Are settlements good or bad?

Submitted by Anonymous (not verified) on Sat, 12/08/2012 - 07:46
Forums
Credit repair

I received a settlement letter for a debt that was $1336 and they offered to settle for $700, if I pay this as settlement amount will it still impact my credit report or score? Would it be the same as if I paid the full amount?

I am trying to pay everything off now and the letter sending method is lengthy, would calling them and trying to get items removed work?

sallynachelle

Welcome to the forums!!!
Debt settlement will definitely hurt your credit score. If you repay the settle amount, then your creditor will update your account status as “Paid-as-settled”.

Mon, 12/10/2012 - 04:09 Permalink
crorkz matz (not verified)

qKpv97 Muchos Gracias for your article. Fantastic.

Mon, 08/04/2014 - 22:45 Permalink