Settlement & Credit Reports
Date: Wed, 04/29/2009 - 09:37
Okay, I'm not finally at the point where I'm negotiating settlement figures with my creditors. I'm hoping to actually settle one or two within the next couple of days, if things go well.
They are now warning me that a settlement will result in their reporting of a 1099-C, and that they will report a "Settled, Paid in Full" on my Credit Report. I'm taking this as a sign that I might be getting close on a settlement figure (but maybe not).
Question is, what is the BEST I can ask for and expect to be reported to the credit reporting agencies? I understand I don't have a lot of leverage to negotiate this, but I still want to try to get the best result possible. What can I ask for? "Settled, Paid in Full" seems pretty damaging.
They are now warning me that a settlement will result in their reporting of a 1099-C, and that they will report a "Settled, Paid in Full" on my Credit Report. I'm taking this as a sign that I might be getting close on a settlement figure (but maybe not).
Question is, what is the BEST I can ask for and expect to be reported to the credit reporting agencies? I understand I don't have a lot of leverage to negotiate this, but I still want to try to get the best result possible. What can I ask for? "Settled, Paid in Full" seems pretty damaging.
Is the debt with an OC or a CA? If it's with an OC you really
Is the debt with an OC or a CA?
If it's with an OC you really don't have alot of options. Most of the time it will report "settlement of lesser amount reached"
I really don't think you have too much leverage when it comes tto OC.
With a CA you can try to negotiate a pay for delete.
I hope that helps.
Sorry. I'm not sure about what leverage you have to negotiate h
Sorry. I'm not sure about what leverage you have to negotiate how it's reported with the OC. Hopefully someone will come along and give you some advise.
Any more information? I'm looking for the best possible (within
Any more information? I'm looking for the best possible (within reason) language to have on my credit report for my settlements.