settlemetn
Date: Mon, 07/05/2010 - 09:34
How long will a settelment stay on my credit report? I thought I was doing the right thing to get out of debt by doing this. I have two more bills each $4000 and I dont know if I should settle these too?
As such debt settlement does not get listed on your credit repor
As such debt settlement does not get listed on your credit report. However, as you pay off the settled account, the account status gets updated as "Paid as settled". However, before you can settle your debts, you need to default on your accounts. This negative gets listed on your report, and stays for 7 years.
For the remaining bills, you can work out a repayment plan. You will have to request your creditors to agree to a repayment plan. If the creditors agree to it, get the agreement in writing.
