt over to more than likely called your creditor and offered a lesser amount than what you owed. The creditor then listed it on your report that it was settled as agreed once the payment was made on the agreed amount. It will remain on your report for seven years and will effect your score.