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debranewell2008
Joined: 10 Oct 2009
debranewell2008's page
Posts: 422
7270 Magic Points
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Subject: Foreclosure
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Wed Oct 14, 2009 10:14 am
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| I got the settlement agreement yesterday in it he has agreed to remove the lean against my house and report to the bureaus that its settled in full. Is that the same thing as satisfied on my credit score? |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4121
1011 Magic Points
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Wed Oct 14, 2009 10:25 am
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Hi Debra, It is about the same thing. When a settlement is reached and a debt paid most companies will update a persons credit report with a listing as paid as agreed, satisfied, or settled. Listing it as settled in full shows that you have not paid the full debt but rather a debt settlement. This is a lot better than having an open neglected debt on your report.
Now give it a little time and then recheck your report to be sure they have updated it. If not then you can dispute it. My guess is they will get it updated without any extra effort on your part. |
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James Orr
Joined: 07 Jun 2009
JamesOrr's page
Posts: 45
Location: Maharashtra
186 Magic Points
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Wed Oct 14, 2009 1:40 pm
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If your lender reported to credit beuro that, You have paid all of debts & you have settled. That means this is the same thing satishfied on your credit report.
Thanks. |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1093
25288 Magic Points
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Thu Oct 15, 2009 9:43 am
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Hi Debra,
Both these phrases more or less mean the same. Whether it is "satisfied" or "settled in full", both these terms mean that you have paid the debt amount which was settled between you and the creditor/collection agency. Hence, your credit score will be affected almost in the same way by the use of these two phrases. These would effect negatively as long as you do not ask your creditor to remove the item from the credit report through a pay for delete letter.
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All the Best 
Justin |
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