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Debt settlements & Settlement offers

Date: Tue, 01/26/2010 - 07:46

Submitted by Frances Miller
on Tue, 01/26/2010 - 07:46

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Total Replies: 3


I'm looking to clean up my credit. Rec'd a ltr from RJM Acquistions offering settlements on three accts. They are small amts ranging from 78.00-168.00 all from book clubs. It's close to 6 yrs old. They are even offering payment arrangements/settlements. Should I just pay them off either in full or settle? Will this help my credit scores? I also have another collection agency, Jefferson Captital Card Services, LLC. offering me a credit card in order to transfer a debt w Chase Bank (1,500.00) that was bought off by Midland Credit Management, Inc. Once I make the $375.00 first payment within 12 mos. of starting the program an Emblem Mastercard will be issued and a reduction of $225.00 will be given. Ofcourse, I would continue paying off the balance and the program balance will have 0% APR for the lifetime of that balance. I'm not sure if this is legitimate and if I should entertain it? My credit score is currently in a range of 570-610 and I still can't get any credit. What do you suggest?


Once you settle a debt they report it to the credit agencies and it brings that debt back to the front of your credit report. You see after a couple of years if you are building new credit the bad stuff doesn't affect your score as much. So paying off a 6 year old charge off will actually lower your credit score for a while. I personally would not pay it until they sued and they may be past the statue of limitations at this point to do that. So in essence, nothing happens and it falls off your credit report after 7 years.


lrhall41

Submitted by on Sun, 03/14/2010 - 15:18

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