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I am behind on one of my store credit cards and I received a letter from them offering to reduce my balance by 30% if I agree to make 6 monthly payments to pay off the account. I can make the payments they suggested but I have a question about one of the statements on the offer. It says "Your account will be reported to the credit bureaus as "Account legally paid in full for less than the full balance".

What does that do to your credit score and the ability to get credit in the future....

I would like to make this kind of arrangement with some other creditors but I want to know how this will effect me later.

I am not worried about the immediate future since I am behind anyway and my score is not the best but I am thinking a couple of years down the road.

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