Discover will report my account as settled

Hi

If you accept the settlement offer, your credit report will show this negative remark for the next 7 years. The lenders will be very shrewish before lending credit to you.

If you deny the settlement offer and let it go as charged off, it is still the same negative remark and will stay for the next 7 years. The only difference is that the above offer will be shown as paid and this one will be remain unpaid.

If you deal with the collection agency on this charged off debt later, your credit report is already tarnished. By this time, you will get some time to make your payments.

Conclusion: All the three situations will be giving negative results to your credit report but the difference is in the timing of the payments. Remember that a paid negative entry is better than an unpaid one.

I think that you can take a free counseling from the experts in this website. What if you don't have to go through all the above mentioned situations and the consultant works and convinces your creditors keeping your interests protected.

Regards
Roxette