settlement appearing in my credit report want better credit

Hi Guest,

Welcome to the forums.

It seems that the information entered in your credit report is correct but it is having a negative impact. If the information had been incorrect, it could have been legally disputed but accurate negative information will stay in your credit report for a considerable portion of time, usually 7 years.

Bankruptcy information stays in your credit file for as long as 10 years. Report on any unpaid judgment or a lawsuit can either stay for 7 years or until the statute of limitation period is over.

All the possible negotiations with your creditors should have been preferably done in advance while they were reporting to the credit bureaus.

Regards
Roxette

I have not made the payment, they offered the 40% payoff. I tried to counter on the phone with removal of bad information, that's when they said it was illegal. I am sending a letter to them to say I will accept the payoff, IF they delete all negative information. They can delete anything they want legally correct? From what I understand, they just have a deal with the credit bureaus not to do just that. They will just have to decide if they want a payoff, then they will do just that.

Ok, so I understand better that you have not made the payment yet and will accept the offer only if they are willing to remove the negative remark in your credit report.

In other terms, it will be like updating your accounts information with the credit bureaus. This is quite legal and it can be possibly done by your creditors. Stress on getting the deal written so that you have a valid recording of their statement.

Ultimately, make sure that the term Settled should not appear in your credit report.

Regards
Roxette

Thank You Roxette. I guess I didn't think to use the word update. You are making this so much easier on me, I have been so stressed out about it and was seriously considering bankruptcy. I now feel like I at least have the information at hand to get on the road to recovery. I didn't realize how much power we have as the creditee. Once again, I can't thank you enough for the guidance and help you have given me. I will require that deletion/update of all negative information be removed from my credit report before i give them a cent. They may be doing me a favor by accepting less, but if they want 40% instead of 0%, they will take 2 minutes and remove the bad stuff from the report.

In my honest opinion, I will always refrain from the choice of filing bankruptcy. I presume that you also might know the harmful effects of it but I think there are possible ways to keep it avoided as much as possible.