Internet's first get-out-of-debt community - 134,000 members

Posted: Tue Jun 05, 2007 4:02 pm Subject: settling debt

I want to settle with my credit card company, with a one time payout. They are willing to reduce the amount by 20%. They also told me that it would hurt my credit score and stay on there for two years because I am settling for less. Is This true

Posted: Tue Jun 05, 2007 4:34 pm Subject:

Yes, settlement will be reported in the credit report. But I know it's reported for seven years from the date of first delinquency. I am not sure why the credit card company said you two years. Can you clarify with them?

You can negotiate with the creditor for reporting in a fair manner.

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