Settle debt for one lumpsum
Date: Fri, 05/26/2006 - 23:32
if i settle for one lumpsum payment how will this affect my fico score or credit report
If you settle for less than what you owe, it can hurt your score
If you settle for less than what you owe, it can hurt your score. You might be better off to speak to one of the counselors about debt consolidation, which will pay your debts in full, which will improve your score.
What is the debt amount? If it is too high, probably settlement
What is the debt amount? If it is too high, probably settlement can help you. Or if you are suffering most due to high rate of interest, then you might like to go for consolidation. Are you current with your accounts? Remember settlement is still better than the marks like late or charged-off.
